Oncimmune Holdings PLC on Wednesday said revenue was down in the first half of its financial year due to delivery delays, but its loss narrowed.

Oncimmune shares were down 32% to 25.00 pence each in London on Wednesday afternoon. The stock is down 74% over the past 12 months.

Oncimmune is a Nottingham, England-based immunodiagnostics developer, primarily focused on the growing fields of immuno-oncology, autoimmune disease and infectious diseases.

The company reported revenue of £1.1 million in the financial half-year ended February 28, down 21% from £1.4 million in the first half of financial 2022, ended November 20, 2021. Oncimmune noted that delays in sample deliveries from major contracts delayed revenue into the second half of the year.

In August last year, Oncimmune changed its financial year-end to August from May.

Oncimmune said pretax loss was £4.1 million in the recent six months, narrowing from £4.9 million a year prior. The company said that it expects to benefit from lower operating costs following its sale of Oncimmune Ltd earlier this month.

Earlier this month, the company sold Oncimmune Ltd and Oncimmune Europe GmbH to Freenome Holdings Inc for £13 million.

Looking ahead, Oncimmune said it has ‘significant near-term growth prospects’.

Chief Executive Adam Hill said: ‘The sale of Oncimmune Ltd to Freenome not only allows for a singular focus on building value in our ImmunoInsights platform, but also is a lead indicator of renewed confidence in the UK life-science sector after a period of significant under investment.

‘It remains my firm belief that this platform has the potential to offer significant value to our customers, and is primed to respond, at scale, in lockstep with the market as it inevitably rebounds. Post the sale of the Oncimmune Ltd, our focus is the expansion of the ImmunoInsights services business with an intention to achieve a cash flow break even position in the near term.’

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