Oncimmune Holdings plc (AIM: ONC.L), a leading autoantibody profiling company providing research services to the pharmaceutical and biotechnology industry to enable the delivery of precision medicine, is pleased to announce a significant new contract win with a Top 10 Global Pharma company.
Following a successful pilot carried out for a major pharmaceutical company, Oncimmune has entered into an agreement for a major new project with the same customer, with a contract value of at least US$1.5m. This is one of the largest contracts Oncimmune has entered into in its ImmunoINSIGHTS business and demonstrates its ability to win significant repeat business from its key customers.
During the pilot project, Oncimmune was able to demonstrate that it can reliably profile Immunoglobulin E (“IgE”) autoantibodies in blood serum using its high-throughput bead-based platform, which Oncimmune believes to be a technological breakthrough. The new project is expected to be delivered over the next six months, with the majority of the revenue therefore falling into FY2025 and helping to underpin a sizeable portion of that year’s forecasted revenues.
The continued commercial traction, and expected acceleration due to the new commercial team fully bedding in, give Oncimmune’s Board confidence in its revenue guidance for FY2024 of approximately £3m (2023: £1.15m from continuing operations). On the back of continued revenue growth, the Board expects the Company to achieve profitability in FY2025.
With the business continuing to perform in line with its expectations, Oncimmune has entered into discussions with IPF Management SA (“IPF”) over amending the terms of its existing credit facility, including the deferment of capital repayments, to allow for additional investment in the Company’s operations. Further details of the outcome of discussions will be provided once concluded.
Martin Gouldstone, CEO of Oncimmune said: “I am delighted that our world-leading scientific team has managed to demonstrate our ability to measure IgE, which is much harder to detect in blood serum than other immunoglobulins, using our high-throughput platform. Not only did this enable us to win a major new contract with an existing long-term Top 10 Pharma customer, it also opens a new technological offering, in line with our strategic goals. We are confident that, with this win and continued momentum of contracts, we are in a strong position to meet our targets for FY24 and beyond, with profitability expected in FY2025.”
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Oncimmune Holdings plc