Cancer detection firm receives European funding boost

Nottingham-based Oncimmune, which provides services for the screening, detection and care of cancer, has received an €8.5 million (£7.48 million) funding boost from IPF Management SA, an alternative finance provider for the healthcare sector.

The firm will use the four-year credit facility to accelerate the commercialisation of its lead products and services, including its lung cancer detection product EarlyCDT® Lung.

Oncimmune will immediately gain access to an initial €5 million with the remaining €3.5 million to be drawn down within six months.

Dr. Adam Hill, chief executive officer at Oncimmune, said: “Last year we laid out our paths to value to accelerate growth and have been executing against this. Fundamental to delivering our three-year forward strategy is the commercialisation of our portfolio of EarlyCDT diagnostic tests, the progression of our autoantibody service business, and helping other companies to develop their therapeutic products and target appropriate patient populations.

“By partnering with IPF, a leading growth debt provider specialising in the healthcare industry, we have strengthened our ability to deliver upon our strategic goals, enabling Oncimmune’s growth at this exciting time.”

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