Oncimmune Holdings plc (LON:ONC), the leading global immunodiagnostics group, today provided an update on commercial activity within its ImmunoINSIGHTS pharma services business.
As we highlighted in the full year results announcement released on 2 November 2021, the ImmunoINSIGHTS pharma services business has been benefiting from a ramp-up in commercial activity moving into Q2 FY2022. During this second quarter ended 30 November 2021, a number of contracts were signed for both new customers as well as for customers for whom we have already completed studies. As a result of this activity, the ImmunoINSIGHTS business has posted its biggest quarter by contract wins since the business was launched in February 2020.
Whilst respecting commercial confidentiality, summary details of a number of these ImmunoINSIGHTS contracts is provided as follows:
· a collaboration contract with a new large pharma partner headquartered in Germany, to characterise the Immunoglobulin G (IgG) autoantibody profiles of patients in clinical trials for Systemic Lupus Erythematosus (SLE). The study will explore baseline autoantibody profiles as biomarkers of disease, adverse events and clinical response in patients. ImmunoINSIGHTS will use its proprietary NavigAID SLE panel to characterise autoantibody profiles from trial participants in a pilot project; and
· a contract with another new large pharma partner to characterise the autoantibody profiles of patients in clinical trials for SLE1. In this new project, ImmunoINSIGHTS will use its proprietary SeroTag panel to characterise autoantibody profiles from trial participants. Following completion of this project, there will be further contracting opportunities for additional samples. One objective of this project includes better characterisation of the disease, where there is a high unmet need for an effective therapy
These and other large pharma contracts add to the stable of biotech contracts signed earlier in FY2021, under which work is currently being progressed in the ImmunoINSIGHTS facility in Dortmund, Germany. In addition to these recent contract wins, there are a number of further contracts which are expected to be signed this month, including a further contract with another existing large pharma partner. A further commercial update is expected to be issued before Christmas with details of these further contract wins. The servicing of these contracts has been made possible following further investment in equipment and personnel to scale up the Dortmund facility.
At the time of the equity fundraising in March 2021 to support this growth, the Company also identified the need to expand its sales and business presence in the US to meet the growing demand for commercial engagement from US-based pharmaceutical and biotech companies. The Company is therefore pleased to announce the appointment of Cameron Barnard to the position of Chief Business Officer. Cameron joined the Company in late August and is based in Boston, USA. Cameron has already made an immediate impact on contract wins as well as building the US-based commercial team using some of the proceeds from the equity raise.
Following a recent market analysis performed by an independent strategy consultancy, we are able to size the potential demand for the ImmunoINSIGHTS pharma services with greater accuracy. In order to capitalise on this demand, it is anticipated that the commercial team will be expanded to comprise multiple sales executives based in the US and a growing team of sales executives based in Europe. The appropriate sizing of these teams will be determined before the end of the current financial year. This significantly enlarged commercial team is expected to generate significant pipeline opportunities and sales momentum during FY2022 and beyond.
Cameron Barnard, Chief Business Officer of Oncimmune, said: “I am excited to have joined Oncimmune and lead a team that is quickly becoming the partner of choice and global leader in immunodiagnostics. Our ImmunoINSIGHTS platform has vast commercial potential with its robust technology, proven utility in support of critical clinical therapeutic development, and a highly experienced scientific team. 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.”
Dr Adam M Hill, CEO of Oncimmune, said: “The commercial momentum we have experienced in Q2 FY2022 has not only resulted in contract wins but is expected to lead to further signed contracts in the coming weeks and, importantly, throughout Q3 FY2022 and beyond. Our key customers continue to provide follow-on contracts and our expanding commercial team is not only growing our commercial pipeline but also delivering a broadening and deepening of our customer relationships.”