Oncimmune Holdings PLC on Friday said its chief executive officer will step down, as it unveiled a new plan for delivering refocused growth.
Oncimmune is a Nottingham, England-based immunodiagnostics developer, primarily focused on the growing fields of immuno-oncology, autoimmune disease and infectious diseases.
The company said Chief Executive Officer Adam Hill will step down in due course, ‘As part of the refocussing of Oncimmune’s business’. It has begun searching for a permanent successor.
Meanwhile, Oncimmune said General Counsel and Company Secretary Ron Kirschner has been promoted to acting CEO. Kirschner was self-employed for four years before joining Oncimmune; prior to that he was a senior associate at Allen & Overy LLP followed by Baker McKenzie LLP.
‘The company is actively recruiting for additional resources in its leadership team and will make further announcements, as appropriate, in due course,’ Oncimmune added.
Looking ahead, and following its divestment in May of Oncimmune Ltd to Freenome Holdings Inc, Oncimmune announced its new plan to ‘enhance shareholder value’ in the coming years. The plan includes ‘carefully controlling and optimally utilising’ Oncimmune’s operational cost base and central overheads.
The company’s goals also include ‘refocusing commercial efforts towards higher value customers and Oncimmune’s core services offering,’ and ‘continuing to penetrate’ and deepen relationships with its most significant long-term customers. Moreover it intends to partner with key technology suppliers on cross-selling opportunities.
Finally, Oncimmune said it plans to launch new biomarker tools in financial 2024, including bespoke assay panels targeting specific therapeutics and disease area, and ‘novel service offerings’ to measure specific biomarkers.
‘The board would like to thank Adam for his foresight, perseverance and hard work, often in challenging conditions, over the last five years,’ said Chair Alistair Macdonald. Kirschner, he added, ‘has been an instrumental part of the company’s operational and strategic leadership, providing close support to the board throughout. The board is grateful to Ron for stepping up to lead the company as it refocuses and as it builds a new senior executive team.’
Macdonald also commented: ‘Whilst the current headwinds in our sector are expected to lead to a tough end to our financial year ending August 2023, the board believes that the company now has a solid foundation in place from which to launch the new plan to deliver growth through FY2024 and beyond.’
At the end of May, Oncimmune reported that its revenue had fallen by 21% to £1.1 million from £1.4 million during the half-year ended February 28, although its pretax loss narrowed to £4.1 million from £4.9 million. Its shares plummeted by 31% to 25.00 pence.
Oncimmune shares rose 0.3% at 16.00p each in London on Friday afternoon. They have fallen by 82% over the last 12 months.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
