Oncimmune Holdings PLC (AIM:ONC) said 2023 will be an "inflexion year" for the immunodiagnostics developer as it revealed its business pipeline stands at around £11mln and is growing at £750,000 per month.
In a full-year results statement, the group also revealed the number of new contracts for its ImmunoINSIGHTS biomarker discovery engine doubled year-on-year to 18, with the service being used by some of the world's largest pharma companies.
In the same announcement, Oncimmune said the restructuring of the EarlyCDT Lung diagnostic operation created "an immediately EBITDA-profitable product business."
Revenues for the 12 months ended May 31 grew around 4% to £3.86mln, while gross profit was £1.46mln. Administrative expenses were £7.05mln and the loss after tax was £9.9mln.
Chief executive Adam Hill said he expected the 12 months ended May 2023 would be an ‘inflexion year’ for the Oncimmune.
"The commercial pipeline has grown well under our new chief business officer who was appointed in September 2021,” said Hill.
“As we start the new financial year, our current visibility of revenue from the combined ImmunoINSIGHTS pharma services and EarlyCDT Lung product businesses is greater than approximately 40% of management's total full-year 2023 expectations.”