Oncimmune more than doubles H1 pretax loss

Oncimmune has more than doubled its H1 pretax loss to £2.5m, from a year-earlier loss of £1.1m. Revenue was just £114,000, from £272,000. Administrative and R&D expenses were a big part of the loss.

"Oncimmune has continued to make significant progress across all areas of the business," said CEO Geoffrey Hamilton-Fairley.

"We have established a stronger distributor network and a new sales process in the US, we have made improvements to our existing EarlyCDT-Lung test and we are encouraged with the positive start we have made since launching the EarlyCDT-Lung test with our new distributors."

Hamilton-Fairley also said that Oncimmune had made good progress with its wider product development projects.

In particular, he cited the development of the kit version, which would open significant new markets in Asia and elsewhere and was progressing to plan.

"We are also advancing in new diseases and with second generation tests which have the potential to drive growth."