Oncimmune shares surge on contract wins

Shares in autoantibody profiling company Oncimmune surged on Monday after the group revealed that it had made "strong commercial progress" since its last update back in May.

Oncimmune stated that following a successful pilot carried out for a major pharmaceutical company, it has now entered into an agreement for a major new project with the client, with a contract value of at least $1.5m, and said that another major pharmaceutical company, for which it was already a preferred supplier, has inked a new $700,000 project deal, focused on a rare immune-related disease,

The AIM-listed group also revealed it has entered into contracts for three other new projects since its last update, with two contracts re with a US biotech to analyse multi-omic data from its clinical trials, while the third was through a contract research organisation that it has a long-standing relationship with.

Oncimmune added that it has entered into a framework agreement for future collaboration, including cross-selling, with "a major UK R&D accelerator", which it expects will be leveraged during FY25 and beyond.

Chief executive 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 FY25 following on from the solid base we have built in FY24 giving us confidence in our ability to be a profitable business in FY25."

As of 1110 BST, Oncimmune shares had surged 22.68% at 23.80p.

Reporting by Iain Gilbert at Sharecast.com