Oncimmune Holdings plc (LON:ONC), a leading early cancer detection company developing and commercialising its proprietary EarlyCDT® platform technology, today announced its full year results for the year ended 31 May 2017.
Financial Highlights
· Revenues for the year were £0.22m (2016: £0.43m).
· Operating costs before share based charges and exceptional items were £4.88 million (2016: £3.8m).
· Net loss for the year was £5.0m (2016: £4.6m) before any exceptional items.
· Cash balance at the year-end was £5.08m (2016: £10.2m). At the end of September, the cash balance was £6.5m reflecting monies raised in September 2017.
· £5.0m raised by means of a conditional placing with new and existing investors. Of this, £1.0m remains outstanding and conditional on receipt from HM Revenues & Customs of confirmation that this investment will be a qualifying holding for the purposes of Part 6 of the Income Tax Act 2007.
Corporate & operational highlights (including post-period end)
· EarlyCDT®-Lung commercial progress
o CE Mark for the EarlyCDT®-Lung kit received in May 2017, with first commercial batches expected to be shipped by no later than the end of October 2017.
o First distribution agreements signed by Oncimmune’s Asian (including Israel) business which provide minimum payment guarantees of over £6.1m over the next five years.
o First distribution agreements for the EarlyCDT®-Lung kit in Europe for Denmark, Norway, Sweden and Poland with an aggregate minimum sales commitment of approximately £1.4m over the next four years.
o In September 2017, the Company entered into a four-month preliminary distribution partnership with a major US pulmonary sales force for the use of EarlyCDT®-Lung in assessing indeterminate lung nodules which, if successful, should lead to a distribution agreement for U.S. pulmonologists.
· R&D and Trials
o Foundations for the commercial panel for the EarlyCDT®-Liver test have been laid with validation due for completion by the end of 2017 and commercial sales on track to begin in H1 2018. EarlyCDT®-Ovarian is expected thereafter.
o NHS Lung Cancer Screening Trial is fully recruited: 12,210 patients with final study results in 2019; latest interim data presented at the European 27th International Congress of the European Respiratory Society (ERS) in Milan in September 2017.
· Personalised Medicine & Companion Diagnostics
o Presentation of data on the use of Oncimmune’s autoantibody technology to successfully predict disease recurrence in subjects undergoing immunotherapy with Scancell Holding plc’s SCIB1 immunotherapy for malignant melanoma.
o Autoantibody “fingerprint” technology development progressing well with data expected to be presented in Q4 2017.
Geoffrey Hamilton-Fairley, CEO, of Oncimmune Holdings plc said: “We continue to make excellent progress towards our goal of building a pioneering early cancer detection platform which can generate revenues across multiple products, regions and with different partners. Gaining CE mark for the EarlyCDT®-Lung kit was a key milestone and we have already seen its impact with partnerships in Asia and Europe. With a strong team in place, a fundraising completed and our R&D progressing well the board is increasingly confident that the Company is well placed to execute that plan and deliver value in the medium and long term.”
