TIDMONC
RNS Number : 5919X
Oncimmune Holdings PLC
05 May 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
5 May 2021
Oncimmune Holdings plc
("Oncimmune" or the "Company")
Return of China Rights to EarlyCDT product portfolio
Enables strategic optionality to support access to the US
capital markets
Oncimmune Holdings plc (AIM: ONC.L), the leading global
immunodiagnostics group , today announces that it has successfully
agreed to acquire the intellectual property (IP) and distribution
rights for the EarlyCDT (R) technology in the People's Republic of
China (PRC) and Hong Kong (HK) from Genostics Company Limited
(Genostics), allowing the Company to pursue the optimum route to
market in this important territory.
Since granting Genostics the exclusive rights to EarlyCDT
products in the PRC and HK in January 2018, Oncimmune and Genostics
have collaborated to develop a lung panel with superior performance
in Greater China and Asia-Pacific, given the prevalence of
EGFR-positive non-small cell lung cancer (NSCLC) in the region. The
Asia-specific lung panel has been used in a multi-centre study,
previously announced on 10 May 2019, and which is now due to
complete in China in H1 2021. Data from this study are intended to
be used to support approval by the China National Medical Products
Administration (NMPA) for the use of the Asia-specific lung cancer
test in the PRC.
Under the agreement announced today, all material, IP, data, and
goodwill will be transferred back to the Company, and Oncimmune
will be paid in full for the royalties due in January 2021 under
the existing Technology Licencing Agreement. In consideration,
Oncimmune has agreed to pay a fixed amount for the return of the IP
and distribution rights, with the majority of the value of the
consideration being conditional on fixed future events.
With accelerating growth of Oncimmune's ImmunoINSIGHTS business,
the Company intends to explore options available to it to access
the US capital markets in the near term. The termination of
Oncimmune's partnership with Genostics and return of the EarlyCDT
product rights to the PRC and HK markets provides Oncimmune with
further strategic optionality which could support a path to the US
capital markets.
As part of the agreement, and as previously announced, Genostics
has agreed to a lock-in of its remaining shareholding in Oncimmune
(currently 4.73 per cent. of the issued share capital) for a period
of 12 months from 6 May 2021, except under certain limited
exceptions.
Dr Adam M Hill, CEO of Oncimmune said: " We are grateful for the
collaboration with Genostics and its parent company, Gene Group
Holdings Ltd, over the past three years and are pleased with the
progress that has been made with our Asia-specific lung panel.
However, as both companies consider their future on different
equity capital markets, the continuing success of the EarlyCDT
product portfolio, both in and outside of PRC and HK, requires
Oncimmune to own the IP and distribution rights. We are delighted
that Genostics has agreed to continue to participate in Oncimmune's
success as a shareholder, and Oncimmune looks forward to
progressing its market access plans imminently."
For further information:
Oncimmune Holdings plc
Adam Hill, Chief Executive Officer
Matthew Hall, Chief Financial Officer
contact@oncimmune.co.uk
Zeus Capital Limited (Nominated Adviser)
Andrew Jones, Daniel Harris, James Hornigold
+44 (0)20 3829 5000
N+1 Singer (Joint Broker)
Aubrey Powell, Harry Gooden, Iqra Amin
+44 (0)20 7496 3000
WG Partners (Joint Broker)
David Wilson, Claes Sp å ng
+44 (0)20 3705 9321
Media enquiries:
FTI Consulting
Ben Atwell, Michael Trace, Alex Davis
Oncimmune@fticonsulting.com
+44 (0)20 3727 1000
About Oncimmune
Oncimmune is a leading immunodiagnostics developer, primarily
focused on the growing fields of immuno-oncology, autoimmune
disease and infectious diseases. Oncimmune has a diversified and
growing revenue from its portfolio of diagnostic products to detect
early-stage cancer and a contract discovery and development
service-based platform, delivering actionable insights into
therapies to its pharmaceutical and biotech partners .
Our intimate understanding of the human immune system enables us
to harness its sophisticated response to disease to detect cancer
earlier and to support the development of better therapies. The key
to improving cancer survival is early detection and better
selection for therapy. As a company, we are driven by our passion
to improve cancer survival and to give people extra time.
Oncimmune's ImmunoINSIGHTS platform enables life science
organisations to optimise drug development and delivery, leading to
more effective targeted as well as safer treatments for patients.
Oncimmune's immunodiagnostic technology, EarlyCDT, can detect and
help identify cancer on average four years earlier than standard
clinical diagnosis. Our lead diagnostic test, EarlyCDT Lung,
targets a vast market estimated to grow to GBP3.8bn by 2024. With
over 200,000 tests already performed for patients worldwide and its
use being supported by peer reviewed data in over 12,000 patients,
we are poised to become an integral component of future lung cancer
detection programmes, globally.
Oncimmune, headquartered at its laboratory facility in
Nottingham, UK, and has a discovery research centre in Dortmund,
Germany.
For more information, visit www.oncimmune.com
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