TIDMONC
RNS Number : 8275P
Oncimmune Holdings PLC
13 February 2019
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
13 February 2019
Oncimmune Holdings plc
("Oncimmune" or the "Company")
Half Year Results for the Six Months Ended 30 November 2018
New Management Structure to Deliver Three-Year Forward Strategy
and Maximise Additional Opportunities from Tumour-Related Antibody
Technology Platform
Additional EarlyCDT(R) -Lung Distribution Agreements in Further
5 Countries
Total Minimum Sales Commitments of GBP33.5 million
Oncimmune Holdings plc (AIM: ONC.L), a leader in the
development, manufacture and commercialisation of personalised
immunodiagnostics for the screening, detection and care of cancer,
today announces its half year results for the six months ended 30
November 2018.
Corporate & Operational Highlights (including post-period
end)
Corporate and Strategic Update
-- Launch of three-year strategy which prioritises: growth
through strategic partnerships and acquisitions; supporting the
launch of multiple cancer detection tests; and guiding critical
decisions throughout the cancer care continuum.
-- Appointments of Dr Adam M Hill as CEO; Marco Casarin as
General Manager, Oncimmune USA; Matthew Hall as Chief Financial
Officer; and Andrew Stewart as General Counsel and Company
Secretary.
-- Appointment of Dr Cheung To to the Board as Non-Executive Director.
-- Appointment of new Scientific Board.
EarlyCDT(R) Commercial Progress
-- New EarlyCDT-Lung test distribution agreements were signed in
H1 making a total of 18 agreements in aggregate (13 in May 2018),
with total minimum sales commitments of GBP33.5m over their initial
periods:
o exclusive distribution agreements for EarlyCDT-Lung in
Germany, France, Italy and Spain; and
o non-exclusive distribution agreements for EarlyCDT-Lung tests
in India, Argentina, Uruguay and Dominican Republic, Mexico and
Chile.
-- EarlyCDT-Lung kit has been approved and registered in
Singapore, a bellweather jurisdiction for Asian registrations and
initial sales have commenced.
-- Work towards approval of both EarlyCDT-Lung and EarlyCDT(R)
-Liver in China is underway and proceeding to plan. First sales are
expected in 2020.
ECLS NHS Lung Cancer Screening Trial
-- NHS ECLS trial continued to follow-up its cohort of 12,210
randomised participants for occurrence of lung cancer. Formal
results are expected by summer 2019 and preparatory work is
underway to use the test commercially within sectors of the
NHS.
Financial Highlights
-- Revenue for the period was GBP121k (H1 2017: GBP77k).
-- Total administrative expenses before share-based charges were GBP3.32m (H1 2017: GBP2.39m).
-- Loss before tax of GBP3.85m (H1 2017: GBP2.83m).
-- Comprehensive loss for the period was GBP3.87m (H1 2017: GBP3.04m).
-- R&D costs were GBP0.69m (H1 2017: GBP0.45k).
-- Strong cash balance at the period end of GBP9.05m (H1 2017: GBP6.30m).
Dr Adam M Hill, CEO of Oncimmune said: "Following the launch of
our three-year forward strategy in October 2018, a significant
amount of work has been undertaken in building the organisation
required to deliver the strategy, as well as engaging with partners
able to co-develop and distribute Oncimmune's biomarker panels in
support of our growth trajectory.
"Aligned with the forward strategy, and with the support of
Oncimmune's new Scientific Board, our R&D programme has been
focused on exploring the potential of tumour-related antibodies as
combined and complementary diagnostic tests. Our commercial effort
has concentrated on developing propositions for the diagnostic and
pharmaceutical industry to maximise the latent potential of
Oncimmune's immunogenic protein platform."
For further information:
Oncimmune Holdings plc
Adam Hill, Chief Executive Officer
contact@oncimmune.co.uk
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Andrew Jones, John Goold
+44 (0)20 3829 5000
Bryan, Garnier & Co Limited (Joint Broker)
Phil Walker, Dominic Wilson
+44 (0)20 7332 2500
Media enquiries:
Consilium Strategic Communications
Chris Gardner, Matthew Neal, Lindsey Neville
Oncimmune@consilium-comms.com
+44 (0)20 3709 5700
About Oncimmune
Beating cancer, one test at a time
Oncimmune is a leader in the development, manufacture and
commercialisation of personalised immunodiagnostics for the
screening, detection and care of cancer. Oncimmune is changing how
clinicians, researchers and patients view, diagnose and treat
cancer. Our technology detects evidence of the body's natural
response to cancer, enabling detection four years or more before
standard clinical diagnosis. Our tests facilitate clinical
decision-making and are complementary to diagnostic technologies,
making them valuable additions to established and new care
pathways. We partner with leading developers and distributors to
make our technology available globally.
Oncimmune was founded in 2002 and launched its platform
technology in 2009, followed by its first commercial tests,
EarlyCDT-Lung and EarlyCDT-Liver. To date, over 155,000 tests have
been performed for patients worldwide and EarlyCDT-Lung is being
used in the largest-ever randomised trial for the early detection
of lung cancer using biomarkers, the National Health Service (NHS)
ECLS study of 12,210 high-risk smokers in Scotland. Oncimmune,
headquartered in Nottingham, UK has a CLIA lab in Kansas, US and
offices in London, UK and Shanghai, China. Oncimmune joined the
Alternative Investment Market (AIM) of the London Stock Exchange in
May 2016 under the ticker ONC.L.
For more information, visit www.oncimmune.com
Chairman & Chief Executive's Review
Oncimmune's goal is to deliver value and improved patient
outcomes from its proprietary tumour-related antibody platform
through early cancer detection and across the cancer care
pathway.
The benefits of early detection of cancer are both clear and
well understood; it has been shown that for almost all cancers,
there is a marked improvement in survival following diagnosis at an
earlier stage. Oncimmune's proprietary platform and comprehensive
immunogenic protein library also has the potential to be applied
across a breadth of applications and with a range of partner
companies.
We are focused on the core business of developing and
commercialising clinical tests for the early detection of single
cancer types, as well as exploiting the commercial opportunities
presented by Oncimmune's proprietary platform technology.
We are encouraged by the market's increasing recognition of the
benefits of early detection of cancer and confident in Oncimmune's
portfolio of clinical and commercial opportunities resulting from
the substantial investment it has already made in its proprietary
platform.
Strategy and Commercialisation Model
The Company remains focused on exploiting the commercial
opportunity for its EarlyCDT(R) platform technology for multiple
single solid cancers across the continuum of care; from early
detection, to risk assessment for intervention, to stratification
of patients for therapy.
To date, we have pursued two economic models:
-- to deliver EarlyCDT testing as a service through the
Company's CLIA-certified laboratory in De Soto, Kansas, USA;
and
-- to sell EarlyCDT test kits through distributors to
international laboratories, enabling these laboratories to provide
their own testing service.
We also recognise there is substantial value that could be
unlocked by exploiting Oncimmune's technology platform through
strategic partnerships and acquisitions across a breadth of
applications, and this is a focus of our forward strategy. These
applications include:
-- integrating EarlyCDT assays into third-party established
ecosystems where there is an established installed base of testing
equipment, enabling, for example, access to a new and proprietary
distribution channel;
-- combining EarlyCDT products with another provider's
diagnostic tools to improve clinical decision making and enhance
market share e.g., with another in-vitro diagnostic tool, or
diagnostic imaging modality;
-- stratifying risk for underwriters of life and critical
illness risk by incorporating EarlyCDT-Lung and other products, to
reduce claims costs; and
-- partnering with pharmaceutical companies to develop
complementary diagnostics against immuno-oncology biomarkers to
help improve therapy selection or enhance therapeutic
targeting.
Commercialisation of the EarlyCDT Technology Platform
Over the period, we have continued to build and support our
international EarlyCDT-Lung distributor network. We currently have
18 agreements in operation, as compared to 13 in May 2018, with
total minimum sales commitments of GBP33.5 million over the initial
contract terms.
In the period, we added new European distributors for
EarlyCDT-Lung kits in Germany, France, Italy and Spain. Germany is
the largest market in Europe with an estimated 18 million smokers,
and in Spain there are an estimated 13 million smokers. Across
Germany, France, Italy and Spain, there are approximately 130,000
deaths every year attributed to lung cancer, and the disease
remains the most prevalent cause of cancer death in all four
countries. We also signed another Asian distributor with a new
agreement in India.
There have been a number of commercial milestones achieved in
the period, including launching EarlyCDT-Lung kits with Aleris,
Norway's largest private hospital group, and Biruni, our
distributor in Turkey, achieving their first sales. Furthermore, a
number of partnered territories are in the process of obtaining
regulatory clearance beyond the product's existing CE Mark and ISO
Certification. To this end, the EarlyCDT-Lung kit has been approved
and registered in Singapore, and initial sales have already
commenced.
In the US, the Company has continued to support its distributors
and currently has Private Payer Organizations covering 165 million
US insured members. We have also commenced discussions with
large-scale potential strategic partners who could help drive US
market access.
In November 2018, the Company announced the signing of an
agreement with Multiplan, Inc. to expand Oncimmune's EarlyCDT-Lung
test. MultiPlan, Inc. is one of the most comprehensive providers of
healthcare cost management solutions that includes primary,
complementary and out-of-network strategies for managing the
financial risks associated with healthcare claims. The company
contracts with 900,000 healthcare providers across the US and has
an estimated 57 million consumers accessing MultiPlan network
products. Also, in the US in November 2018 the Company signed a
non-exclusive distribution agreement for the sale of EarlyCDT-Lung
tests covering Argentina, Uruguay, the Dominican Republic, Mexico
and Chile.
Post period end, in December 2018, Oncimmune announced its
agreement with America's Choice Provider Network to expand access
to Oncimmune's EarlyCDT-Lung and EarlyCDT-Liver tests. More than 28
million and 750,000 international lives have access to the
America's Choice Provider Network.
We continue to build evidence on clinical utility following the
launch of EarlyCDT-Liver as a LDT (Laboratory Developed Test) in
the US whilst recognising that our primary focus for the liver test
will be China and Asia Pacific.
China R&D and Commercial Update
In January 2018, we announced the signing of a framework
agreement for an exclusive licence with Genostics Company Limited
("Genostics"). The agreement is for the distribution, manufacturing
and future development of all products related to Oncimmune's
EarlyCDT platform for the People's Republic of China.
Commercialisation of EarlyCDT-Lung and EarlyCDT-Liver is subject to
China FDA approval, and regulatory activities are progressing to
plan. Whilst lung cancer remains the number one killer of both men
and women in China, with over 770,000 new cases diagnosed annually,
liver cancer is the third largest cancer killer with over 390,000
new cases diagnosed annually.
NHS Lung Cancer Screening Trial and R&D
The NHS ECLS trial continued to monitor its cohort of 12,210
randomised participants for occurrence of lung cancer. The two-year
follow-up ended in June 2018 and it is expected that the trial's
formal results will be published by summer 2019. Given the
encouraging interim data already released by ECLS, preparatory work
is underway to use the test commercially within sectors of the NHS
for risk assessment of high-risk candidates.
During the period the Oncimmune R&D team continued the CE
Mark programme for the EarlyCDT-Liver kit by successfully
completing the design phase and has made substantial progress with
validation. We are now preparing for the commercial launch outside
the US.
Additional Paths to Value
Progress has been made in pursuing the additional paths to value
set out in the three-year forward strategy, set out above and
announced in October 2018 where the potential of our platform is
applied across cancer care. Initial partnership discussions are
continuing to validate the approach the Company has laid out and
R&D efforts are now being focused on laying the ground work for
engagement with these opportunities, for example through use in
combined and complementary diagnostics.
Publications and Posters
Over the period, Oncimmune continued to present and publish data
relating to its tumour-related antibody platform at scientific
meetings, and in high-profile journals, including:
-- Jett, J. et al. Potential Utility of a Positive EarlyCDT-Lung
Blood Biomarker Test in Indeterminate Pulmonary Nodules. Journal of
Thoracic Oncology, Volume 13, Issue 10, Supplement, Page S782;
and
-- Murray, A. et al. Improvement in HCC risk stratification
following positive imaging for liver nodules by application of a
blood biomarker test. Hepatology, Volume 68, Number 1 (Suppl) AASLD
ABSTRACTS (Poster) Page 509A.
Board and Management Changes
In September 2018, the Company announced the appointment of Dr
Adam M Hill as Chief Executive Officer, having joined the Company
as Chief Medical Officer and Chief Strategy Officer in April 2018.
During his career, Adam has been responsible for developing
technology and commercial strategies in the medical device and
diagnostics industry and has held senior leadership roles at
private and listed companies, supplemented by advisory and
Government policy appointments.
With Adam's appointment, Geoffrey Hamilton-Fairley moved into a
new role as Vice Chairman of the Board of Directors. He has been
assisting in developing the new senior leadership team as well as
continuing to support the Company on certain key strategic
projects, in particular the ECLS project.
In September 2018, the Board welcomed Dr Cheung To as a
non-executive director. Dr Cheung To is Co-Founder and Chairman of
Gene Group Co. Ltd, and a director of Genostics Co. Ltd with whom
the Company signed an exclusive licence agreement for China.
In December 2018, the management team was further strengthened
with the appointments of Matthew Hall as Chief Financial Officer,
and Andrew Stewart as General Counsel and Company Secretary.
Scientific Board
In December 2018, Oncimmune announced the appointment of a new
Scientific Board. The new members have a broad range of expertise
across the cancer care continuum, reflecting the Company's broader
focus across the screening, detection and care of cancer.
The Scientific Board is chaired by Professor Peter W M Johnson,
an expert in the development of the field of immuno-oncology, who
is Professor of Medical Oncology in Southampton, Cancer Research
UK's (CRUK) Chief Clinician and Director of the Francis Crick
Institute Cancer Research Network.
Other members are:
-- Dr Richard M Roope, a General Practitioner and UK Clinical
Lead for Cancer at the Royal College of General Practitioners, a
Senior Clinical Advisor (Prevention and Early Diagnosis) at CRUK
and a member of the National Cancer Advisory Group;
-- Dr Nora Pashayan, a Clinical Reader in Applied Health
Research at University College London, a qualified GP and Honorary
Consultant in Public Health at University College London Hospitals,
as well as a member of the Breast Cancer Now Scientific Advisory
Board; and
-- Professor Ola S Winqvist, a Professor of Cellular
Immunotherapy at the Karolinska Institute and Senior Consultant in
Clinical Immunology at the Karolinska University Hospital.
Financial position
The Company's results for the six months to 30 November 2018
show trading revenues of GBP0.12m (H1 2017: GBP0.08m). Total
administrative expenses before share-based charges were GBP3.32m
(H1 2017: GBP2.39m). Included in total administrative expenses are
R&D costs of GBP0.69m (H1 2017: GBP0.45m). The comprehensive
loss for the year was GBP3.87m (H1 2017: GBP3.04m) and the loss per
share was GBP0.06 (H1 2017: GBP0.06).
The Company had a strong cash balance at the period end of
GBP9.05m (2017: GBP6.30m).
Outlook
The Board and the management team are focused on delivering the
strategy announced in the strategy update on the 31 October 2018.
Over this three-year strategy, the Company will focus on delivering
both its core business of early detection and seeking to enhance
revenues by accelerating value creation through partnering across a
range of applications and through acquisitions to generate scale
and reach wider end markets.
By summer 2019, the Company will see a significant milestone
with the formal results of the ECLS study which we anticipate will
create a step change in screening opportunities for
EarlyCDT-Lung.
The Board is increasingly confident in the strength of
Oncimmune's platform, the breadth of the addressable opportunities,
and the Company's potential to deliver significant value in the
medium term.
Adam Hill Meinhard Schmidt
Chief Executive Officer Chairman
13 February 2019
Oncimmune Holdings plc
Consolidated income statement for the six months ended 30
November 2018
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 November 30 November 31 May
2018 2017 2018
Notes GBP'000 GBP'000 GBP'000
------------------------------------ ------ ------------------------- ----------------- ----------------
Continuing Operations
Revenue 121 77 240
Cost of sales (598) (444) (917)
Gross loss (477) (367) (677)
Administrative expenses (2,629) (1,944) (4,759)
Research and development
expenses (687) (446) (800)
Share-based payments charge (82) (65) (138)
------------------------------------ ------ ------------------------- ----------------- ----------------
Total administrative expenses (3,398) (2,455) (5,697)
Operating loss (3,875) (2,822) (6,374)
Other income - 1 -
Finance income 28 13 48
Finance expense - (17) (16)
------------------------------------ ------ ------------------------- ----------------- ----------------
Loss on ordinary activities
before taxation (3,847) (2,825) (6,342)
Tax on loss on ordinary activities - - -
Loss from continuing operations (3,847) (2,825) (6,342)
Other comprehensive income
Exchange translation differences (25) (211) (23)
Total comprehensive loss (3,872) (3,036) (6,365)
Attributable to:
Owner of the parent (3,872) (3,036) (6,365)
(3,872) (3,036) (6,365)
------------------------------------ ------ ------------------------- ----------------- ----------------
Loss per share:
Basic and diluted (p) 3 (6.3p) (5.7p) (11.4p)
Oncimmune Holdings plc
Consolidated statement of financial position as at 30 November
2018
Audited
Unaudited Unaudited 31
30 November 30 November May
2018 2017 2018
Notes GBP'000 GBP'000 GBP'000
------------------------------------- ------ --------------- --------------- ----------
Assets
Non-current assets
Intangible assets 596 490 671
Property, plant and equipment 257 208 201
Total non-current assets 853 698 872
------------------------------------- ------ --------------- --------------- ----------
Current assets
Inventories 200 289 295
Trade and other receivables 339 195 291
Cash and cash equivalents 9,046 6,302 12,953
Total current assets 9,585 6,786 13,539
------------------------------------- ------ --------------- --------------- ----------
Total assets 10,438 7,484 14,411
------------------------------------- ------ --------------- --------------- ----------
Equity and liabilities attributable
to equity
holders of the parent company
Share capital 4 616 552 616
Share premium 30,952 21,024 30,952
Merger reserve 30,787 30,787 30,787
Other reserves 2,407 2,252 2,325
Own shares (1,926) (1,926) (1,926)
Foreign exchange translation
reserve 121 (42) 146
Retained earnings (53,185) (45,821) (49,338)
Total equity 9,772 6,826 13,562
------------------------------------- ------ --------------- --------------- ----------
Liabilities
Current liabilities
Trade and other payables 613 412 808
Other tax liabilities 53 45 41
Other loans 5 - 201 -
Total current liabilities 666 658 849
------------------------------------- ------ --------------- --------------- ----------
Total equity and liabilities 10,438 7,484 14,411
------------------------------------- ------ --------------- --------------- ----------
Oncimmune Holdings plc
Consolidated statement of changes in equity for the six months
ended 30 November 2018
Foreign
Currency
Share Share Other Merger translation Own Retained Total
capital premium reserves reserve reserve shares earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- ---------- --------- ---------- --------- ------------ --------- ---------- --------
Six months ended 30 November 2018 - unaudited
Balance at
1 June 2018 616 30,952 2,325 30,787 146 (1,926) (49,338) 13,562
Loss for
the period - - - - - - (3,847) (3,852)
Other
comprehensive
income - - - - (25) - - (25)
Total
comprehensive
expense for
the period - - - - (25) - (3,847) (3,877)
--------------- ---------- --------- ---------- --------- ------------ --------- ---------- --------
Transactions with
owners
Share-based
payment
charge - - 82 - - - - 82
Total
transactions
with owners - - 82 - - - - 82
--------------- ---------- --------- ---------- --------- ------------ --------- ---------- --------
Balance at
30 November
2018 616 30,952 2,407 30,787 121 (1,926) (53,185) 9,767
--------------- ---------- --------- ---------- --------- ------------ --------- ---------- --------
Oncimmune Holdings plc
Consolidated statement of changes in equity for the six months ended 30 November
2018 (continued)
Foreign
Currency
Share Share Other Merger translation Own Retained Total
capital premium reserves reserve reserve shares earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- -------- -------- --------- -------- ------------ -------- --------- --------
Year ended 31 May 2018 - audited
Balance at
1 June 2017 510 16,273 2,187 30,787 169 (1,926) (42,996) 5,004
Loss for
the period - - - - - - (6,342) (6,342)
Other
comprehensive
income - - - - (23) - - (23)
Total
comprehensive
expense for
the period - - - - (23) - (6,342) (6,365)
--------------- -------- -------- --------- -------- ------------ -------- --------- --------
Transactions with
owners
Issue of
share capital 106 14,679 - - - - - 14,785
Share-based
payment
charge - - 138 - - - - 138
Total
transactions
with owners 106 14,679 138 - - - - 14,923
--------------- -------- -------- --------- -------- ------------ -------- --------- --------
Balance at
31 May 2018 616 30,952 2,325 30,787 146 (1,926) (49,338) 13,562
--------------- -------- -------- --------- -------- ------------ -------- --------- --------
Oncimmune Holdings plc
Consolidated statement of changes in equity for the six months ended 30
November 2018 (continued)
Foreign
Currency
Share Share Other Merger translation Own Retained Total
capital premium reserves reserve reserve shares earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- -------- -------- --------- -------- ------------ -------- --------- --------
Six months ended 30 November 2017 - unaudited
Balance at
1 June 2017 510 16,273 2,187 30,787 169 (1,926) (42,996) 5,004
Loss for
the period - - - - - - (2,825) (2,825)
Other
comprehensive
income - - - - (211) - - (211)
Total
comprehensive
expense for
the period - - - - (211) - (2,825) (3,036)
--------------- -------- -------- --------- -------- ------------ -------- --------- --------
Transactions with
owners
Share-based
payment
charge - - 65 - - - - 65
Issue of
shares 42 4,751 - - - - - 4,793
Total
transactions
with owners 42 4,751 65 - - - - 4,858
--------------- -------- -------- --------- -------- ------------ -------- --------- --------
Balance at
30 November
2017 552 21,024 2,252 30,787 (42) (1,926) (45,821) 6,826
--------------- -------- -------- --------- -------- ------------ -------- --------- --------
Oncimmune Holdings plc
Consolidated statement of cash flows for the six months ended 30
November 2018
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 November 30 November 31 May
2018 2017 2018
Notes GBP'000 GBP'000 GBP'000
----------------------------------------------- ------------- ------------- -----------
Cash flow from operating activities
Loss before tax (3,847) (2,825) (6,342)
Adjustments for:
Depreciation and amortisation 118 53 180
Interest received (28) 13 (48)
Interest expense - (14) 16
Share-based payment expense 82 65 138
Foreign exchange movements (25) (201) (23)
----------------------------------------------- ------------- ------------- -----------
(3,700) (2,909) (6,079)
Changes in working capital:
(Increase)/Decrease in inventories 95 34 28
(Increase)/Decrease in trade and other
receivables (48) 66 (30)
Increase/(Decrease) in trade and other
payables (183) (442) (52)
Cash generated from operating activities (3,836) (3,251) (6,133)
Interest paid - (14) (16)
Interest received 28 13 48
Net cash (used in) operating activities (3,808) (3,252) (6,101)
----------------------------------------------- ------------- ------------- -----------
Cash flow from investing activities
Development expenditure capitalised (10) - (281)
Purchase of property, plant and equipment (82) (3) (31)
Net cash (used in) from investing activities (92) (3) (312)
----------------------------------------------- ------------- ------------- -----------
Cash flow from financing activities
Proceeds from issue of shares - 4,793 14,785
Repayment of long-term borrowings - (301) (502)
Net cash (used in)/generated from financing
activities - 4,492 14,283
----------------------------------------------- ------------- ------------- -----------
Movement in cash attributable to foreign
exchange (7) (10) 8
Net change in cash and cash equivalents (3,907) 1,227 7,878
Cash and cash equivalents at beginning
of period 12,953 5,075 5,075
Cash and cash equivalents at end of
period 9,046 6,302 12,953
----------------------------------------------- ------------- ------------- -----------
Oncimmune Holdings plc
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General information
The principal activity of Oncimmune Holdings plc (the "Company")
and its subsidiaries (together, the "Group") is that of early
cancer detection for research into, and the development and
commercialisation of, autoantibody tests that can detect cancer 4
years or more before standard diagnosis and can be applied to a
very wide range of solid tumour types. The Company is incorporated
and domiciled in the United Kingdom. The address of its registered
office is Clinical Sciences Building City Hospital, Hucknall Road,
Nottingham, NG5 1PB, UK. The registered number is 09818395.
As permitted, this Interim Report has been prepared in
accordance with the AIM rules and not in accordance with IAS 34
"Interim Financial Reporting".
This Consolidated Interim Report and the financial information
for the six months ended 30 November 2018 does not constitute full
statutory accounts within the meaning of section 434 of the
Companies Act 2006 and are unaudited. This unaudited Interim Report
was approved by the Board of Directors on 12 February 2019.
The consolidated financial statements are prepared under the
historical cost convention.
The Group's financial statements for the period ended 31 May
2018 have been filed with the Registrar of Companies. The Group's
auditor's report on these financial statements was unqualified and
did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
Electronic communications
The Company is not proposing to bulk print and distribute hard
copies of this Interim Report for the six months ended 30 November
2018 unless specifically requested by individual shareholders.
The Board believes that by utilising electronic communication it
delivers savings to the Company in terms of administration,
printing and postage, and environmental benefits through reduced
consumption of paper and inks, as well as speeding up the provision
of information to shareholders.
News updates, regulatory news and financial statements can be
viewed and downloaded from the Group's website, www.oncimmune.com.
Copies can also be requested from; The Company Secretary, Oncimmune
Holdings plc, Clinical Sciences Building, City Hospital, Hucknall
Road, Nottingham, UK MG5 1PB or by email:
oncimmune@consilium-comms.com
2. Accounting policies
Basis of preparation
This financial information has been prepared in accordance with
International Financial Reporting Standards (IFRS), including IFRIC
interpretations issued by the International Accounting Standards
Board (IASB) as adopted by the European Union and in accordance
with the accounting policies which were adopted in presenting the
Group's Annual Report and Financial Statements for the year ended
31 May 2018.
New and amended standards adopted by the group
There are no IFRSs or IFRIC interpretations that are effective
for the first time in this financial period that would be expected
to have a material impact on the Group, other than:
IFRS 15
The Company has adopted IFRS15 (revenue recognition) for the
first time for the 6 months to 30 November 2018. The new standard
has no material impact on the recognition of the revenue.
Going concern
The Group meets it day-to-day working capital requirements
through its cash and cash equivalents and through management of its
working capital cycle. The Directors have carefully considered the
adequacy of these arrangements in light of the current and future
cash flow forecasts and they believe that the Group is
appropriately positioned to ensure the conditions of its funding
will continue to be met and therefore enable the Group to continue
in operational existence for the foreseeable future by meeting its
liabilities as they fall due for payment.
Taxation
Taxes on income in the interim periods are accrued using the
rate of tax that would be applicable to expected total annual
earnings.
UK tax credits on qualifying research and development
expenditure are recognised when received.
3. Loss per share
Basic
Basic loss per share is calculated by dividing the loss after
tax attributable to the equity holders of the parent company for
the period of GBP3,872,000 (May 2018: GBP6,365,000) (November 2017:
GBP3,036,000) by the weighted average number of ordinary shares in
issue during the period of 61,626,327 (May 2018: 55,558,178)
(November 2017: 52,521,991).
Diluted
Due to losses in the period there is no calculation of a diluted
earnings (loss) per share.
4. Share Capital
November 2018 May 2018
Shares GBP Shares GBP
Authorised:
Ordinary shares of
GBP0.01 each 64,102,560 641,025 64,102,560 641,025
Allotted, called up
and fully paid:
Ordinary shares of
GBP0.01 each 61,626,327 616,263 61,626,327 616,263
=========== ======== =========== ========
On 25 July 2018, share options over 47,883 GBP0.01 ordinary
shares of the Company were awarded to a consultant under the
Company's USA Incentive Stock Option Plan.
The options are subject to the USA Incentive Stock Option Plan
and vest in five equal annual parts, the first fifth vesting on 25
July 2019 and each year thereafter for a further four years. All
these options are exercisable at GBP1.225 pence, being the
mid-market price of the Company's ordinary shares at the close of
day on 25 July 2018.
On 25 September 2018, share options over 183,812 GBP0.01
ordinary shares of the Company (representing approximately 0.18% of
the issued ordinary share capital) were awarded to US and UK
employees under the Company's 2016 Share Option Plan (an
amalgamation of the Company's 2005 and 2007 Share Option Plans) and
the USA Incentive Stock Option Plan.
The options are subject to the rules of the 2016 Share Option
Plan and the USA Incentive Stock Option Plan and vest in five equal
annual parts, the first fifth vesting on 25 July 2019 and each year
thereafter for a further four years. All these options are
exercisable at 128.5 pence, being the mid-market price of the
Company's ordinary shares at the close of day on 24 September
2018.
5. Borrowing
The group uses other loans to finance acquisitions, the
following balances remain outstanding
30 November 2018 30 November 2017 31 May 2018
GBP'000 GBP'000 GBP'000
Current - 201 -
Other loans - 201 -
Other loans at 30 November 2017 included a venture loan facility
originally of EUR1,862,649 (GBP1.5m), from Harbert European
Speciality Lending Company Limited ('Harbert'). The loan had an
interest rate of 10%, plus a further 3% was paid with the final
instalment. The facility was fully repaid in January 2018.
6. Events after the reporting period
On 20(th) December, the company announced that it has entered
into an agreement with America's Choice Provider Network (ACPN) to
expand access to Oncimmune's simple and affordable blood tests,
EarlyCDT-Lung and EarlyCDT-Liver. ACPN is an independent,
multi-specialty provider network accessed by over 1,700 payers.
More than 28 million Americans and 750,000 international lives have
access to ACPN's network.
On 24th January, the company announced that options to subscribe
for an aggregate 321,100 ordinary shares of GBP0.01 each in the
Company ("Ordinary Shares") were granted, on 23 January 2019, to
Matthew Hall, Chief Financial Officer and Andrew Stewart, General
Counsel & Company Secretary as follows:
Name Position Number of Share Exercise price
Options Awarded per Share
Matthew Chief Financial 160,550 GBP1.09
Hall Officer
--------------------- ----------------- ---------------
Andrew General Counsel 160,550 GBP1.09
Stewart & Company Secretary
--------------------- ----------------- ---------------
The Options have been granted under the Company's 2016 Share
Option Plan and have an exercise price of GBP1.09, being the
closing price of shares at 22 January 2019.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR EAFAAFDXNEAF
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