Oncimmune Holdings PLC (AIM:ONC) said its ImmunoINSIGHTS pharma services business is gaining significant commercial traction following a record quarter.
That said, the operation still doesn’t seem to have tapped its full potential and will increase its sales team to meet expected demand.
In the second three months of the firm’s financial year (ended November 30), ImmunoINSIGHTS landed contracts with two unnamed "large pharma" companies to add to the "stable of biotech" deals it has already inked.
With the help of an independent strategy consultancy, the group is now able to better gauge demand for its pharma services and it has begun "appropriate sizing" of the sales team.
Executives are to be appointed in the US, while the team in Europe will be expanded, investors were told.
“This significantly enlarged commercial team is expected to generate significant pipeline opportunities and sales momentum during full-year 2022 and beyond,” Oncimmune added.
Cameron Barnard, the firm’s chief business officer, said the ImmunoINSIGHTS business was quickly becoming the "partner of choice" in the field of immunodiagnostics.
“[The] platform has vast commercial potential with its robust technology, proven utility in support of critical clinical therapeutic development, and a highly experienced scientific team,” he added.
“The potential for ImmunoINSIGHTS has been validated by my network of commercial professionals and pharma and biotech contacts.
“I am in the process of building a world-class demand generation and conversion team to further capture the impressive commercial opportunity available to the company."
The company said that a further commercial update is expected to be issued before Christmas.
The ImmunoINSIGHTS platform enables life science organisations to optimise drug development and delivery, leading to more effectively targeted and safer treatments for patients.