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What amazing news and I like this….
“… Martin has over 25 years of experience in the life science sector, including senior commercial roles at a major CRO and most recently as Global Senior Vice President at Owkin Inc., an AI biotech company.”
Martin will undoubtably be steering us in the AI direction…! Something I think is pretty obvious!
Also as many here have opined a new CFO is critical and looks like Martin has had a say in who he gets.
The NED also had to go especially after the 1m bill outstanding! Most certainly put the ‘non’ in executive!
“……. we are excited to see the impact of a more focussed and commercially orientated leadership team on the business." Ouch!
I do feel sorry for Adam I think he was a great scientist but was let down by those around him. He spent more time defending them rather than being more demanding. He will undoubtedly learn from that though. It’s thanks to Adam that we have Alister and he is now making a difference!
For sure it will take a few more months yet but change will come at pace and ONC has the most amazing foundations in terms of clients, revenue opportunities and a unique data set that is in demand. It’s amazing they actually messed it up before!
I am glad we got this RNS before the next TU as now the market should be looking at the funds and opportunities with this new team!
It looks like those significant stakeholder’s have also had a say so it will be onwards from here with opportunities ahead for both traders and investors!
After adding recently I just need 19p now to be blue!
Usual caveats
Trek
Proactive…
https://www.proactiveinvestors.co.uk/companies/news/1020462/oncimmune-appoints-new-ceo-and-finance-director-1020462.html
Trek
Well said Trek, I echo this. The old guard has now been replaced by a commercially focused team of executives/ director. I feel relieved to see that a new BoD is coming together to take this new business model to where it needs to be. The AI story will surely unfold over the coming 6 months. Spring is back. Really excited about this news.
Trek, I agree, this is great news. The financial comms have been on several occasions been a bit fluffy and sometimes misleading, so good with a change.
Ref: "The NED also had to go especially after the 1m bill outstanding", did I miss something?
Hey Dr.Patience,
here is an extract from the Annual results /trading update Nov 2021.
" The revenue reported is lower than the headline £5.6M indicated in the unaudited full-year trading update issued on 8 June, due largely to revenue recognition relating to an invoice for £1.7M to an historic EarlyCDT Lung distributor. The Group is unable to recognise this revenue in the year ended 31 May 2021 as the revenue recognition requirements of IFRS 15 have not been met at this time".
They left 1.7mio on the table. This is why many investors are/were up in arms. Significant blow to the revenue for that year.
Rooster, thanks!
I think we can look forward now, a new start if you like!
Hopefully, we will see the number of samples going up steadily this year (straight to the bottom line)
This share has really been beaten down; kind of deserved but overdone. ,Underlying IP is unique + potential is huge! With the new team and more focus on sales, it should work out!!
Unaudited corrected results out. They are just a formality but someone sold on the 2pm RNS. Only a small sell 50k ish shares but knocked price down near 9% lol!
Then 15p gets snapped up by some imo savvy buyers!
Point is this could move rapidly back up if the next TU is positive. Freenome sales are in bag + regular pharma contracts and debt now significantly reduced. I don’t think it will take much, just some outlook positivity or director buys from new BoD could have a very positive impact!
Usual caveats
Trek
Not so fast Dr. P. - let's give them until 01 Aug. Seems like a good idea to throw out the trash news whilst the shares are in no man's land anyway.
Does anyone at this point have knowledge of what the expected IMMUNOInsights revenue for the full year is predicted to be?
Rooster, are you saying there more bad news to come?
If so, I agree, it's better to get it out if the way...
No I think its all looking positive going forwards. Just a bit more patience. We have good things to look forward to
I was just saying that if there was anything else, now would be a good time to air the laundry
Indeed Rooster! Fresh team, fresh start!
I’d like to see some skin from the new BoD members. I suspect those that pushed for change in the guard would also want to see commitment other than an options package.
Usual caveats
Trek
I wonder if they will wait for the full year end results to be published. Alistair noted in a recent report that FY23 was a challenging year. I think we can all piece together why but I wonder if the next report will be disappointing and he was preparing us for that. Macroeconomic headwinds seem to persist. In any case come October I think the we will be in the know and have clear direction from new BoD ahead and probably some skin in the game as it were.
I agree! Director buys are important at this particular time. It would send all the right signals.
It could of course be argued that the CEO and CFO already must have assessed the opportunities to be good; otherwise why join? Proper skin in the game is the cherry on the cake!
May have started. Can’t buy loads here so broker would accumulate over time and then move to director.
I’m pretty sure we will see the new guys buy.
Usual caveats
Trek
Trek, you may well be right. Hardly any volume actually, apart from a few which may fit your thesis!
I personally wouldn't sell anything at this level and I think many long term holders feel the same.
Trek, buys picking up again. I couldn't even get a quote for a 5k pounds buy just now! Let's see if you are right :-)
Missed the boat there Dr. ;) jk.... SP is still super attractive. I can imagine too that we will be heading toward 50p in a matter of just a few days
Not sure of 50p in a few days but the TU is overdue that is if we are getting one as they are not mandatory. I do think we could then see a pop back into the 30’s then settling in the 40’s as bad news should be out the way!
40p is where the SP was before the asset sale. So as they have the cash in place of the assets and have moved off debt then it stands to reason that the SP should return to the 30’s and then the 40’s.
An update on transaction volumes will be needed to push through the 50’s. Then the market will want to see the FCF data on the balance sheet to take us higher rather than just hear of volumes and 80% margins.
A line of sight from ops to SP return is not far off here and for those that know the company they should be pretty confident of delivery.
I only have a ‘small’ position here due to other commitments but I see this as a straightforward doubling of my cash from my 19p ish average in the not to distant future.
Usual caveats
Trek
Rooster, that may be, but always tricky to find the bottom. I am not really buying, as I have a big enough holding, but I did add 5k's worth yesterday to lower my average!
@Trek, it was wishful thinking. I didn't check the chart tbh. You are most likely right that our next stop is at 30 the 40 etc. 50 would be a big leap from here. I think that the new CEO joining next week will give a little confidence boost and hopefully a TU soon as well. Seem to just remember a lengthy linger around 50s....
@Dr. P. - 100% even if I had more to give right now. Nothing is guaranteed and I cannot pump more into this stock. I gave it a 5k boost too a few weeks back at what seemed to be rock bottom. My average is now decent enough for me to most likely break even if the business was acquired today.... still a ways to go on regular course though.
Isn't it the norm as new people come in to let out all the bad news ?
It depends. In some cases a new CEO means that change is on the horizon. New strategy, goals, reorganisation, and drive to improve top and bottom line and bring innovation etc.. depending on where the business is at in the given time. I feel like ONC has gone through the reorg and strategy definition already so my expectation would be the new CEO to bring business contacts, drives innovation (AI) and looks at scalable growth to improve the top line (first priority) - increase revenue. The company has been through rough seas over the last years. I think they need to build out the sales teams and partner networks and then focus at capacity to provide the services at scale i.e. new lab facility. Although given our current revenue it looks like the current facility in Dortmund should have plenty of unused capacity for right now.
Bad news is good to let out when the sp is already down imho so that then when momentum builds there won't be any more surprises (hopefully).
How do so many people instinctively start buying on same day!
I am somewhat sick at missing the boat! No funds until September. This was a buy at 17-18-19
Long term 50p in two maybe more
But the value has been zapped!!!
Gees