Oncimmune sinks as losses continue

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Oncimmune sinks as losses continue
Master Investor Magazine 42 cover

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Shares in AIM listed immunodiagnostics specialist Oncimmune (LON:ONC) dropped by 21.49% to 95p (as of 14:15 GMT) after losses before tax for the year ended 31st May widened to £6.34 million.

Chief executive Dr Adam Hill commented: “With the fundraise in early 2018 with Genostics Company Ltd, providing access to the China market, the foundations are laid for our forward strategy.

“The year ahead presents significant opportunity with the final read-out of the ECLS study, which we anticipate will open up volume opportunities for EarlyCDT®-Lung, as well as topping off the clinical evidence base for the product in triaging asymptomatic patients to an appropriate diagnostic pathway. This, in turn, provides further confidence in our platform capability.

“Unlocking latent value in Oncimmune’s immunogenic protein library over the next three years, designed to layer on revenue to our existing clinical testing business, will open up applications to generate scale and reach wider end markets across the cancer care continuum“.

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