Saturday, March 6, 2021

Oncimmune achieves sixfold increase in revenue

Oncimmune Holdings, the immunodiagnostics group, has achieved “substantial revenue growth” in the six months ended 30 November 2020.

According to interim results, revenue for the period jumped to £1.83m from £0.31m in H1 2019.

The company meanwhile posted a loss after tax of £2.6m, in comparison to losses of £5.27m in the same period of the prior year.

Dr Adam M Hill, CEO of Oncimmune said: “We are pleased with the continued growth that the Company has achieved over the last six months as we deliver on our strategic plan.

“We have experienced a sixfold increase in revenue against the same period last year as we continue to establish partnerships with leading pharmaceutical and biotech companies in the key areas of oncology and autoimmune diseases and, most recently, infectious diseases.

“The ImmunoINSIGHTS business is underpinned by world leading technologies and expertise which, despite the impact of COVID-19, has delivered significant commercial opportunities.

“Our progress is a testament to the hard work of our team under the challenging circumstances the pandemic has presented. The key now is to optimise this value creation with growth becoming more evident as we approach the end of FY21 and enter FY22.”

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