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Oncimmune Holdings PLC (LSE:ONC), a company specializing in autoantibody profiling, has secured a new contract with a leading global pharmaceutical firm. The agreement, valued at no less than $1.5 million, follows a successful pilot project conducted for the same client. This contract represents one of the largest agreements within Oncimmune’s ImmunoINSIGHTS division and reflects the company's capability to attract repeat business from its prominent clients.
Success of the Pilot Project
During the pilot project, Oncimmune demonstrated its proficiency in profiling Immunoglobulin E (IgE) autoantibodies in blood serum using its high-throughput bead-based technology. The ability to measure IgE, which is typically challenging to detect, was a key achievement. The new project, anticipated to be completed within the next six months, will largely contribute to the company’s revenue for fiscal year 2025.
Financial Projections and Revenue Guidance
Oncimmune's ongoing commercial progress and the anticipated boost from the new contract have led to an optimistic revenue forecast for FY2024, projected at approximately £3 million, compared to £1.15 million from continuing operations in 2023. The company expects to achieve profitability by FY2025, supported by this revenue growth.
Discussions on Credit Facility Amendments
In alignment with its financial performance, Oncimmune is negotiating with IPF Management SA to revise the terms of its existing credit facility. Discussions include the possibility of deferring capital repayments to facilitate additional investment in the company's operations. Updates on these discussions will be provided once they are concluded.
CEO’s Statement
Martin Gouldstone, CEO of Oncimmune, expressed satisfaction with the team’s success in profiling IgE using their advanced platform. The new contract with an established Top 10 pharmaceutical company and the advancement in technology align with Oncimmune’s strategic objectives. The company remains confident about achieving its financial targets for FY2024 and expects to reach profitability in FY2025.
About Oncimmune
Oncimmune specializes in precision medicine through the analysis of immune interactions via autoantibody profiles. Partnering with global pharmaceutical and biotech companies, as well as contract research organizations, Oncimmune focuses on discovering novel biomarkers to develop targeted therapies for immune-mediated diseases. The company's mission is to advance precision medicine by offering insights into biomarkers, drug targets, and treatment efficacy through its advanced technology platform and scientific expertise. Headquartered in the UK, Oncimmune also operates a discovery and development facility in Dortmund, Germany, with business development teams in the US and Europe.
