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LONDON (Alliance News) - Oncimmune Holdings PLC said Wednesday its full year loss deepened on higher costs as it continues to chase new distribution deals for its cancer detection blood test products.
For the year ended May, Oncimmune's pretax loss deepened to GBP6.3 million from GBP5.3 million the year prior, though revenue rose to GBP240,000 from GBP215,000 the year before.
Profit performance was hurt by sharp rise in administrative expenses to GBP4.8 million from GBP3.9 million the year prior.
"With the fundraise in early 2018 with Genostics Company Ltd, providing access to the China market, the foundations are laid for our forward strategy," Chief Executive Adam Hill said.
In March, Oncimmune received GBP10 million in equity investment from Genostics. The firm also raised GBP5 million through a placing from new and existing investors in October 2017.
Cash at the end of May stood at GBP13.0 million, up from GBP5.1 million the year prior.
"The year ahead presents significant opportunity with the final read-out of the ECLS study, which we anticipate will open up volume opportunities for EarlyCDT-Lung, as well as topping off the clinical evidence base for the product in triaging asymptomatic patients to an appropriate diagnostic pathway," Hill added. "This, in turn, provides further confidence in our platform capability."
"Unlocking latent value in Oncimmune's immunogenic protein library over the next three years, designed to layer on revenue to our existing clinical testing business, will open up applications to generate scale and reach wider end markets across the cancer care continuum", Hill continued.
Chief Financial Officer Andrew Millet added Oncimmune had contracted minimum revenue of GBP29.5 million from 15 distributors across the world. "The expectation," Millet added, "is to enter into new distribution agreements in new geographies in the future."
Shares in Oncimmune were 20% lower at 96.75 pence on Wednesday.
