(Alliance News) - Oncimmune Holdings PLC on Monday posted an improvement in earnings for its first half and expressed confidence in its outlook on positive momentum and a strong pipeline of potential contracts.
Shares in the immunodiagnostics company were trading 2.7% higher at 177.08 pence each on Monday morning in London.
For the six months ended November 30, Oncimmune posted a pretax loss of GBP2.8 million, narrowed significantly from EUR5.5 million recorded a year prior. This was as revenue soared almost six-fold to GBP1.8 million from GBP310,000.
Costs also reduced as administrative expenses dropped 41% to GBP2.9 million from GBP4.9 million and research & development costs fell 39% to GBP615,000 from GBP1.0 million.
"The six months to November 30 has seen the company deliver significant and profitable revenues in line with our strategy. Our ImmunoInsights services business has been particularly busy with the awarding of several new contracts as well as the continued successful delivery of data analysis and reports under these contracts," said Chief Executive Adam Hill and Chair Meinhard Schmidt.
Looking ahead, they added: "For these clients we are focused on securing follow-on contracts and are actively discussing the delivery of our immune-profiling service offering across their wider clinical portfolios. We hope to be able to announce further new and follow-on contracts over the second half and anticipate scheduling these contracts to begin before the end of this financial year. This new momentum and our business development efforts have resulted in a strong pipeline of potential further contracts, and we are therefore confident in the group's commercial future."
As at the end of November, Nottingham-based Oncimmune had cash of GBP3.3 million, down from GBP7.5 million on the same date in 2019.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Oncimmune (ONC)