TIDMONC
RNS Number : 6793D
Oncimmune Holdings PLC
23 June 2023
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 ("MAR") AND THE RETAINED
UK LAW VERSION OF MAR PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU
EXIT) REGULATIONS 2019 (SI 2019/310) ("UK MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
23 JUNE 2023
Oncimmune Holdings plc
("Oncimmune" or the "Company")
Transition of Executive Leadership
Announcement of next phase plan for growth in FY2024
Oncimmune Holdings plc (AIM: ONC.L), the leading autoantibody
profiling company to the pharmaceutical and biotechnology industry,
is today announcing its new plan for delivery of refocused growth
through FY2024 and beyond and changes to its board and executive
leadership team.
Following the recent divestment of Oncimmune Limited to Freenome
Holdings, Inc. ( " Freenome"), which significantly strengthened
Oncimmune ' s cash position and provides its ImmunoINSIGHTS
services business with guaranteed minimum revenues for at least the
next two years from Freenome, as well as allowing Oncimmune to
restructure and partly repay its loan with IPF Partners, Oncimmune
' s Board believes the Company is now poised to enhance shareholder
value by:
-- refocusing commercial efforts towards higher value customers
and Oncimmune's core services offering. Oncimmune's Vice President,
Head of Business Development, has recently relocated to the US and
is actively recruiting new members to the Commercial Team;
-- continuing to penetrate key customers with whom Oncimmune has
long term contractual relationships. Over the last year Oncimmune
has invested heavily in becoming an approved, and in some cases
preferred, supplier to some of the world's largest pharma companies
and contract research organisations. Oncimmune now intends to
deepen these relationships and provide its services across a wider
range of projects and scientific areas;
-- partnering with key technology suppliers on cross-selling opportunities;
-- launching new biomarker tools in FY2024, including bespoke
assay panels focused on specific therapeutics or disease areas, as
well as novel service offerings for measurement of certain
biomarkers; and
-- carefully controlling and optimally utilising its operational
cost base and central overheads.
As part of the refocussing of Oncimmune ' s business, Dr Adam M
Hill will be stepping down as Chief Executive Officer ( " CEO"),
and as a director of the Company. Adam will support Oncimmune in
the short term by providing continuity in some of the Company ' s
ongoing commercial efforts and supporting a transition of his
responsibilities and relationships to the new CEO and other
colleagues as appropriate.
Pending the appointment of a permanent successor, the Board has
appointed Ron Kirschner, the Company ' s General Counsel and
Company Secretary, as acting CEO, and a director of the Company.
Regulatory disclosures in relation to the appointment of Ron
Kirschner to the Board of the Company as required under Schedule
2(g) of the AIM Rules for Companies can be found at the foot of
this announcement.
The Company is actively recruiting for additional resources in
its leadership team and will be make further announcements, as
appropriate, in due course.
Alistair Macdonald, Oncimmune ' s Chairman, said:
" The Board would like to thank Adam for his foresight,
perseverance and hard work, often in challenging conditions, over
the last five years. I also welcome Ron to his new role. Since
joining Oncimmune three years ago, Ron has been an instrumental
part of the Company ' s operational and strategic leadership,
providing close support to the Board throughout. The Board is
grateful to Ron for stepping up to lead the Company as it refocuses
and as it builds a new senior executive team.
Certain of the Company ' s shareholders have recently engaged
the Board and executive team to contribute their views on the
future strategy of the Company, for which I am grateful. The Board
believes that the plan we set out today is the one best designed to
capitalise on the Company ' s resources and create value for all
shareholders. I, and the rest of the Board, will continue to engage
with our wider stakeholders to ensure that we remain attentive to
all views as we deliver best-in-class service offerings to our
customers.
Whilst the current headwinds in our sector are expected to lead
to a tough end to our financial year ending August 2023, the Board
believes that the Company now has a solid foundation in place from
which to launch the new plan to deliver growth through FY2024 and
beyond."
Adam Hill, Oncimmune's outgoing Chief Executive Officer,
said:
"I am delighted to have had the opportunity to lead Oncimmune
for the last five years. As I transition to a new opportunity, I
look forward to seeing the new team drive the next stage of the
organisation's journey."
For further information:
Oncimmune Holdings plc
Ron Kirschner, Chief Executive Officer
contact@oncimmune.co.uk
Singer Capital Markets (Nominated Adviser and Broker)
Phil Davies, Harry Gooden, George Tzimas, James Fischer
+44 (0)20 7496 3000
Zeus (Joint Broker)
Dominic King, Victoria Ayton, Dan Bate
+44 (0)20 3829 5000
+44 (0)20 3727 1000
About Oncimmune
Oncimmune is a specialist pharmaceutical services company,
primarily focused on the growing fields of immuno-oncology,
autoimmune disease and infectious diseases. Oncimmune has a
contract discovery and development service business whose
ImmunoINSIGHTS platform delivers actionable insights into therapies
to the Company ' s pharmaceutical and biotech partners.
Our understanding of the 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 effectively targeted and safer treatments for patients.
Oncimmune ' s ImmunoINSIGHTS service business at its discovery
research centre in Dortmund, Germany. The ImmunoINSIGHTS business
development team are based in the US and Europe.
For more information, visit www.oncimmune.com
Regulatory Disclosures
The following information regarding the appointment of Ron
Kirschner, aged 44, is disclosed under Schedule 2(g) of the AIM
Rules for Companies:
Current Directorships Previous Directorships (within
the last five years)
Oncimmune Germany GmbH None
As at the date of this announcement, Ron Kirschner holds 1,652
ordinary shares in the Company equivalent to 0.02 per cent. of the
Company ' s issued share capital. In addition, Ron Kirschner holds
options over 556,738 ordinary shares in the Company equivalent to
0.4 percent of the Company ' s issued share capital.
Save as set out above there are no further disclosures pursuant
to Rule 17 or Schedule Two paragraph (g) of the AIM Rules for
Companies in respect of the appointment of Ron Kirschner.
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END
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