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Oncimmune Announces Sixfold Increase in FY 2021 Revenues

NEW YORK – UK immunodiagnostics firm Oncimmune reported on Tuesday a sixfold increase in revenues for its fiscal year 2021, an update from its previously announced unaudited earnings results in June.

The firm saw revenues of £3.7 million ($5.04 million) in the 2021 fiscal year ended May 31, up sixfold compared to £500,000 in FY 2020. It announced unaudited revenues of £5.6 million in June.

Oncimmune said in a statement that the discrepancy was due to revenue recognition requirements related to a £1.7 million invoice to an EarlyCDT Lung distributor. The requirements were not met in time to include the invoice in its FY 2021 revenue, it added.

During the fiscal year, Oncimmune launched an infectious disease panel that has been used by Roche Pharmaceuticals and Cedars-Sinai Medical Center. It also signed an agreement with an unnamed pharmaceutical company to use its NavigAID autoimmune disease characterization panel to explore autoantibody profiles of patients with autoimmune diseases.

The firm inked an agreement with three other undisclosed pharma companies to use its SeroTag immuno-oncology discovery array to "explore autoantibody binding profiles of solid tumor cancer patients treated with immunotherapy," it said.

Its US partner for its EarlyCDT Lung early cancer detection test, Biodesix, has also seen a recovery in demand for the test and plans to expand its national sales team by the end of 2022, Oncimmune said.

The firm said it plans to scale up its manufacturing capacity to 40,000 samples per year by the first quarter of FY 2023, as well as expand its commercial sales team in the US, as the "clear majority" of all ImmunoInsights contracts are currently coming from America.

Oncimmune also said that ImmunoInsights contracts have resumed activity after a "quieter than expected" summer, "underpinning confidence in FY 2022 revenue growth from both new opportunities and follow-on contracts."