Oncimmune Holdings (ONC) , secured a credit facility of €8.5 million with IPF Management SA, and issued warrants for over approximately 2 million shares at 87p, exercisable for seven years.
Oncimmune said the funds will be used to drive commercial adoption of EarlyCDT® Lung and bring to market other potential EarlyCDT indications.
It will also progress current regulatory processes for EarlyCDT Liver, as well as drive business development for Protagen Diagnostics for which it said is “seeing strong demand” for its services.
The company recently released successful results of the ECLS study at the World Conference on Lung Cancer 2019, Barcelona.
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.”
He outlined: “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.”
He added: "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."
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 that can be repaid early, and is interest-only for the first 12 months. Oncimmune said the facility will fund the Company into 2021, with fixed and floating charges over the assets of the Group.
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