Losses widen at Nottingham pharma firm

Oncimmune, the Nottingham-based leading early cancer detection company, has seen losses widen and revenues fall for the year-ending 31 May 2017.

Revenues over the period stood at £220,000 – down from £430,000 in 2016, while losses came in at £5m – up from £4.6m a year ago.

The firm recently raised £5m in a share placing round.

Despite this, the Oncimmune bosses remain upbeat. Geoffrey Hamilton-Fairley, chief executive, said: “We continue to make excellent progress towards our goal of building a pioneering early cancer detection platform which can generate revenues across multiple products, regions and with different partners.

“Gaining CE mark for the EarlyCDT®-Lung kit was a key milestone and we have already seen its impact with partnerships in Asia and Europe.

“With a strong team in place, a fundraising completed and our R&D progressing well the board is increasingly confident that the company is well placed to execute that plan and deliver value in the medium and long term.”