NEW YORK — Oncimmune said today that it has secured an €8.5 million ($9.4 million) credit facility with Luxembourg-based financing group IPF Management.
Oncimmune said that the four-year facility will support its operations into 2021. The Nottingham, UK-based firm intends to immediately draw down €5 million with the remainder to be drawn down within six months.
The company said that the funds will be used for the ongoing commercialization of its EarlyCDT Lung test for lung cancer, which was recently shown in a study of more than 12,000 people that it can identify at-risk individuals who have developed or are beginning to develop lung cancer.
The money will also support regulatory activities around the firm's EarlyCDT Liver test for liver cancer and be used to continue development of additional diagnostics based on the EarlyCDT technology, which measures levels of autoantibodies to tumor-associated antigens.
In conjunction with the credit facility, Oncimmune has also issued IPF a warrant, exercisable for seven years, to subscribe for roughly 2 million new ordinary shares at £.87 per share.
"Fundamental to delivering our three-year forward strategy is the commercialization of our portfolio of EarlyCDT diagnostic tests, the progression of our autoantibody service business, and helping other companies to develop their therapeutic products and target appropriate patient populations," Oncimmune CEO Adam Hill said in a statement. “By partnering with IPF ... we have strengthened our ability to deliver upon our strategic goals."
In Friday afternoon trade on the London Stock Exchange's AIM, shares of Oncimmune were down nearly 6 percent at £.85.