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Oncimmune Holdings plc. (9/20/19). "Press Release: €8.5m Credit Facility Secured. Funding to Accelerate the Further Commercialisation of Oncimmune’s Lead Products and Services".

Organisations Organisation Oncimmune Holdings plc (AIM:ONC.L)
  Group Freenome (Group)
  Organisation 2 IPF Management S.A.
  Group IPF Partners (Group)
Products Product finance
  Product 2 EarlyCDT®-Lung test (CLIA test)
Index term Index term Oncimmune–IPF Partners: credit, 201909– 202309 credit facility €8.5m four year incl warrant for 2m new ordinary shares IPF Management SA
Persons Person Hill, Adam M. (Oncimmune 201810– CEO joined 201803 before McLaren Applied Technologies)
  Person 2 Pollard, Brett (FTI Consulting 201612 FTI Consulting London)

Oncimmune Holdings plc (AIM: ONC.L), a leading global immunodiagnostics group, today announces that it has secured a credit facility of €8.5 million with IPF Management SA (“IPF”) (the “Facility”).

Under the terms of the Facility, Oncimmune will immediately draw down an initial €5 million with the remaining €3.5 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® 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 £0.01 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
Cléa Rosenfeld, Head of Investor Relations

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
+44 (0)20 3727 1000

About IPF Partners

IPF Partners is a leading alternative financing provider focused on the healthcare sector with over €200 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

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 tumourrelated antibodies specific to lung cancer.

For more information, visit

Record changed: 2023-06-05


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