Revenue shrinks and costs rise at Oncimmune

(ShareCast News) - Early cancer detection company Oncimmune Holdings announced its full year results for the year to 31 May on Monday, including £12.2m raised by the issue of equity in the year.The firm also said £4.2m of convertible loan notes were converted.Revenues for the year were down significantly, however, to £0.43m from £1.36m.Operating costs before share based charges and exceptional items were £3.83m, growing from £2.7m a year earlier.Cash balances were much healthier at the year-end, sitting at £10.2m compared to £1.3m at the end of the 2015 financial year."The last year has been transformational for Oncimmune with the period culminating in our listing on AIM and fundraising £11m," said CEO Geoffrey Hamilton-Fairley."With this funding in place we are continuing to deliver on the strategy set out at the time of our IPO."Hamilton-Fairley said the company has a board with broad expertise in medical devices and public markets, distributor agreements signed giving it full coverage of the US for its EarlyCDT-Lung test."In addition, the foundations have been laid for the commercial panel for the EarlyCDT-Liver test, which is targeted to be complete in the second half of 2017, with EarlyCDT-Ovarian thereafter."We are confident that we are well placed to deliver value from the strength our platform in early cancer diagnosis," Hamilton-Fairley explained."We look forward to updating the market on the NHS Lung Cancer Screening Trial in December, the transformation of our test from a central lab test to a 'kit' and further product and commercial advances."