Oncimmune Secures Major $1.5M Pharma Contract

Oncimmune, a company that specialises in autoantibody profiling, announced on Friday that it has won a new contract with a "top ten global pharma company".According to Oncimmune, the contract, which had a minimum $1.5 million worth, was awarded after an effective pilot project completed for the undisclosed pharmaceutical company.The AIM-listed company claimed that the deal represented one of its biggest contracts ever for ImmunoINSIGHTS and showed that it could secure "significant repeat business" from important clients.

According to Oncimmune, the company is confident that it will fulfil its revenue projection of around £3.0 million for FY24 and achieve profitability in FY25 due to the ongoing commercial momentum and anticipated acceleration.Oncimmune said that, with the company's performance meeting expectations, it has been in talks with IPF Management about changing the conditions of its current loan arrangement, such as the capital repayment delay, to enable further investment in the business's activities.