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Shares in Oncimmune, a company specializing in autoantibody profiling, saw a significant rise on Monday after the firm reported strong commercial progress since its last update in May.
Oncimmune announced that it had secured a major new project with a pharmaceutical client following a successful pilot study. The contract, valued at no less than $1.5m, marks a key milestone for the company. Additionally, another prominent pharmaceutical company, for which Oncimmune is already a preferred supplier, has signed a new project agreement worth $700,000. This project will focus on a rare immune-related disease, further expanding Oncimmune’s portfolio in the pharmaceutical sector.
Beyond these high-profile contracts, Oncimmune disclosed that it had entered into agreements for three additional projects. Two of these involve a US biotech firm, with a focus on analyzing multi-omic data from its clinical trials, showcasing Oncimmune's capabilities in advanced data analytics. The third contract is with a long-standing partner, a contract research organization, further demonstrating the company's ability to maintain and grow strategic relationships.
Oncimmune has also entered into a framework agreement with a "major UK R&D accelerator," which is expected to facilitate future collaboration and cross-selling opportunities. The company anticipates leveraging this agreement in fiscal year 2025 and beyond, potentially expanding its commercial reach.
Martin Gouldstone, Oncimmune’s chief executive, emphasized the company's busy commercial period, highlighting the traction gained in the market. He noted that these recent project wins position Oncimmune well for the upcoming fiscal year, following a solid foundation laid in FY24. Gouldstone expressed confidence in the company's ability to become profitable in FY25, signaling strong momentum in its operations.
By 1110 BST on Monday, Oncimmune’s shares had surged by 22.68%, reaching 23.80p, reflecting positive market sentiment following the company's commercial announcements and strategic progress.
