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Oncimmune losses narrow as sales rise
StockMarketWire.com
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Immunodiagnostics group Oncimmune posted a narrower first-half loss on the back of higher revenue and lower R&D spending.
Pre-tax losses for the six months through November amounted to £2.8 million, compared to losses of £5.5 million year-on-year.
Revenue rose to £1.8 million, up from £0.3 million.
Oncimmune said it saw a 'marked increase in commercial activity' as large pharmaceutical and biotech companies utilised its biomarker discovery platform technology tools.
Seven such contracts had been signed in the period, including with Roche Pharmaceuticals and Genentech, with work on those recently completed or very advanced.
In addition, first commercial contracts had been signed to supply a lung cancer diagnostic blood test to the National Health Service, with patient samples already analysed.
Sales volumes and forecasts in the US with Biodesix for the lung cancer test had materially improved through the second and third quarters, Oncimmune said.
'We are pleased with the continued growth that the company has achieved over the last six months as we deliver on our strategic plan,' chief executive Adam M Hill said.
'We have experienced a sixfold increase in revenue against the same period last year as we continue to establish partnerships with leading pharmaceutical and biotech companies in the key areas of oncology and autoimmune diseases and, most recently, infectious diseases.'
Story provided by StockMarketWire.com
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