Transition of Executive Leadership

Oncimmune Holdings PLC

23 June 2023

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR") AND THE RETAINED UK LAW VERSION OF MAR PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019 (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

23 JUNE 2023

Oncimmune Holdings plc

("Oncimmune" or the "Company")

Transition of Executive Leadership

Announcement of next phase plan for growth in FY2024

Oncimmune Holdings plc (AIM: ONC.L), the leading autoantibody profiling company to the pharmaceutical and biotechnology industry, is today announcing its new plan for delivery of refocused growth through FY2024 and beyond and changes to its board and executive leadership team.

Following the recent divestment of Oncimmune Limited to Freenome Holdings, Inc. ("Freenome"), which significantly 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, 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.  Oncimmune's Vice President, Head of Business Development, has recently relocated to the US and is actively recruiting new members to the Commercial Team;

·    continuing to penetrate key customers with whom Oncimmune has long term contractual relationships.  Over the last year Oncimmune has invested heavily in becoming an approved, and in some cases preferred, supplier to some of the world's largest pharma companies and contract research organisations.  Oncimmune now intends to deepen these relationships and provide its services across a wider range of projects and scientific areas;

·    partnering with key technology suppliers on cross-selling opportunities;

·    launching new biomarker tools in FY2024, including bespoke assay panels focused on specific therapeutics or disease areas, 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 Chief Executive Officer ("CEO"), and as a director of the Company.  Adam will support Oncimmune in the short term by providing continuity in some of the Company's ongoing commercial efforts and supporting a transition of his responsibilities and relationships to the new CEO and other colleagues as appropriate. 

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.  Regulatory disclosures in relation to the appointment of Ron Kirschner to the Board of the Company as required under Schedule 2(g) of the AIM Rules for Companies can be found at the foot of this announcement.

The Company is actively recruiting for additional resources in its leadership team and will be make further announcements, as appropriate, in due course.

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."

For further information:

Oncimmune Holdings plc

Ron Kirschner, Chief Executive Officer

[e-mail]

Singer Capital Markets (Nominated Adviser and Broker)

Phil Davies, Harry Gooden, George Tzimas, James Fischer

[phone]

Zeus (Joint Broker)

Dominic King, Victoria Ayton, Dan Bate

[phone]

[phone]

About Oncimmune

Oncimmune is a specialist pharmaceutical services company, primarily focused on the growing fields of immuno-oncology, autoimmune disease and infectious diseases. Oncimmune has a contract discovery and development service business whose ImmunoINSIGHTS platform delivers actionable insights into therapies to the Company's pharmaceutical and biotech partners.

Our understanding of the immune system enables us to harness its sophisticated response to disease to detect cancer earlier and to support the development of better therapies. The key to improving cancer survival is early detection and better selection for therapy. As a company, we are driven by our passion to improve cancer survival and to give people extra time.

Oncimmune's ImmunoINSIGHTS platform enables life science organisations to optimise drug development and delivery, leading to more effectively targeted and safer treatments for patients. Oncimmune's ImmunoINSIGHTS service business at its discovery research centre in Dortmund, Germany. The ImmunoINSIGHTS business development team are based in the US and Europe.

For more information, visit www.oncimmune.com

Regulatory Disclosures

The following information regarding the appointment of Ron Kirschner, aged 44, is disclosed under Schedule 2(g) of the AIM Rules for Companies:

Current Directorships	Previous Directorships (within the last five years)
Oncimmune Germany GmbH	None

As at the date of this announcement, Ron Kirschner holds 1,652 ordinary shares in the Company equivalent to 0.02 per cent. of the Company's issued share capital. In addition, Ron Kirschner holds options over 556,738 ordinary shares in the Company equivalent to 0.4 percent of the Company's issued share capital.

Save as set out above there are no further disclosures pursuant to Rule 17 or Schedule Two paragraph (g) of the AIM Rules for Companies in respect of the appointment of Ron Kirschner.

 

END