Oncimmune Holdings PLC (LON:ONC) achieved a sixfold increase in revenue in the six months to the end of November.
The global immunodiagnostics group said the period saw a marked increase in commercial activity for its ImmunoSIGHTS services as large pharmaceutical and leading biotech companies recognise the advantages of using Oncimmune's two proprietary biomarker discovery platform technology tools, SeroTag and NavigAID.
It added there is “evidence of sustainable growth” with a commercial pipeline of more than 100 opportunities, which is up more than 50% since October 2020. Of these opportunities, 19 are potential contracts with a value of £10.8mln from follow-on contracts with existing customers or proposals for new customers.
Oncimmune expects to announce the signing of a number of these before the end of this financial year.
Within its product business, it said it has seen “real commercial progress”, especially within the National Health Service (NHS) with the awarding of two commercial contracts and the prospects of further NHS contracts in the near term as it pushes for the adoption of the EarlyCDT Lung Test across the UK.
In the US, Oncimmune is shipping product against increased orders from a partner that is investing to expand its direct sales force. This “points to a more buoyant market for the remainder of 2021,” the company said.
Half-year revenue rose to £1.83mln from £308,000 the year before.
The group recorded a gross profit of £1.41mln versus a loss of £51,000 the previous year, while the loss before tax roughly halved to £2.79mln from £5.50mln.
The company had a gross cash balance at the period end of £3.28mln, compared to £4.24mln at the start of the period, and gross debt at the end of November of £9.59mln, versus debt of £7.29mln six months earlier.
“We are pleased with the continued growth that the company has achieved over the last six months as we deliver on our strategic plan. We have experienced a sixfold increase in revenue against the same period last year as we continue to establish partnerships with leading pharmaceutical and biotech companies in the key areas of oncology and autoimmune diseases and, most recently, infectious diseases,” said Adam Hill, the chief executive officer of Oncimmune.
"The ImmunoINSIGHTS business is underpinned by world-leading technologies and expertise which, despite the impact of COVID-19, has delivered significant commercial opportunities. Our progress is a testament to the hard work of our team under the challenging circumstances the pandemic has presented. The key now is to optimise this value creation with growth becoming more evident as we approach the end of FY21 and enter FY22," he added.