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Oncimmune says Dr Cheung To, of significant shareholder Genostics, has stepped down as a non-executive director

Genostics remains Oncimmune's exclusive partner in China and continues to work closely with Oncimmune to gain market entry

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Oncimmune said it continues to see strong and increasing demand both for its ImmunoINSIGHTS services business as well as its EarlyCDT Lung product business

Oncimmune Holdings PLC (LON:ONC), the leading global immunodiagnostics group, has announced that Dr Cheung To has stepped down as a non-executive director of the company, effective from January 19, 2021.

The group noted that Dr To remains a director of Genostics Company Limited, part of the Gene Group Holdings Limited (GGH) group, and stepping down is expected to enable him to focus on the continued development of GGH as it prepares for its future corporate and commercial activities. 

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Genostics remains a significant shareholder of Oncimmune and its recent disposal of shares in Oncimmune, bringing its holding to below 10%, was undertaken in line with GGH's preparation for its anticipated corporate activities. Genostics remains Oncimmune's exclusive partner in China and continues to work closely with Oncimmune to gain market entry.

In June 2020, Oncimmune announced the first phase of its board reorganisation in order to be as agile, lean and focused as possible and to support the Executive as they continue to deliver on Oncimmune's corporate strategy. With Dr To's resignation, the group said its board is now primed for the launch of its next growth cycle.

Oncimmune said it continues to see strong and increasing demand both for its ImmunoINSIGHTS services business as well as its EarlyCDT Lung product business, particularly in the US through its partner Biodesix, Inc., and most recently within the NHS, as well as across its distributor network.

In a statement, Meinhard Schmidt, chairman of Oncimmune said:  "We are grateful for the support CT (Dr To) has provided as a director of Oncimmune and wish him well as he prepares to accelerate the development of his interests in China. We look forward to continuing our commercial relationship with GGH, through its IPO and beyond ".

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Price: 212 GBX

AIM:ONC
Market: AIM
Market Cap: £134.96 m
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