Oncimmune Holdings (ONC ), a global immunodiagnostics group has announced the appointment of a new non-executive chairman alongside its latest trading update.
Alistair Macdonald has been appointed non-executive chair effective immediately, succeeding Meinhard Schmidt in the role. Mr. Macdonald has 25 years of experience in life sciences, including as CEO of Syneos Health, a leading contract research organisation. He was initially CEO of INC Research, which merged with inVentiv Health to become Syneos in 2017.
Under his leadership at INC and Syneos, revenue grew from $20 million to over $5 billion. Previously, Mr. Macdonald held various management positions in the pharmaceutical industry across manufacturing, consultancy, business and corporate development, data management, and clinical operations.
Mr. Macdonand commented on his appointment: "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."
Trading Update
Oncimmune also released a trading update this morning. Biodesix Inc, the US distributor of Oncimmune's EarlyCDT Lung product, has been provided a coverage determination for its NodifyCDT (EarlyCDT's brand name in the US) lung nodule test at an in-market selling price which is 10 times the current price.
The company says this is a significant milestone and will facilitate access and availability of NodifyCDT for US patients with lung nodules. Medicare coverage will also ensure physicians have access to NodifyCDT, which is expected to drive faster and wider adoption of the test. Oncimmune receives royalties on every in-market sale of NodifyCDT as well as from the supply of the test to Biodesix.
Additionally, NodifyCDT volumes will be positively impacted by a recent partnership with Phillips, which is to incorporate results from the tests into its Philips Lung Cancer Orchestrator patient management system.
Oncimmune also updated on its ImmunoINSIGHTS service, on the pharma side of the business. The company said its pipeline of potential contracts and active engagement with existing clients continue to build, though somewhat slowed down by current economic and geopolitical conditions impacting the biotech sector.
The company is also actively looking for acquisitions, with Alistair Macdonald's extensive experience in growing pharma businesses likely to be key to that goal.
Oncimmune intends to release unaudited interim results for the 12 months ended 31 May 2022 by 31 August 2022, and publish its audited accounts for the 15-month period to 31 August 2022 by 31 January 2023.
Vox's Paul Hill spoke to CEO of Oncimmune Dr. Adam Hill, in February regarding the Company's interim results, strategy, M&A opportunities, product development, and other topics. Click here to listen to that conversation.
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