31st Oct 2019 11:38
(Alliance News) - Cancer testing firm Oncimmune Holdings PLC said Thursday that annual losses deepened as costs surged, whilst it continued to push the clinical and commercial progress of the firm.
For the financial year that ended in May, pretax loss deepened to GBP8.5 million from GBP6.3 million the year prior. Revenue remained immaterial at GBP171,000, down from GBP240,000 a year before.
Profit performance was hurt by administrative expenses jumping to GBP5.9 million from GBP4.8 million, and research & development costs doubling to GBP1.5 million from GBP800,000 the year prior.
"We are delighted with the strong progress made in rolling out our three year forward strategy over the last 12 months," Chief Executive Officer Adam Hill said. "We have made important advancements in the commercial and clinical development of the company, including the acquisition of Protagen, strategic partnership with Biodesix, and the presentation of positive data from the ECLS study."
In March, Oncimmune bought protein biomarker laboratory Protagen Diagnostics AG for EUR4.1 million in an all-share deal.
"The potential for the forthcoming commercial Cancer Control Evaluation in the UK, along with the forward-looking product sales commitments of GBP42 million and a strengthening pipeline of service revenue, gives us confidence in our platform and the potential to generate material revenues in 2020 and beyond," Hill added.
Shares in Oncimmune were 2.3% lower at 64.50 pence in London on Thursday.
By Ahren Lester; [email protected]
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