Oncimmune Holdings plc (AIM: ONC.L), a leading autoantibody profiling company to the pharmaceutical and biotechnology industry enabling precision medicine, is pleased to provide an update on the progress it is making with its strategy.
Progress against strategy
On 12 October 2023 Oncimmune’s new executive leadership team set out its vision and strategic priorities for FY2024 and beyond. As Q1 FY2024 now draws to a close, Oncimmune can provide the following update on progress against that strategy:
•Contracts have been signed for four new projects, with additional contracts having been approved by customers and are expected to be signed in Q2 FY2024.
•Three of the contracts are with major pharmaceutical companies who were existing customers, demonstrating Oncimmune’s ability to consistently deliver high quality outputs and win repeat business from key accounts. Two of the major pharmaceutical companies have entered into long term master services agreements with Oncimmune, with the third indicating that it would like to discuss entering into a master services agreement.
•The fourth contract is with a new customer focused on high throughput drug discovery, reflecting Oncimmune’s ability to expand the scientific application of its technology platform in line with its strategy.
•Certain of the new contracts signed cover projects in adverse event prognostics and expanding the application of Oncimmune’s ImmunoINSIGHTS platform, similarly in line with the strategic objectives previous set out.
•Discussions have begun with 14 Contract Research Organisations (CROs), including translational medicine (discovery and pre-clinical) and clinical studies focused CROs. Oncimmune intends to accelerate the generation of new commercial contracts by offering its highly specialised services through CROs, enabling it to reach through to a wider customer base beyond its own direct commercial infrastructure.
•The commercial team has continued to grow as planned, now consisting of three experienced professionals in the US and a new Senior Director joining in December 2023 to lead commercial efforts in Europe. Further expansion of the commercial team in Europe is expected in Q2/Q3 FY2024 in line with budget.
Martin Gouldstone, Oncimmune’s Chief Executive Officer, said:
“I am encouraged to see the commercial traction already being made on delivering our strategy, including our ability to expand the application of our ImmunoINSIGHTS platform into drug discovery as well as clinical trials. I have recently spent time discussing our strategy with some of our key stakeholders and have been pleased to see how well it has been received, also allowing us to recruit top talent to further accelerate our ability to deliver on it.”
Board changes
As announced on 12 October 2023, Dr Annalisa Jenkins has decided to step down from the Board and a new Senior Independent Non-Executive Director, Sally Waterman, has been appointed. The transition of Annalisa’s responsibilities has now been completed and she has therefore ceased to be a director with immediate effect.
Financial results for FY2023
The audit process for the Company’s financial results for the 12 months ended 31 August 2023 (“FY2023”) is continuing and the Company’s annual report, including the financial statements for FY2023, is expected to be published in January 2024.