TIDMONC
RNS Number : 9907I
Oncimmune Holdings PLC
27 March 2018
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Oncimmune Holdings plc
("Oncimmune" or the "Company")
Oncimmune receives final tranche of GBP10m equity investment
from Genostics
Nottingham, UK - 27 March 2018: Oncimmune Holdings plc (AIM:
ONC.L), a leading early cancer detection company developing and
commercialising its proprietary EarlyCDT(R) liquid biopsy platform
technology, today announces that it has received the final tranche
of GBP3m from the GBP10m equity subscription from Genostics Company
Limited ("Genostics"). The GBP10m equity investment in Oncimmune
was agreed as part of a license, distribution, manufacturing and
future development agreement for all products related to
Oncimmune's EarlyCDT(R) platform for the People's Republic of China
announced on 2 January 2018.
As approved at the General Meeting held on 22 January, Genostics
is investing GBP10m in Oncimmune by way of subscription for
6,410,256 new ordinary shares at a price of GBP1.56 per ordinary
share, a 49% premium to the share price of 105p at market close on
29 December 2017 ("Genostics Subscription"). An application has
been made for the 1,923,077 Ordinary Shares under this second
subscription to be admitted to trading on AIM ("Admission") and
this is expected to happen on 29 March 2018.
Under the terms of the licence, Oncimmune will receive a royalty
of 8% to 12.5% on the gross revenue subject to aggregate minimum
royalty payments over the first six years post market entry of
GBP15.7 million and GBP5 million (index linked) per year
thereafter. Genostics will start to sell EarlyCDT(R)-Lung within 36
months of the date of the agreement, subject to China FDA approval,
although both parties expect this to be sooner.
As part of the agreement with Genostics, GeneTech(Shanghai), a
subsidiary of GGH, will be responsible for the manufacturing,
marketing and distribution of EarlyCDT(R)-Lung. In addition to this
and in collaboration with Oncimmune, the potential transfer of
manufacturing to China for that market and the rest of the world
will be explored, as well as research and development to progress
the Oncimmune EarlyCDT(R) platform technology into new areas of
prevalent cancers. It has also been agreed that a representative
from Genostics will be appointed to the Board of Directors of
Oncimmune. An announcement will be made once this is finalised.
Cancer in China
In China, early diagnosis has the potential to make a
significant impact as mortality increases sharply with advanced
disease.
-- Cancer is the leading cause of death in China and is a major
public health problem with incidence increasing
-- It is estimated that there are more than 7,500 cancer deaths
per day in China; and there were 4.3 million new cancer cases and
more than 2.8 million cancer deaths in China in 2015
-- Lung cancer remains the #1 killer in China of both men and women
-- Over 700,000 new cases of lung cancer diagnosed annually
o 2015: new cases 733,000 - Mortality 610,000
-- Approximately 350 million adults were current smokers in 2015
(Different sources: Chinese Journal of Cancer 2016 and Cancer
Statistics in China, 2015)
For further information:
Oncimmune Holdings plc
Geoffrey Hamilton-Fairley, Chief Executive Officer
contact@oncimmune.co.uk
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Giles Balleny, Hugh Kingsmill Moore
+44 (0)20 3829 5000
Bryan, Garnier & Co Limited (Joint Broker)
Phil Walker, Dominic Wilson
+44 (0)20 7332 2500
Berenberg (Joint Broker)
Toby Flaux, Charlotte Sutcliffe
+44 (0)20 3207 7800
Media enquiries:
Consilium Strategic Communications
Chris Gardner, Matthew Neal, Lindsey Neville
Oncimmune@consilium-comms.com
+44 (0)20 3709 5708
About Oncimmune
Oncimmune is a leading early cancer detection company developing
and commercialising its proprietary EarlyCDT(R) platform
technology. Oncimmune has pioneered the development of autoantibody
tests that can detect cancer up to four years earlier than other
methods and can be applied to a very wide range of solid tumour
types. The Company's first product, EarlyCDT(R)-Lung, was launched
in 2012, as a CLIA test in the USA and since then over 150,000
commercial tests have been sold. EarlyCDT(R)-Lung is available
through physicians in the US and also privately in the UK and other
regions. EarlyCDT(R)-Lung is being used in the largest ever
randomised trial for the early detection of lung cancer using
biomarkers, the National Health Service (NHS) Scotland ECLS study
of 12,210 high-risk smokers. EarlyCDT(R) tests for liver and
ovarian cancer are in development.
Oncimmune, headquartered in Nottingham, United Kingdom with
testing facilities in the US, joined AIM in May 2016 under the
ticker ONC.L. For more information, visit www.oncimmune.com
About Genostics Co. Ltd
Genostics Co. Ltd is one of the subsidiaries of Gene Group
Holding Ltd. (GGH). GGH was founded in 1992 and currently has 18
offices across China and over 650 employees. Subsidiaries includes
GeneTech(Shanghai) Co. Ltd., Gene Co. Limited, eBiotrade and Ecotek
Co. Ltd.. GGH has approximately 20 years of experience in R&D,
manufacturing, marketing and distribution of immunological and
molecular diagnostic products in the fields of oncology, pathology,
hematology and cytogenetics, GeneTech(Shanghai) Co. Ltd. has a CFDA
certified cGMP manufacturing facility and has ISO9001 and ISO 13485
accreditation. GeneTech(Shanghai) Co. Ltd. is focused on developing
a range of molecular and companion diagnostic products to use in
the precision diagnosis and medicine.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAKDKALFPEFF
(END) Dow Jones Newswires
March 27, 2018 03:00 ET (07:00 GMT)
Oncimmune (LSE:ONC)
Historical Stock Chart
From Apr 2024 to May 2024
Oncimmune (LSE:ONC)
Historical Stock Chart
From May 2023 to May 2024