Nottingham-based cancer detection firm Oncimmune Holdings remain bullish about the future even after posting a dip in revenue in its latest trading accounts which translates into a net loss for the company of £8 million.
Total revenues for the year ending 31 May 2019 is £171, 000, down from £240,000 in 2018. However the firm secured product sales commitments of £42 million. This translated into the firm’s cash balance at the period end reducing from £12.95m to £5.4m and resulted in the firm securing a EUR8.5m debt facility, post year end.
Dr Adam Hill, CEO of Oncimmune commented: “We are delighted with the strong progress made in rolling out our three year forward strategy over the last 12 months. We have made important advancements in the commercial and clinical development of the Company, including the acquisition of Protagen, strategic partnership with Biodesix, and the presentation of positive data from the ECLS study.
“The potential for the forthcoming commercial Cancer Control Evaluation in the UK, along with the forward-looking product sales commitments of GBP42m and a strengthening pipeline of service revenue, gives us confidence in our platform and the potential to generate material revenues in 2020 and beyond.”