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(Alliance News) - Oncimmune Holdings PLC on Monday said it has sold its subsidiaries Oncimmune Ltd and Oncimmune Europe GmbH to Freenome Holdings Inc, for GBP13 million in cash.
Oncimmune is a Nottingham, England-based immunodiagnostics developer, primarily focused on the growing fields of immuno-oncology, autoimmune disease and infectious diseases. Freenome is a US-based private biotechnology company.
The company said GBP1.3 million of the total consideration will be held in escrow for 12 months, while Freenome has also agreed to purchase services from Oncimmune Germany GmbH, worth at least EUR1.1 million per year.
The firm said the sale is intended to realise value from its non-core assets. It added that it has agreed to repay EUR7.2 million of its outstanding IPF facility, while the firm also entered into a new debt facility.
Oncimmune will continue to operate its ImmunoINSIGHTS business through Oncimmune Germany.
Chief Executive Adam Hill said: "We are delighted to pass the EarlyCDT technology platform and pipeline of autoantibody targets for other cancer indications to Freenome to advance Freenome's multi-cancer early detection screening pipeline.
"We have confidence that in their hands and with our teams' expertise, the full potential of the technology will be unlocked to the benefit of patients. Having now completed the Sale, the group will focus on driving profitable growth in our ImmunoINSIGHTS pharma services business."
Oncimmune shares rose 8.3% to 39.97 pence each in London on Monday morning.
By Harvey Dorset, Alliance News reporter
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