Oncimmune Holdings
plc
("Oncimmune" or the "Company")
US$1.5m Contract Win with Top
10 Pharma Company
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 announce a
significant new contract win with a Top 10 Global Pharma
company.
Following a successful pilot carried
out for a major pharmaceutical company, Oncimmune has entered into
an agreement for a major new project with the same customer, with a
contract value of at least US$1.5m. This is one of the
largest contracts Oncimmune has entered into in its ImmunoINSIGHTS
business and demonstrates its ability to win significant repeat
business from its key customers.
During the pilot project, Oncimmune
was able to demonstrate that it can reliably profile Immunoglobulin
E ("IgE") autoantibodies in blood serum using its high-throughput
bead-based platform, which Oncimmune believes to be a technological
breakthrough. The new project is expected to be delivered
over the next six months, with the majority of the revenue
therefore falling into FY2025 and helping to underpin a sizeable
portion of that year's forecasted revenues.
The continued commercial traction,
and expected acceleration due to the new commercial team fully
bedding in, give Oncimmune's Board confidence in its revenue
guidance for FY2024 of approximately £3m (2023: £1.15m from
continuing operations). On the back of continued revenue
growth, the Board expects the Company to achieve profitability in
FY2025.
With the business continuing to
perform in line with its expectations, Oncimmune has entered into
discussions with IPF Management SA ("IPF") over amending the terms
of its existing credit facility, including the deferment of capital
repayments, to allow for additional investment in the Company's
operations. Further details of the outcome of discussions
will be provided once concluded.
Martin Gouldstone, CEO of Oncimmune said:
"I
am delighted that our world-leading scientific team has managed to
demonstrate our ability to measure IgE, which is much harder to
detect in blood serum than other immunoglobulins, using our
high-throughput platform. Not only did this enable us to win
a major new contract with an existing long-term Top 10 Pharma
customer, it also opens a new technological offering, in line with
our strategic goals.
We
are confident that, with this win and continued momentum of
contracts, we are in a strong position to meet our targets for FY24
and beyond, with profitability expected in
FY2025."
For
further information:
Oncimmune Holdings plc
contact@oncimmune.com
Cavendish Capital Markets Limited (Nominated Adviser and Joint
Broker)
Geoff Nash, Callum Davidson, Trisyia
Jamaludin (Corporate Finance)
Nigel Birks, 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
This Announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation No. 596/2014 as
retained as part of UK law by virtue of the European
Union (Withdrawal) Act 2018 as amended ("EUWA") and as it may be
modified from time to time by or under domestic law including,
but not limited to, by the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310). Upon the publication of this Announcement,
this inside information is now considered to be in the public
domain.
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
