Losses grow at Nottingham cancer detection group

Oncimmune Holdings, the Nottingham-based immunodiagnostics group, has reported a loss after tax of £5.79m, according to half year results for the six months ended 30 November 2019.

This is almost £2m more than losses posted in the same period of 2018.

Revenue did rise at the firm however, up to £0.31m from £0.12m, but Oncimmune was dealt £5.11m of administrative expenses, up from £2.63m in 2018. £1.3m of this relates to reshaping the business, while a further £0.7m relates to an IPF credit facility and increased patent costs.

The news follows Oncimmune’s Nottingham R&D operation completing its move to MediCity Nottingham, the dedicated innovation facility.

Dr Adam M Hill, CEO of Oncimmune, said: “We grew revenues in the period and are expecting FY H2 2020 sales to continue to accelerate through increasing product sales and from our service business.

“We look forward to the commercial rollout of EarlyCDT Lung in several markets, including the US, in 2020 to further expand the reach of our technology to patients.

“With multiple late stage negotiations underway and a strong conviction in the vital importance of our technology, we have growing confidence in the business to further change patients’ lives and deliver growth.”