TIDMONC
RNS Number : 0455N
Oncimmune Holdings PLC
20 September 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.
Oncimmune Holdings plc
("Oncimmune" or the "Company")
EUR8.5m credit facility secured
Funding to accelerate the further commercialisation of
Oncimmune's lead products and services
September 20, 2019 - Oncimmune Holdings plc (AIM: ONC.L), a
leading global immunodiagnostics group, today announces that it has
secured a credit facility of EUR8.5 million with IPF Management SA
("IPF") (the "Facility").
Under the terms of the Facility, Oncimmune will immediately draw
down an initial EUR5 million with the remaining EUR3.5 million to
be drawn down within six months. The Facility is for a four-year
term, although it can be repaid early.
The Company intends to use the net proceeds from the Facility to
drive commercial adoption of EarlyCDT(R) Lung, which we aim to
accelerate following the recent announcement of successful results
of the ECLS study at the World Conference on Lung Cancer 2019,
Barcelona; bring to market other potential EarlyCDT indications as
well as progressing current regulatory processes for EarlyCDT
Liver. The Facility will also be used to provide business
development resource for Protagen Diagnostics for which we are
seeing strong demand for its services.
The Facility will fund the Company into 2021, giving the Company
a solid runway to drive the commercialisation of its products and
services.
The Facility is interest-only for the first 12 months, with
principal repayments commencing thereafter. It is secured by fixed
and floating charges over the assets of the Group and may be repaid
at any time, subject to early repayment fees. The interest rate is
9% per annum over 3-month EURIBOR (subject to a floor of 0%) and is
payable quarterly.
The Company has also issued to IPF a warrant, exercisable for
seven years, to subscribe for 2,036,015 new ordinary shares of
GBP0.01 in the Company at 87p calculated as a 5% discount to the
30-day average closing share price immediately prior to the date of
the Facility.
Dr. Adam Hill, Chief Executive Officer commented: "Last year we
laid out our paths to value to accelerate growth and have been
executing against this. Fundamental to delivering our three-year
forward strategy is the commercialisation 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.
"By partnering with IPF, a leading growth debt provider
specialising in the healthcare industry, we have strengthened our
ability to deliver upon our strategic goals, enabling Oncimmune's
growth at this exciting time."
For further information:
Oncimmune Holdings plc
Matthew Hall, Chief Financial Officer
contact@oncimmune.co.uk
Cléa Rosenfeld, Head of Investor Relations
clea.rosenfeld@oncimmune.com
Zeus Capital Limited (Nominated Adviser and Joint Broker)
Andrew Jones, Mike Seabrook
+44 (0)20 3829 5000
Bryan, Garnier & Co Limited (Joint Broker)
Phil Walker, Dominic Wilson
+44 (0)20 7332 2500
Media enquiries:
FTI Consulting
Brett Pollard, Andrew Ward
oncimmune@fticonsulting.com
+44 (0)20 3727 1000
About IPF Partners
IPF Partners is a leading alternative financing provider focused
on the healthcare sector with over EUR200 million under management.
IPF invests directly in emerging pharma/biotech, medtech and
diagnostics companies. Founded in 2011 by a seasoned
multi-disciplinary team combining over fifty years of finance and
investment and over thirty years of healthcare experience, IPF
provides bespoke, long-term financing solutions. For more
information visit www.ipfpartners.com.
About Oncimmune
Beating cancer, one test at a time
The battle against cancer hinges on early detection and then the
delivery of effective treatment. Oncimmune is working to
revolutionise both the detection of cancer and its treatment by
harnessing the sophisticated disease detecting capabilities of the
immune system to find cancer in its early stages. Our range of
diagnostic tests assist clinicians to identify the presence of
cancer four years or more before standard clinical diagnosis,
whilst our technology platform and sample biobanks are helping
healthcare companies to develop new cancer treatments.
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. EarlyCDT Lung was also used
in what is believed to be the largest randomised controlled study
for the early detection of lung cancer using biomarkers, the
successful National Health Service (NHS) ECLS study of 12,209
high-risk smokers in Scotland which demonstrated EarlyCDT Lung
reduced the incidence of patients with late-stage lung cancer or
unclassified presentation at diagnosis, compared to standard
clinical practice.
Oncimmune, headquartered at its laboratory facility in
Nottingham, UK, has a discovery research centre in Dortmund,
Germany and a CLIA lab in Kansas, US as well as an office in
London, UK and a partner representative office in Shanghai, China.
Oncimmune joined the Alternative Investment Market (AIM) of the
London Stock Exchange in May 2016 under the ticker ONC.L.
What is EarlyCDT Lung?
A blood test using a panel of seven immunogenic proteins for the
testing of tumour-related antibodies specific to lung cancer.
For more information, visit www.oncimmune.com
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END
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