TIDMONC
RNS Number : 7699R
Oncimmune Holdings PLC
08 July 2022
8 July 2022
RNS
This announcement contains inside information
for the purposes of the UK Market Abuse Regulation
Oncimmune Holdings plc
("Oncimmune" or the "Company")
Board Changes and Trading Update
Alistair Macdonald to chair Board
Oncimmune Holdings plc (AIM: ONC.L), a leading global
immunodiagnostics group, today announces the appointment of
Alistair Macdonald as Non-executive Chair, effective immediately.
Alistair succeeds Meinhard Schmidt as Chair of the Board, who has
retired from the Board.
Appointment of Alistair Macdonald to Chair
Alistair brings a wealth of knowledge in the pharma services
sector, developed through his 25-year career in life sciences,
culminating in his role as CEO of leading, integrated CRO Syneos
Health Inc. (Nasdaq: SYNH; market cap c.US$6.6bn) ("Syneos"), which
he held for 6 years, before which he was CEO of INC Research which
merged with inVentiv Health to become Syneos in 2017. During his
time with INC and then Syneos, revenue grew from $20m to over
$5.0bn. Prior to becoming a CEO, Alistair led multiple functions
including Global Business Development and Marketing, Alliances
Development and Delivery, Global Oncology, and Clinical Development
Services. Over the last 25 years, he has held management positions
in the pharmaceutical industry across manufacturing, consultancy,
business and corporate development, data management and clinical
operations.
Alistair retired as CEO of Syneos Health in April 2022 , a
company that he led post-merger through further substantial organic
as well as inorganic growth. Alistair led the merger that formed
Syneos, which brought together approximately 24,000 employees
serving customers in 110 countries with innovative, end-to-end
solutions to accelerate their clinical development and
commercialisation timelines. Until recently, Alistair has also
served as Chair of ACRO, the Association of Clinical Research
Organisations, having been on its board for approximately seven
years.
Recent and Current Trading
Biodesix, Inc. (Nasdaq: BDSX) ("Biodesix"), who is the US
distributor of our EarlyCDT Lung product, recently announced that
WPS Government Health Administrators, the Medicare Administrative
Contractor with jurisdiction for Biodesix's Kansas laboratory, has
provided a coverage determination for the NodifyCDT(R) lung nodule
test (the marketing name for EarlyCDT Lung in the US) at an
in-market selling price which is 10 times the current price. This
is a significant milestone and will assist access and availability
to the NodifyCDT(R) lung nodule test for US patients with lung
nodules. Medicare coverage will also ensure physicians have access
to the NodifyCDT(R) lung nodule test which is expected in turn to
drive faster and wider adoption of the NodifyCDT(R) lung nodule
test across the US. Oncimmune receives royalties on every in-market
sale of a NodifyCDT(R) lung nodule test as well as revenue from the
supply of the test to Biodesix.
Biodesix has also recently announced that Royal Philips
("Philips") is to incorporate the results from tests performed on
the NodifyCDT(R) lung nodule into the Philips Lung Cancer
Orchestrator lung cancer patient management system. This important
commercial agreement is expected to drive an increase in
NodifyCDT(R) lung nodule test volumes and act as a force multiplier
to raise the profile of the NodifyCDT(R) lung nodule test markedly
across the US.
In parallel with these positive Biodesix commercial
developments, we recently restructured the EarlyCDT Lung product
business of its cost base to further support the commercialisation
of the EarlyCDT Lung product and to ensure that the business is
immediately EBITDA profitable before the potential upside from
higher commercial sales.
On the pharma services side of our business, both our pipeline
of potential contracts and the level of active engagement with our
commercial team for our ImmunoINSIGHTS service offering by existing
and new potential clients continues to build, which the Board
considers is an encouraging indicator for the continued growth of
this business. However, the current global economic and
geopolitical conditions have well reported as adversely affecting
the biotech sector, in particular. As a consequence this is
impacting decision-making and causing a slowdown in signing new
ImmunoINSIGHTS contracts.
The Board is also alert to acquisition opportunities and
partnerships to broaden the Company's offering and drive revenue
growth from large pharma clients in particular. The appointment of
Alistair with his extensive experience in growing pharma services
business will we believe be invaluable to the execution of our
acquisition strategy.
As previously stated, Oncimmune has changed its financial year
end from 31 May to 31 August, to align the ImmunoINSIGHTS service
business better with the procurement cycles of clients and for the
financial year to more closely reflect contract awards within the
same period. The Company intends to release unaudited interim
results for the 12 months ending 31 May 2022 by 31 August 2022 and
to publish its audited accounts for the 15-month period to 31
August 2022 by 31 January 2023.
Alistair Macdonald, Oncimmune's incoming Chair, said: "Oncimmune
has successfully delivered on its strategy to transform the
business from one wholly focussed on a single asset diagnostic to
an emerging pharma services business; the foundation stone is now
laid for growth. I am excited to bring my knowledge of growing
pharma services businesses to help Oncimmune's experienced senior
management team to develop the Company into a leading, global
provider of services to the pharmaceutical sector."
Meinhard Schmidt, Oncimmune's outgoing Chair, said: "I joined
Oncimmune in 2015 to help guide the Company through its IPO and to
support Adam and the wider senior management team to deliver on the
Company's three-year strategy and capitalise on Oncimmune's
world-leading autoantibody technology. Having successfully
completed that strategy, through which the focus of the business
has fundamentally changed, I am delighted to be handing over the
reins to Alistair with his wealth of experience in growing pharma
services business."
Dr Adam M Hill, CEO of Oncimmune said: "Having re-directed our
proprietary technology platform towards best-in-class autoantibody
profiling services for the pharmaceutical sector, it is gratifying
to welcome Alistair with his track record of successfully growing
services companies in this sector. Autoantibodies are increasingly
recognised as an important part of the toolkit for understanding
the effect of and predicted response to immune modulating
therapies. Together with Alistair, I look forward to evaluating
acquisition opportunities with the potential to add capabilities
and accelerate growth."
Additional disclosures relating to the appointment of Alistair
Macdonald to the Oncimmune Board are included below.
The Directors of the Company named below take responsibility for
this announcement.
For further information:
Oncimmune Holdings plc
Dr Adam M Hill, Chief Executive Officer
Matthew Hall, Chief Financial Officer
contact@oncimmune.co.uk
Singer Capital Markets (Nominated Adviser and Joint Broker)
Aubrey Powell, Harry Gooden, George Tzimas, James Fischer
+44 (0)20 7496 3000
WG Partners (Joint Broker)
David Wilson, Nigel Barnes, Erland Sternby
+44 (0)20 3705 9321
Media enquiries:
John Goold
IR@oncimmune.com
About Oncimmune
ImmunoINSIGHTS Service Business
Oncimmune is a leading immunodiagnostics developer, primarily
focused on the growing fields of immuno-oncology, autoimmune
disease and infectious diseases. The ImmunoINSIGHTS service
business leverages Oncimmune's technology platform and
methodologies across multiple diseases, to offer life-science
organizations actionable insights for therapies across the
development and product lifecycle. Our core immune-profiling
technology is underpinned by our library of over eight thousand
immunogenic proteins, one of the largest of its kind. This helps
identify trial participants and patients into clinically relevant
subgroups, enabling development of targeted and more effective
treatments.
Oncimmune's ImmunoINSIGHTS service business is based at the
Company's discovery research centre in Dortmund, Germany. The
business platform enables life science organizations to optimize
drug development and delivery, leading to more effectively targeted
and safer treatments for patients.
The ImmunoINSIGHTS development team is based in the US and
Europe and Oncimmune is seeking to replicate the Dortmund facility
in the US in the medium term.
EarlyCDT Product Business
Oncimmune's immunodiagnostic technology, EarlyCDT, can detect
and help identify cancer on average four years earlier than
standard clinical diagnosis. Our lead diagnostic test, EarlyCDT
Lung, targets a vast market estimated to grow to GBP3.8bn by 2024.
With over 200,000 tests already performed for patients worldwide
and its use being supported by peer reviewed data in over 12,000
patients, we are poised to become an integral component of future
lung cancer detection programs, globally.
Oncimmune's diagnostic products business is located at its
laboratory facility in Nottingham, UK.
For more information, visit www.oncimmune.com
Additional Disclosures relating to the appointment of Alistair
Macdonald
Alistair John Macdonald (aged 52) has held the following
directorships or partnerships in the past five years:
Current directorships and partnerships:
-- Medicines Discovery Catapult
-- 3, Royal Crescent Bath (Properties) Limited
Previous directorships and partnerships held in the past five
years:
Subsidiaries of INC Research/Syneos Health:
-- Syneos Health UK Limited
-- Syneos Health, Inc.
-- Syneos Health, LLC
-- Synteract HCR Limited
-- Synteract HCR Holdings Corporation
-- Syneos Health Branches Limited
-- Syneos Health Clinical Development Services Limited
-- Sharpview Ophthalmology Limited
-- Association of Clinical Research Organizations
-- Kendle India Private Limited
-- Syneos Health South Africa (Pty) Limited
-- INC Research GmbH
-- INC Research Netherlands B.V.
-- INC Research NV
-- INC Research Spain, S.A.
-- INC Research Sweden A.B.
-- Kendle Americas Investment Inc.
-- Kendle Americas Management Inc.
-- Kendle Data & Technologies (India) Private Limited
-- Kendle NC LLC
-- SHCR Holdings Corporation
-- Syneos Health Clinical K.K.
-- Syneos Health Romania S.R.L.
-- INC Research Branches Limited-Sofia Branch
-- Syneos Health Investment, LLC
-- INC Research Austria GmbH
-- Syneos Health CZ s.r.o.
-- Syneos Health Hungary Korlátolt Felel sségű Társaság
Other directorships/partnerships:
-- Association of Clinical Research Organizations
Alistair Macdonald does not currently hold any ordinary shares
in the Company.
There are no additional disclosures required under Rule 17 and
Schedule 2(g) of the AIM Rules for Companies.
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