Nottingham specialist pharmaceutical services company, Oncimmune Holdings, has revealed a new plan for delivery of refocused growth and changes to its board and executive leadership team.
It comes after the recent divestment of Oncimmune Limited to Freenome Holdings, Inc., which strengthened Oncimmune’s cash position and provides its ImmunoINSIGHTS services business with guaranteed minimum revenues for at least the next two years from Freenome, as well as allowing Oncimmune to restructure and partly repay its loan with IPF Partners.
It also follows losses widening to over £11m at Oncimmune, with administrative and research & development expenses jumping, in the firm’s 2022 financial year, despite a slight revenue rise.
Oncimmune’s Board believes the company is now poised to enhance shareholder value by: refocusing commercial efforts towards higher value customers and Oncimmune’s core services offering, continuing to penetrate key customers with whom Oncimmune has long term contractual relationships, partnering with key technology suppliers on cross-selling opportunities, launching new biomarker tools as well as novel service offerings for measurement of certain biomarkers, and carefully controlling and optimally utilising its operational cost base and central overheads.
As part of the refocussing of Oncimmune’s business, Dr Adam M Hill will be stepping down as CEO and as a director of the company.
Pending the appointment of a permanent successor, the Board has appointed Ron Kirschner, the company’s general counsel and company secretary, as acting CEO, and a director of the company.
The company is actively recruiting for additional resources in its leadership team.
Alistair Macdonald, Oncimmune’s chairman, said: “The Board would like to thank Adam for his foresight, perseverance and hard work, often in challenging conditions, over the last five years. I also welcome Ron to his new role.
“Since joining Oncimmune three years ago, Ron has been an instrumental part of the company’s operational and strategic leadership, providing close support to the Board throughout. The Board is grateful to Ron for stepping up to lead the company as it refocuses and as it builds a new senior executive team.
“Certain of the company’s shareholders have recently engaged the Board and executive team to contribute their views on the future strategy of the company, for which I am grateful. The Board believes that the plan we set out today is the one best designed to capitalise on the company’s resources and create value for all shareholders.
“I, and the rest of the Board, will continue to engage with our wider stakeholders to ensure that we remain attentive to all views as we deliver best-in-class service offerings to our customers.
“Whilst the current headwinds in our sector are expected to lead to a tough end to our financial year ending August 2023, the Board believes that the company now has a solid foundation in place from which to launch the new plan to deliver growth through FY2024 and beyond.”
Adam Hill, Oncimmune’s outgoing Chief Executive Officer, said: “I am delighted to have had the opportunity to lead Oncimmune for the last five years. As I transition to a new opportunity, I look forward to seeing the new team drive the next stage of the organisation’s journey.”
