A University of Nottingham spin-out company which specialises in the early detection of lung cancer has announced that it will float on the London Stock Exchange.
Oncimmune, which has an estimated market capitalisation of £66 million, has pioneered the development of autoantibody tests that have the potential to detect cancer up to four years earlier than other methods and can be applied to a wide range of tumour types.
In 2012, Oncimmune launched its EarlyCDT®-Lung product in the USA, and since that time over 140,000 tests have been sold.
World's largest lung cancer trial
The product is also being used by the National Health Service Scotland in the world’s largest randomised trial for the early detection of lung cancer, studying over 12,000 high-risk smokers.
The money raised from the flotation on the London Stock Exchange's AIM market will be used to further develop Oncimmune’s products. The anticipated £11m it will raise through the float will be used to complete the EarlyCDT®-Lung Kit, increasing sales and margins and opening up additional markets, particularly in Asia. In addition, it will work on broadening its product offering with EarlyCDT® in liver and ovarian cancers, among others.
Geoffrey Hamilton-Fairley, chief executive of Oncimmune, said: "The early detection of cancer is a critical issue. Our EarlyCDT platform technology is proven and we believe Oncimmune is now at an inflexion point and poised for significant growth. This IPO will enable Oncimmune to invest in the further development and commercialisation of our platform."
Dr. Susan Huxtable, Director of Intellectual Property and Commercialisation at The University of Nottingham, added: “This is an exciting time in the development and growth of Oncimmune. The company is a great example of the kinds of innovative technologies that are being developed here at the University and this new investment will enable the company to move to the next stage of its development.”
The University of Nottingham has played an active role in the development of Oncimmune and the University’s Chief Financial Officer, Andrew Unitt, also sits as a non-executive director on the company’s board.
For more details about The University of Nottingham’s spin-out businesses, contact Dr Bruce Venning on +44(0)115 84 67891
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Notes to editors: The University of Nottingham has 43,000 students and is ‘the nearest Britain has to a truly global university, with campuses in China and Malaysia modelled on a headquarters that is among the most attractive in Britain’ (Times Good University Guide 2014). It is also the most popular university in the UK among graduate employers, one of the world’s greenest universities, and winner of the Times Higher Education Award for ‘Outstanding Contribution to Sustainable Development’. It is ranked in the World’s Top 75 universities by the QS World University Rankings.