Oncimmune Holdings PLC said on Monday that it has entered into five new contracts since its last update in May this year, which are set to substantially grow revenue for financial 2025.
The Nottingham, England-based autoantibody profiling company provides research services to the pharmaceutical and biotechnology industry to enable the delivery of precision medicine.
Shares in Oncimmune Holdings were up 21% at 23.55 pence each in London on Monday morning.
Oncimmune announced that, following a successful pilot for a major pharmaceutical company, it has agreed a contract for a ‘major’ new project utilising a technological breakthrough achieved by Oncimmune’s scientific team. The contract is valued at around $1.5 million.
Another major pharmaceutical company has also entered into a new $700,000 contract focused on a rare immune-related disease. Initial samples for analysis are already held by Oncimmune.
In addition to the major projects above, Oncimmune has entered into three further new contracts. Two are with a US biotech to analyse multi-omic data from its clinical trials - a new area for Oncimmune - and the third is through a contract research organisation, providing IgA autoantibody analysis for an existing European biotech customer.
The company has also entered into a framework agreement for future collaboration with a major UK [research & development] accelerator. This is expected to be leveraged during financial 2025.
Following these new agreements, Oncimmune predicts ‘substantial’ revenue growth for financial 2025. It expects to report around £3.0 million in revenue for financial 2024, which ended August 31.
Chief Executive Officer Martin Gouldstone said: ‘This has been a very busy period for Oncimmune commercially and a real indication of the commercial traction we have been seeing in the market. These new wins help to set us up well for financial 2025 following on from the solid base we have built in financial 2024, giving us confidence in our ability to be a profitable business in financial 2025.’
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