In its half-year results for the year to 31 May 2021,Oncimmune Holdings (ONC ) reported an over six-fold revenue rise of £3.7m with significant growth driven by its ImmunoINSIGHTS division.
The global immunodiagnostics group said its ImmunoINSIGHTS business allowed it to broaden its pipeline of opportunities over the period and resulted in ‘significant growth.’
Oncimmune reported £3.7m in revenue, a more than six-fold rise on £0.5m in FY20. Overall, revenue is lower than the headline £5.6m indicated in a trading update in June, due largely to revenue recognition relating to an invoice for £1.7m to an historic EarlyCDT Lung distributor.
As a result, the Group said it is unable to recognise this revenue in the year ended 31 May 2021 as the revenue recognition requirements of IFRS 15 have not been met at this time.
Nevertheless, over the annual period, Oncimmune said its ImmunoINSIGHTS service business demonstrated strong growth in revenue, profitability and cash generation.
The loss for the year was £4.6m, a ‘substantial’ reduction on FY20 which saw a loss of £8.5m. The Group said this reflects the continued growth in its ImmunoINSIGHTS services business.
Cash balances at year end were £8.6m, more than double the £4.2m reported in FY20, and a reflection of the successful equity fundraising conducted in March 2021 which raised £9m.
The firm’s ImmunoINSIGHTS platform enables life science organisations to optimise drug development and delivery to create more effective targeted and safer treatments for patients.
Operationally, ImmunoINSIGHTS continued to strengthen its strategic relationships with Roche and Genentech in FY21 as well as with other global pharmaceutical companies.
Following the successful deployment of UK Government funding, ImmunoINSIGHTS launched an infectious diseases panel which resulted in contracts with Roche as well as multiple contracts with the academic health science center, Cedars-Sinai Medical Center.
ImmunoINSIGHTS secured a deal with a global pharmaceutical firm to utilise the NavigAID autoimmune disease characterisation panel as well as several agreements with three leading global pharmaceutical firms to utilise the SeroTag immuno-oncology discovery array.
The autoantibody profiling service, which developed a pipeline of over 160 commercial opportunities in FY21, also continues to secure follow-on contracts with customers, it noted.
Oncimmune said the scale-up of the Dortmund facility is currently in progress and capable of handling upwards of 40,000 samples per annum by the first quarter of next financial year.
In addition, the Company said it is also expanding its commercial sales team in the United States with recent key hires on the East and West coasts. It said a clear majority of all ImmunoINSIGHTS contracts currently and historically being awarded are from the US.
After quieter than expected summer months in which fewer new ImmunoINSIGHTS contracts were signed than originally expected, Oncimunne said there has been ‘a healthy resumption’ of activity and a strong rate of conversion of the commercial pipeline into service contracts underpinning its confidence in FY22 growth from new opportunities and follow-on contracts.
Commenting on the results, Dr Adam M Hill, CEO of Oncimmune, said: “As demonstrated by the number of follow-on contracts being signed and our growing commercial pipeline, we are experiencing increased recognition for our services by our partners and customers.
With significant momentum moving into the second quarter of FY2022, driven by the highly differentiated ImmunoINSIGHTS service, we look forward to another year demonstrating the success against our three-year strategic plan to unlock the Group's growth potential."
He added, “We would also like to thank investors for their continuing support through the oversubscribed placing during the period in support of our growth plans and are pleased to be able to report continued strong delivery against the Group's goals over the period."
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