Oncimmune losses drive down shares

The price of shares in AIM-listed immunodiagnostics specialist Oncimmune (LON:ONC) dropped by 8.90% to 161.70p (as of 15:10 GMT) after its pre-tax loss for the year ended 31st May broadened. Revenues grew significantly and further major agreements have been reached since the end of the period, but costs are still significantly above income.

CEO Dr Adam Hill commented: “We have made strong progress in our first full year of trading since the launch of our three-year strategy in September 2018, which has delivered a step-change in our revenue growth over the year led by the ImmunoINSIGHTS services business. Despite the impact of COVID-19, further positive news flow post year end has sustained the Group’s growth trajectory throughout H1 2021.

“Following the successful turnaround, Oncimmune now has a solid platform business underpinned by its core technology and expertise, that is validated by an expanding stable of commercial contracts and a full pipeline of pharma service opportunities. This underpins our expectation of delivering substantial further growth in the re-focused business throughout FY 2021 and beyond, about which the Company looks forward to providing further progress updates“.