Despite the awful human (5m deaths w/wide) & economic cost, there have been some positives from the pandemic. Not least the huge advancement in all things medical related, especially in drug discovery, vaccines, clinical trials & diagnostics. Shining a light too on the critical role played by the immune system in fighting cancer (eg immuno-oncology), autoimmune conditions (IBD) & infectious diseases (covid).
Here Oncimmune with its proprietary biobank of >8,800 auto-antibody proteins is recognised as a global leader across the industry in providing the required depth of #ImmunoINSIGHTS to accelerate the development, commercialisation & efficacy of such treatments & tests.
Today (ONC) released its FY21 prelims – posting sales of £3.7m (vs £5.6m consensus), with the shortfall being simply due to an historic £1.7m EarlyCDT Lung order not yet being fully recognised under IFRS15 accounting standards.
Elsewhere though, excellent progress has been made in terms of expanding #ImmunoINSIGHTS' sampling capacity in Dortmund, alongside growing the firm's US footprint, where the majority of contracts are won.
Going forward, order flow has also recently accelerated after a quiet Q1’22, with CEO Adam M Hill adding: “As demonstrated by the number of follow-on contracts being signed & our growing commercial pipeline, we are experiencing increased recognition for our services by our partners & customers."
"With significant momentum moving into Q2’22, driven by the highly differentiated #ImmunoINSIGHTS service, we look forward to another year demonstrating the success against our 3-year strategic plan to unlock the Group’s growth potential.”
Ok, so how much is the company worth?
Well hypothetically in the event of a takeover, I would estimate the stock would attract a 4x ‘R&D investment’ multiple (vs 4x Grail & Thrive >5x). Which based on c. £70m spent already on the biobank/tech platform, would generate a theoretical £280m valuation, or 400p/share vs 170p today.