Geoffrey Hamilton-Fairley, CEO of Oncimmune LON:ONC, commented: “The last year has been transformational for Oncimmune with the period culminating in our listing on AIM and fundraising £11.0 million. With this funding in place we are continuing to deliver on the strategy set out at the time of our IPO. “We have a Board with broad expertise in medical devices and public markets, distributor agreements signed giving us full coverage of the US for our EarlyCDT®-Lung test. In addition, the foundations have been laid for the commercial panel for the EarlyCDT®-Liver test, which is targeted to be complete in the second half of 2017, with EarlyCDT®-Ovarian thereafter. We are confident that we are well placed to deliver value from the strength our platform in early cancer diagnosis. We look forward to updating the market on the NHS Lung Cancer Screening Trial in December, the transformation of our test from a central lab test to a “kit” and further product and commercial advances.”
Oncimmune Holdings plc (AIM: ONC.L), a leading early cancer detection company developing and commercialising its proprietary EarlyCDT® platform technology, today gave DirectorsTalk full year results for the year ended 31 May 2016.
Financial highlights
· £12.2m raised by the issue of equity in the year.
· £4.2m of convertible loan notes were converted.
· Revenues for the year were £0.43m (2015: £1.36m)
· Operating costs before share based charges and exceptional items were £3.83 million (2015: £2.7m)
· Cash balance at the year-end was £10.2m (2015: £1.3m)
Corporate and operational highlights
· Corporate progress
o In May 2016, AIM IPO raising gross proceeds of £11.0 million
o In September 2015, acquisition of dedicated commercial testing facility for EarlyCDT®-Lung from Health Diagnostic Laboratory, Inc, with a net cash benefit of £1.56m
· Developing the Board and Senior Management
o In November 2015, appointment of Dr Jim Jett as Chief Medical Officer
o In September 2015, appointment of Meinhard Schmidt as Non-Executive Chairman
· EarlyCDT® platform progress
o In September 2015, encouraging early results based on 9,654 patients out of the 12,000 patient NHS Lung Cancer Screening Trial using EarlyCDT®-Lung test
o In May 2016, successful patent claim covering Oncimmune’s “panel assay” method for detection of cancer-related autoantibodies; portfolio consists of 275 patents in eight patent families
· EarlyCDT®-Lung distributor agreements covering majority of US market
o Distributors increased from three to eight in the period and subsequently this has increased to 14
Post-period highlights
· In July 2016, research agreements were signed with Egybiotech and Aarhus University Hospital in ovarian and liver cancer to validate panels of autoantibodies as diagnostic tests
· In July 2016, CE mark for the reagents used in EarlyCDT®-Lung was obtained
· In August 2016, following the death of Robert Page, Andrew Millet was appointed as an Executive Director and Chief Financial Officer
· In September 2016, new data was published in the Journal of Thoracic Oncology on the effectiveness of the EarlyCDT®-Lung distinguishing between malignant and benign lung nodules
· In June 2016, appointment of Julian Hirst as Non-Executive Director
· In September 2016, appointment of Maarten Brusse as Chief Commercial Officer Asia Pacific
· In October 2016, appointment of Carsten Schroeder as Non-Executive Director
