13th Feb 2019 10:45
LONDON (Alliance News) - Cancer diagnostics business Oncimmune Holdings PLC on Wednesday said its loss widened in the first half its year on higher administrative expenses.
In the six months to November 30, Oncimmune's pretax loss widened to GBP3.8 million from GBP2.8 million the year before.
Its revenue increased to GBP121,000 from GBP77,000 but this was offset by administrative expenses, which increased to GBP2.6 million from GBP1.9 million.
The firm's research and development expenses also increased, reaching GBP687,000 from GBP446,000.
Chief Executive Adam Hill said: "Our R&D programme has been focused on exploring the potential of tumour-related antibodies as combined and complementary diagnostic tests. Our commercial effort has concentrated on developing propositions for the diagnostic and pharmaceutical industry to maximise the latent potential of Oncimmune's immunogenic protein platform."
Looking ahead, Oncimmune is seeking to deliver its core early cancer detection business, as well as to make acquisitions.
"The board is increasingly confident in the strength of Oncimmune's platform, the breadth of the addressable opportunities, and the company's potential to deliver significant value in the medium term," said Oncimmune.
Shares in Oncimmune were down 3.6% at 93.00 pence on Wednesday.
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