Oncimmune gets $16 million on London AIM debut

May 18, 2016 – LONDON. Oncimmune Holdings PLC has developed tests that have the potential to detect cancer up to four years earlier than other methods and today started life on AIM. The group’s first product - EarlyCDT-Lung -  was launched in 2012 in the USA and since then over 140,000 commercial tests have been sold. The float comes after a placing and subscription, which brought in £11 million ($16 million) at 130p a share, giving it a market cap of £66.3mln. Shares eased a tad in early dealings to stand at 129p. The global market for cancer diagnostic products is forecast to grow from around $100bn in 2014 to around $170bn in 2020.  This is mainly due to the dramatic improvement in patient survival when cancers are detected at earlier stages, the firm noted. The group wants to develop an EarlyCDT-Lung test ‘Kit’ and expand into new geographic markets, in particular Asia and  EarlyCDT tests for liver and ovarian cancer for launch within the next two years. Geoffrey Hamilton-Fairley, the group’s chief executive, said: ” The funds raised will allow us to expand into new markets, particularly Asia, and continue to develop our platform for other indications. “We are excited to be joining the AIM market today and would like to thank our new and existing investors for their support and confidence in our EarlyCDT platform technology.”

Source: Oncimmune