(Alliance News) - Oncimmune Holdings PLC on Wednesday posted a widened interim loss largely resulting from a sharp increase in administrative expenses.
The immunodiagnostics firm, which makes the cancer screening tests EarlyCDT Lung and EarlyCDT Liver, reported a pretax loss of GBP5.9 million for the six months ended November 30, widened from GBP3.8 million a year before.
This was mainly caused by administrative expenses, which almost doubled to GBP5.1 million from GBP2.6 million. Of the GBP5.5 million business expenses recorded, around GBP1.3 million related to a "reshaping" of the business, including the sale of its US laboratory, while another GBP700,000 was due to its credit facility and patent costs.
Research and development expenses also rose, reaching GBP1.0 million versus GBP687,000 the previous year.
Revenue for the half-year increased notably to GBP308,000 from GBP121,000.
Chief Executive Adam 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."
Shares in Oncimmune were down 0.4% at 31.87 pence in London on Wednesday morning.
By Anna Farley; annafarley@alliancenews.com
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Oncimmune (ONC)