Oncimmune Holdings plc
("Oncimmune" or the "Company")
Trading Update
Oncimmune Holdings plc (AIM: ONC.L), a leading autoantibody profiling company providing research services to the pharmaceutical and biotechnology industry to enable the delivery of precision medicine, is pleased to provide a trading update following strong commercial progress since its last update on 21 May 2024:
· As announced on 9 August 2024, following a successful pilot carried out for a major pharmaceutical company, Oncimmune has entered into an agreement for a major new project with that pharmaceutical company, with a contract value of at least US$1.5M, which will utilise a technological breakthrough achieved by Oncimmune's scientific team.
· As further announced on 2 September 2024, another major pharmaceutical company, for whom Oncimmune is already a preferred supplier, has entered into a new $0.7M project, focused on a rare immune related disease, with the initial samples to be analysed already being held by Oncimmune.
· In addition to the significant contracts described above, Oncimmune has also entered into contracts for three other new projects since its last update. Two contracts are with a US biotech to analyse multi-omic data from its clinical trials. This is a new area for Oncimmune and a testament to its strong data analytics capability. The third contract is through a contract research organisation with whom Oncimmune has a long standing relationship, with the project providing IgA autoantibody analysis for a European biotech as a follow on to previous work carried out for that customer.
· Oncimmune has also entered into a framework agreement for future collaboration, including cross-selling, with a major UK R&D accelerator. It is expected that this relationship will be leveraged during FY2025 and beyond.
Year ended 31 August 2024 (FY24) and outlook
As previously announced, Oncimmune expects to deliver approximately £3M of revenue in FY24 and with recently contracts underpinning activity in FY2025, expects to deliver substantial revenue growth in FY2025 and achieve profitability in that financial year.
Martin Gouldstone, CEO of Oncimmune said:
"This has been a very busy period for Oncimmune commercially and a real indication of the commercial traction we have been seeing in the market. These new wins help to set us up well for FY2025 following on from the solid base we have built in FY2024 giving us confidence in our ability to be a profitable business in FY2025."
Alistair MacDonald, Chairman of Oncimmune said:
"Martin has been with the team a little over a year now and we have seen a step change in the commercial focus of the Oncimmune team in that time. We are pleased to see the increased traction with customers starting to convert into better commercial results and a broadening pipeline as we enter a new financial year."
For further information:
Oncimmune Holdings plc
Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)
Geoff Nash, Callum Davidson, Trisyia Jamaludin (Corporate Finance)
Nigel Birks (Life Science Specialist Sales)
Ondraya Swanson (ECM)
+44 (0) 20 7220 0500
Zeus (Joint Broker)
Dominic King, Dan Bate
+44 (0)20 3829 5000
+44 (0)20 3727 1000
About Oncimmune
Oncimmune is a precision medicine company, specialising in analysing immune interactions through the autoantibody profile. Taking a platform approach to generating insights, Oncimmune is partnering with global pharmaceutical and biotech companies, as well as contract research organisations (CROs) to discover novel biomarkers for the development of more targeted and effective therapies across many immune-mediated diseases. Our mission at Oncimmune is to enable precision medicine. We help our partners to discover novel biomarkers, drug targets and predict treatment efficacy through the application of our platform. We are able to do this by deploying our world class scientific team and our cutting-edge technology platform, built on years of experience in the field. Our aim is to make this an essential tool in drug discovery and development.
Oncimmune is headquartered in the UK, with its discovery and development facility based in Dortmund, Germany and a business development team based in the US and Europe.
For more information, visit www.oncimmune.com
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