Nottingham firm sells US labs for a million dollars
Hot on the heels of its results announcement yesterday, Nottingham-based cancer detection firm Oncimmune Holdings says it has sold its US laboratory facilities for $1 million.
US company Biodesix has acquired the Kansas facilities and will pay the fee in quarterly instalments of $250,000.
Oncimmune says the deal will reduce its US operating costs and improve its cash position.
The sale is part of a broader strategic commercialisation agreement with Biodesix which will see Oncimmune’s EarlyCDT Lung product enter the US market. The American firm will make increasing volume-based revenue-sharing payments to Oncimmune from its sales of the lung test.
The agreement represents value to Oncimmune of up to $28 million over a five-year period.
Dr Adam M Hill, CEO of Oncimmune, said: “We are delighted to be working with Biodesix, a company with a successful track record of commercialising clinical diagnostic lung tests in the US and dedicated to improving patient management and outcomes. Biodesix is focused on extending the utility of EarlyCDT Lung to screening in the US, and this partnership, which fully realises the value of EarlyCDT Lung, will accelerate market access and save lives through earlier detection of lung cancer.
“This partnership and other agreements announced this year, demonstrate our ability to deliver on the core objective to drive organic growth through commercial collaborations. In addition, we have secured further funding through a credit facility arrangement, which puts us in a strengthened cash position to deliver on our three-year forward strategy.”
