Losses have widened at Oncimmune Holdings, the Nottingham-based immunodiagnostics group, with administrative and research & development expenses jumping.
According to audited results for the 15-month period ended 31 August 2022 (FY2022), while revenue grew slightly to £3.79m, from £3.72m in the year prior, loss after tax stood at £11.52m (2021: £5.08m).
Stronger growth is being reported in the current financial year, however, with first half revenue already expected to exceed the revenue generated in the whole of the 15-month period to 31 August 2022.
Dr Adam M Hill, CEO of Oncimmune, said: “FY2022 was a period of investment in the ImmunoINSIGHTS platform following a successful, oversubscribed fundraise in March 2021, which allowed us to evolve our offering, substantially increase capacity and drive our pipeline.
“The short-term impact of investment and effort has been to increase the quality of our revenue, with more partners opting for multi-year Master Service Agreements in order to access the platform across multiple studies.
“The medium-term impact is likely to result from the development of novel IP related to immune-related diseases, in which Oncimmune is recognised as expert, and their treatment.
“These developments would not have been possible without both our people and all of our stakeholders, including our finance providers, who remain steadfast in their commitment and unwavering support and who we would like to thank.
“The ImmunoINSIGHTS business is now seeing improving growth in the first half of this financial year and has a growing number of contracts.
“Whilst short-term challenges remain in the operating environment and in financing, the Board is determined to meet these and to enable conversion of the growing pipeline of opportunities to deliver the significant returns available from our differentiated offering and expertise.”
