Oncimmune FY revenues tracking in line with expectations

Oncimmune reported full-year 2021 revenues of £5.6m, a marked increase on the £700,000 reported a year earlier, in line with market expectations.

The AIM-listed company also highlighted that it had managed its cost base "tightly" during the year following the implementation of a cost reduction programme in 2020 in order to best limit the impact of the Covid-19 pandemic.

Oncimmune also pointed to a "strong outlook" for the 2022 trading year as its ImmunoINSIGHTS service contracts were expected to be converted into strategic commercial partnerships, with new contracts inked already and others set to be finalised in the first quarter of the coming year set to deliver revenues of roughly 50% of annual market expectations for the business.

"With this high degree of visibility of revenue at the beginning of the financial year, we are confident in the group's ability to deliver management's revenue expectations for FY22," said Oncimmune.

As of 1055 BST, Oncimmune shares were up 3.41% at 212.0p.