Nottingham cancer detection company secures £10m investment

Nottingham early cancer detection company Oncimmune has announced its entry into the Chinese market after signing an agreement with a Hong Kong-based counterpart.

Genostics will market Oncimmune’s EarlyCDT technology in China, where cancer is the number one killer of both and women, with over 700,000 cases diagnosed annually.

Oncimmune says the deal will net it £15.7m in the first six years of post-market entry, and £5m a year after that.

As part of the deal, Genostics will invest £10m into Oncimmune by buying shares in the company at a reduced rate. A representative from Genostics will also be appointed to the Oncimmune board.

Geoffrey Hamilton-Fairley, chief executive of Oncimmune, said: “Oncimmune continues to deliver on our stated strategy at the time of the IPO; a key part of this was a commercial agreement for China.

“Today, we are delighted to have signed an agreement for the EarlyCDT® platform with Genostics for the People’s Republic of China, a partner we have confidence has the reach to deliver on this very large market opportunity. We look forward to working with them and believe the funds from the equity subscription of this deal will unlock further opportunities across indications as well allowing us to develop new technologies that will result in more lives being saved, at the same time as money is saved for healthcare systems.”

Click here to sign up to receive our new South West business news...
Close