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(Correcting credit facility amount in the headline.)
(Alliance News) - Oncimmune Holdings PLC on Friday said it has secured a debt of EUR8.5 million with IPF Management SA.
The immunodiagnostics company said it will immediately draw down an initial EUR5 million, with the remaining EUR3.5 million expected to be drawn down within six months. The facility is for a four-year term, although it can be repaid early, Oncimmune noted.
The AIM-listed company said it intends to use the net proceeds from the facility to drive commercial adoption of EarlyCDT Lung, which Oncimmune aims to accelerate following the recent successful study results. In addition, the funds will help the firm to bring to market other potential EarlyCDT indications, it said, and accelerate current regulatory processes for EarlyCDT Liver.
The facility is interest-only for the first 12 months, Oncimmune said, with principal repayments commencing thereafter. The interest rate is 9% per annum over three-months and is payable quarterly.
"Last year we laid out our paths to value to accelerate growth and have been executing against this," said Chief Executive Adam Hill.
"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," added Hill.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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