€8.5m deal to accelerate Oncimmune's lung cancer detection tech
Oncimmune Holdings has secured a €8.5 million credit facility to commercialise its offering.
The Nottingham firm, a leading global immunodiagnostics group, intends to use the funding to drive commercial adoption of its product EarlyCDT Lung.
EarlyCDT Lung is a CDT test that measures the levels of seven autoantibodies to tumour-associated antigens.
It claims to detect all types of lung cancer at all stages of disease with high accuracy.
Oncimmune agreed the funding with IPF Management. It will immediately draw down €5m with the remaining €3.5m to be drawn down within six months.
It will also bring to market other potential EarlyCDT indications as well as progressing current regulatory processes for the EarlyCDT Liver product.
The facility is for a four-year term, although it can be repaid early.
"Last year we laid out our paths to value to accelerate growth and have been executing against this,” said CEO Dr. Adam Hill.
“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."