Oncimmune Reports Robust Interim Results, Exceeding Previous Year's Revenue in Just Six Months
May 24, 2024 at 12:36 pm EDT
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Oncimmune CEO Martin Gouldstone joined Steve Darling from Proactive to announce the company's interim results for the six months ended February 29, 2024. During this period, Oncimmune achieved revenue of £1.19 million, marking a significant milestone in the company's financial performance. This revenue surpasses the £1.15 million generated from continuing operations in the entire fiscal year 2023, indicating a notable improvement and reflecting a strategic shift initiated in October 2023.
Gouldstone expressed satisfaction with the company's performance in the first half of fiscal year 2024, highlighting the substantial increase in revenues compared to the ImmunoINSIGHTSTM business in fiscal year 2023. This achievement underscores the effectiveness of Oncimmune's new strategic approach and commercial endeavors, which are gaining momentum.
Moreover, Gouldstone revealed that Oncimmune secured contracts for seven new projects during the reporting period. These contracts are expected to be completed by the end of fiscal year 2024, contributing to the company's revenue growth trajectory. Additionally, Oncimmune entered into a Master Services Agreement with Freenome, further enhancing its commercial portfolio.
Looking ahead, Oncimmune is well-positioned for continued growth, with 15 new commercial opportunities in the proposal stage as of April 2024. These opportunities represent a total weighted pipeline value exceeding £2.5 million. While some revenue is anticipated to be recognized in fiscal year 2024, the majority is expected in fiscal year 2025, reflecting the company's ongoing expansion efforts and future revenue prospects.
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Proactive UK Ltd
+44 20 7989 0813
uk@proactiveinvestors.com
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Copyright (c) 2024 TheNewswire - All rights reserved., source Press Releases
Oncimmune Holdings plc is a United Kingdom-based company, which is engaged in the autoantibody profiling to the pharmaceutical and biotechnology industry. The Company primarily focused on the growing fields of immuno-oncology, autoimmune disease, and infectious diseases. The Company's principal activity is the development and commercialization of technologies that enable cancer diagnosis. Its service offerings include ImmunoINSIGHTS. The ImmunoINSIGHTS service business leverages its technology platform and methodologies across multiple diseases, to offer life-science organizations actionable insights for therapies across the development and product lifecycle. Its immune-profiling technology helps the Company in identifying trial participants and patients into clinically relevant subgroups, which enables the development of targeted treatments. The Company's subsidiary is Oncimmune Germany GmbH.