NEW YORK — UK immunodiagnostics firm Oncimmune on Tuesday reported an eightfold increase in revenues for its fiscal year 2021 amid strong performance by its ImmunoInsights autoantibody profiling services business.
For the 12-month period ended May 31, Oncimmune's revenues grew to £5.6 million ($7.9 million) from £700,000 in the year-ago period.
During the fiscal year, the company said it signed and delivered on ImmunoInsights contracts with Roche Pharmaceuticals and Genentech, in addition to a number of other contracts with undisclosed biotech firms and healthcare providers. Oncimmune also signed agreements with Roche Pharmaceuticals and Cedars-Sinai Medical Center for its newly launched infectious disease panel for antibody and autoantibody profiling in the fourth quarter. The majority of revenue from these contracts is expected to be realized in fiscal 2022.
In March, Oncimmune raised £9.0 million through an equity placement, which it is using to expand capacity at its German laboratory to be able to process approximately 40,000 ImmunoInsights samples a year by the first quarter of fiscal 2023. The money is also being used to increase the ImmunoInsights commercial team, primarily in the US where Oncimmune is considering establishing a second lab.
Oncimmune also said that its EarlyCDT line of early cancer detection products grew over fiscal 2021, with a contract for its EarlyCDT Lung test signed with the UK's National Health Service in December and partner Biodesix reporting growing demand for the test in the US following a COVID-19-related slowdown.