Oncimmune secures new contract win with 'top ten' global pharma company

Autoantibody profiling business Oncimmune said on Friday that it had secured a new contract win with a "top ten global pharma company".

Oncimmune said the contract win followed a successful pilot carried out for the unnamed pharmaceutical firm and came with a contract value of at least $1.5m.

The AIM-listed group stated the contract was one of the largest ever for its ImmunoINSIGHTS business and demonstrated its ability to win "significant repeat business" from key customers.

Oncimmune said the continued commercial traction, and expected acceleration, gave it confidence in meeting revenue guidance for FY24 of approximately £3.0m and achieve profitability in FY25.

With the business continuing to perform in line with expectations, Oncimmune added that it had entered into discussions with IPF Management over amending the terms of its existing credit facility, including the deferment of capital repayments, to allow for additional investment in the company's operations.

As of 1000 BST, Oncimmune shares had shot up 11.63% to 12.0p.

Reporting by Iain Gilbert at Sharecast.com