Cancer detection firm reports sizeable loss

Nottingham cancer detection company Oncimmune Holdings has posted an after-tax loss of £5.79 million in its latest half-year report – £1.92 million more than it lost during the previous comparable period.

Although the firm grew its revenues, upped its R&D spend and completed a move to MediCity in the six months to 30 November 2019, it posted administrative expenses of £5.11 million, up from £2.63 million in 2018.

In a statement, Oncimmune said that £1.3 million of the total was spent on reshaping the business, and a further £700,000 was related to a credit facility and increased patent costs.

However, in more positive news, the firm said it has a “growing pipeline” of potential commercial projects with major pharmaceutical companies that are at “various stages of negotiation.”

CEO Dr Adam M Hill said: “We grew revenues in the period and are expecting FY H2 2020 sales to continue to accelerate through increasing product sales and from our service business. We look forward to the commercial rollout of EarlyCDT Lung in several markets, including the US, in 2020 to further expand the reach of our technology to patients. With multiple late stage negotiations underway and a strong conviction in the vital importance of our technology, we have growing confidence in the business to further change patients’ lives and deliver growth.”