Oncimmune rises on deal news

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Oncimmune rises on deal news
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The price of shares in AIM-listed immunodiagnostics firm Oncimmune (LON:ONC) climbed 5.37% to 100.10p (as of 12:00 BST) following the announcement of a new Russian commercialisation partnership. The deal is worth at least £5 million in revenues for the company as it granted R-Pharm exclusive distribution rights for its lung cancer detection technology in Russia and the rest of the Eurasian Customs Union. The contract also contains an option for these rights to be expanded into the Commonwealth of Independent States.

CEO Dr Adam M Hill commented: “Russia has significant potential as a screening market with a large high-risk population. Following the successful ECLS study, this partnership further highlights the growing international acceptance of EarlyCDT Lung’s utility as a screening device for early stage lung cancer. I am delighted to have Alexey and his team at R-Pharm join us to unlock the potential of screening in Russia, broadening further the commercial reach of our EarlyCDT product portfolio“.

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