September 30, 2015
September has been a busy month for Oncimmune, with new board additions and new acquisitions.
Oncimmune would like to welcome Meinhard Schmidt to its fold as non executive Chairman.
Meinhard has more than 25 years international experience as an entrepreneur and senior executive in the diagnostics and medical devices industries. Between 1998 and 2008 he was at Roche Diagnostics where he held various global senior leadership roles and was global Senior VP at Lab Diagnostics, which achieved the leading global position in the laboratory industry.
Meinhard has strong board level experience and has worked across M&A, global operations, sales and marketing, program and innovation management and has held executive
management positions in Germany, The Netherlands, USA, Canada, Sweden, UK and Switzerland. He currently serves as Board Director at Sphere Medical PLC, valuationLAB AG, CeQur AG and as Chairman at Promimic AB.
Meinhard Schmidt said: “The early detection of cancer can transform outcomes for patients. Oncimmune’s EarlyCDT® technology has an excellent scientific pedigree, has been extensively validated and EarlyCDT®-Lung is already on the market in the US, UK and other territories. With the prospect of building on the technology platform to expand into additional cancer types and reach new markets, Oncimmune is poised for growth and I’m very pleased to become Chairman at this exciting time in the Company’s development.”
Geoffrey Hamilton-Fairley, CEO of Oncimmune Ltd said: “It is a great pleasure to welcome Meinhard as Chairman of Oncimmune. His industry experience is exceptional and I very much look forward to working with him as we accelerate the next stage in the Company’s development, namely the further commercialisation of EarlyCDT®-Lung on a global basis and the launch of our new EarlyCDT® cancer tests. Meinhard’s commercial expertise will enable us to realise the potential of our pioneering autoantibody approach to cancer detection.”
Oncimmune Acquires Dedicated Commercial Testing Facility for EarlyCDT-Lung from Health Diagnostic Laboratory, Inc
This acquisition again provides Oncimmune with its own CLIA-testing facility. Ownership of its own lab will help to provide a strong platform for growth, including support for increasing sales of EarlyCDT®-Lung and for the addition of new EarlyCDT tests for the early detection of cancer.
Oncimmune has assumed third party contracts necessary for ongoing business operations and has agreed to take on all existing CML employees.
HDL originally acquired the CML laboratory, located in De Soto, Kansas, from Oncimmune in October 2013 and since then has operated it as a dedicated commercial testing facility for the EarlyCDT®-Lung test on a continuous basis.
The original agreement, whereby Oncimmune received a substantial purchase price and guaranteed minimum royalty payments for tests sold exclusively by HDL in the US, has now been terminated and instead Oncimmune has an arrangement in place both with Innovative Diagnostic Laboratory (“IDL”) (previously a subsidiary of HDL) and HDL for non-exclusive distribution of EarlyCDT-Lung in the US and is exploring further US distribution deals. The lab will also continue to be the central testing facility for all EarlyCDT-Lung tests sold worldwide.
The new agreement also provides a net cash benefit of $2.3m to Oncimmune.
Geoffrey Hamilton-Fairley, said: “Our original agreement with HDL provided Oncimmune with significant funds through the sale of the facility and guaranteed royalties. We now have the opportunity to re-acquire the facility at a time at which we are poised for growth as we realise the potential of our pioneering autoantibody approach to cancer detection.”
TOPICS Oncimmune News
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