Cancer detection firm gears up for growth despite £8m loss
Nottingham-based cancer detection firm Oncimmune Holdings says it is “delighted” with the progress of its three-year growth strategy despite posting a dip in revenue and a net loss of £8 million.
The company’s revenue for the year ended 31 May 2019 was £171, 000, down from £240,000 in 2018.
However, the firm spent £1.5 million on research and development during the year – £700,000 more than last year – and secured product sales commitments of £42 million.
Oncimmune has also snagged an 8.5 million Euro debt facility, and this, coupled with a series of new commercial partnerships in Russia, Spain and the US, has given the firm cause for optimism as it moves to the next stage of its three-year plan.
Dr Adam Hill, CEO of Oncimmune, said: “We are delighted with the strong progress made in rolling out our three year forward strategy over the last 12 months. We have made important advancements in the commercial and clinical development of the company, including the acquisition of Protagen, strategic partnership with Biodesix, and the presentation of positive data from the ECLS study. The potential for the forthcoming commercial Cancer Control Evaluation in the UK, along with the forward-looking product sales commitments of £42 million and a strengthening pipeline of service revenue, gives us confidence in our platform and the potential to generate material revenues in 2020 and beyond.”
