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Oncimmune (LSE:ONC), a biotechnology firm, revealed on Monday that it has secured a significant new contract with a leading global pharmaceutical company, worth $700,000. This contract marks another step in the company's expansion and solidifies its standing in the biotechnology sector.
The contract is with one of the top ten pharmaceutical firms worldwide, a customer with whom Oncimmune already holds a long-term master services agreement. This new engagement focuses on a rare immune-related disease, an area where Oncimmune has demonstrated considerable expertise and success.
Under the contract, Oncimmune will deploy its advanced high-throughput, bead-based system. This system, which features a comprehensive panel of over 1,000 antigens, will be used to analyze more than 500 samples. Many of these samples are already in Oncimmune's possession, highlighting the company's capacity to efficiently manage and utilize its resources.
Chief Executive Officer Martin Gouldstone expressed satisfaction with the firm’s recent commercial progress. He noted the increasing scale of projects being secured with major clients as a positive indicator of the company’s strategic direction. Gouldstone emphasized that these recent wins are a testament to the effectiveness of Oncimmune’s strategy, positioning the company strongly to meet its targets for the fiscal year 2024 and achieve profitability by the fiscal year 2025.
Following the announcement of this contract, shares of Oncimmune experienced a significant uptick, rising by 9.53% to 19.22p as of 1010 BST. This positive market reaction underscores investor confidence in the company's growing capabilities and prospects.
The new contract underscores Oncimmune's expanding role in the biotechnology field, particularly in the realm of rare and complex immune-related diseases. The firm's use of its sophisticated bead-based system for analyzing a large number of samples reflects its technical prowess and its ability to handle high-profile, specialized projects effectively.
Overall, the contract highlights Oncimmune’s continued success and its strategic positioning within the biotechnology sector. The firm’s ability to secure and successfully execute substantial contracts with major pharmaceutical companies demonstrates its growing influence and potential for future growth.
