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Oncimmune Fiscal H1 2022 Revenues Drop 22 Percent, Firm Inks Deal with Verily Life Sciences

NEW YORK — Oncimmune on Monday reported a 22 percent year-over-year decrease in revenues for the first half of its fiscal 2022 on weaker than expected performance from its ImmunoInsights autoantibody profiling services operations.

Separately on Monday, the UK-based immunodiagnostics developer said that it has partnered with Verily Life Sciences to study autoantibodies in individuals with long COVID.

For the six-month period ended Nov. 30, 2021, Oncimmune reported unaudited revenues of £1.4 million ($1.9 million) versus £1.8 million in the same period the year before. The company attributed the revenue decline to lower than expected contract signings by its ImmunoInsights service business over the summer.

Oncimmune posted a net loss of £4.9 million, or about £.07 per share, compared with a net loss of £2.6 million, or roughly £.04 per share, in H1 of fiscal 2021.

Contributing to the higher losses was an 8 percent rise on R&D spending to £666,000 from £615,000 a year earlier, as well as a 41 percent jump in administrative expenses to £4.1 million from £2.9 million as Oncimmune expanded its ImmunoInsights facility in Dortmund, Germany, and added staffers to its US-based commercial team.

At the end of November, Oncimmune had cash and cash equivalents totaling £3.0 million.

Looking ahead, Oncimmune said that the number of ImmunoInsights contract signings has accelerated during the second quarter of fiscal 2022 and that it now expects revenues from the business to be at least £6.0 million for the full fiscal year.

Under the newly announced contract with Verily, Oncimmune said it will use a recently validated panel of infectious disease biomarkers to evaluate whether autoantibodies present early in COVID-19 infections are associated with the development of long COVID. It will also assess whether these autoantibodies remain elevated in long COVID patients during recovery.

Oncimmune said that it and Verily, a unit of Google parent firm Alphabet, may use their findings to develop a companion diagnostic. Additional terms of the deal were not disclosed.

"It is anticipated that ImmunoInsights will become a leading player in the autoantibody profiling segment of pharma services by FY2023, supported by our enviable list of existing blue-chip customers, which includes many of the world's leading pharmaceutical companies," Oncimmune CEO Adam Hill said in a statement. "Having largely built the ImmunoInsights business during the COVID-19 pandemic, we have only very recently been able to meet face-to-face with customers, in many cases for the first time. With closer ongoing interaction we anticipate being able to identify further value that our services can bring to our customers' research, discovery, and development processes."