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The Cultivated B Introduces n!Biomachines: Fit-For-Purpose Bioreactors Designed to Easily and Affordably Scale Cellular Agriculture

The Cultivated B

The Cultivated B (TCB) today announced the name change of its Canadian subsidiary, now embracing a broader mission. Formerly called The Cultivated B Canada and located in Burlington, Ontario, n!Biomachines (pronounced “n factorial biomachines”) is dedicated to fulfilling the commercial scalability and viability potential of industrial cellular agriculture technologies across a number of product categories. Unlike over-engineered bioreactors that were designed predominantly for pharmaceutical use, n!Biomachines delivers affordable, easy-to-operate systems for the food, dietary supplement and cosmetics industries, offering sustainable solutions that consume remarkably low amounts of electricity, in some cases as low as 150 watts. The company’s AUXO V fit-for-purpose bioreactors are engineered to focus on single applications, such as animal cells or yeast. This streamlines complex processes and eliminates the operational clutter that multifunctionality typically brings to bioprocessing. The AUXO V’s revolutionary design benefits large-scale manufacturing by improving process efficiency and drastically reducing the level of expertise needed to operate a bioreactor. “The mathematical term, 'n!', or n factorial, acknowledges the core of our mission: scalability and multiplication, with respect to our bioreactor capacity as well as bioprocessing opportunities for our customers,” said Dr. Hamid Noori, CEO of n!Biomachines and The Cultivated B. “'Biomachines' refers to the revolutionary redesign of bioreactors to be useful across all industry sectors that want to step away from overengineered, overly complex equipment. The name n!Biomachines signifies our ambition to expand the applications of bioprocessing through affordable, sustainable and purpose-driven bioreactor design.” Unparalleled usability, increased automation and optimized operational and equipment costs define this new generation of bioreactors for benchtop-, pilot- and industrial-scale bioprocessing without compromising production quality, safety or efficiency. With an emphasis on rapid delivery and cost-effective design, n!Biomachines unlocks bioprocessing for new industries while accelerating growth and innovation for established sectors. “It became clear to us that cellular agriculture industry is at an inflection point where benchtop processes are quite well-proven, but scalability and commercial viability have yet to be sufficiently addressed,” continued Dr. Noori. “Our new bioreactor designs enable efficient processes and the faster delivery times needed to accelerate and integrate cellular agriculture as an additional pillar of our food production system. n!Biomachines is the answer to removing the bioreactor bottlenecks that currently prevent this emerging industry from scaling.” About n!Biomachines n!Biomachines, a subsidiary of The Cultivated B, specializes in developing and manufacturing fit-for-purpose bioreactors for the next generation of bioprocessing. It targets benchtop, pilot- and industrial-scale bioprocessing, ensuring high-quality, safe and efficient operations. Unlike traditional bioreactors that were designed primarily for the pharmaceutical industry, n!Biomachines provides affordable, user-friendly systems for various bioprocesses and organisms, improving commercial viability and scalability for the food, supplement and cosmetics industries. By overcoming industry growth barriers, n!Biomachines aims to revolutionize manufacturing and facilitate the adoption of cellular agriculture technologies sustainably and efficiently. For more information, visit https://www.n-factorial.com/ and follow the company on LinkedIn. About The Cultivated B (TCB) The Cultivated B is a multinational company dedicated to the development and application of breakthrough technologies in cellular agriculture, precision fermentation and bioreactor engineering to enable scalable commercialization of the cellular-agriculture industry. TCB serves startups, corporations and academic research institutions within the food, pharma, cosmetics and personal care industries with its outstanding capabilities. The companyâs fundamental commitment to minimizing the natural resources used paves the way towards a sustainable future, locally, regionally and globally. TCBâs research and development team is based in Germany. PreFer Industries and n!Biomachines, based in Canada, are subsidiaries of TCB. For more information, visit https://www.thecultivatedb.com and follow the company on LinkedIn. Contact Details Jenna Beaucage +1 508-340-6851 tcb@rainerco.com Company Website https://www.thecultivatedb.com

March 13, 2024 06:03 AM Eastern Daylight Time

UNOS welcomes new seven-member board of directors

United Network for Organ Sharing

On Friday, March 8, 2024, the United Network for Organ Sharing (UNOS) announced the seven members of its new board of directors, who begin their terms on March 30, 2024. For the first time in nearly 40 years, UNOS’ board of directors will be independent from the Organ Procurement and Transplantation Network’s (OPTN) board of directors. The new UNOS board takes effect the day after UNOS’ current OPTN contract with the federal government ends. The creation of a new, independent UNOS board eliminates any conflict of interest in the governance of the OPTN. Currently, the same 42 people oversee both UNOS and the OPTN. The board separation represents a significant change in governance structure, and it has received wide-ranging support – from HRSA, from members, and even from critics of the current OPTN system - as it benefits the entire transplant community. Board separation also is in line with HRSA’s own Modernization Initiative. While HRSA is working to finalize plans for the OPTN board when the current contract expires, UNOS has followed through on its commitment to remove the conflict of interest that has been in place for decades by announcing its new board of directors. Now, after working on board separation plans with HRSA for years, UNOS remains confident that HRSA will act by March 30 to finalize this critical change that is best for the entire transplant community. “Having independent and distinct boards will appropriately allow each organization to benefit from board members who have a singular focus on the mission of the organization they support without conflicts of interest that may cause unnecessary challenges,” said Maureen McBride, Ph.D., CEO of UNOS. “I look forward to working with our new UNOS board, as well as the OPTN board, to not only continue our lifesaving work within the U.S. donation and transplant system, but to also expand our reach as a company to help improve the health and lives of more people around the globe.” UNOS’ new board members were selected for their diverse range of expertise and experience in business strategy, health care, information technology and information security, and the organ donation and transplant system. The members are: Sue Dunn, former CEO of Donor Alliance Bapu Jena, M.D., Ph.D., professor of health care policy at Harvard Medical School, internist at Massachusetts General Hospital Maryl Johnson, M.D., professor at the University of Wisconsin School of Medicine Irene Kim, M.D., director of the Comprehensive Transplant Center at Cedars-Sinai Jake Kouns, founder of RVAsec James Pittman, assistant vice president of transplant and dialysis services for HCA Healthcare Marie Quintero-Johnson, retired vice president of corporate development for Coca-Cola and kidney recipient Establishing a UNOS board that is distinct from the OPTN board is aligned with HRSA’s Modernization Initiative, calls from Congress to separate the boards, and UNOS’ Action Agenda. UNOS worked with HRSA as UNOS took action to establish its new governance structure separate from the OPTN: June 22, 2021 – UNOS met with HRSA to present on the establishment of a separate OPTN board. January 10, 2023 – UNOS sent a letter to HRSA Administrator Carole Johnson expressing a shared desire to create two distinct boards of directors. The letter noted that UNOS sent the contracting officer a request for a “modification to the current OPTN contract. The proposed modification would assign UNOS a task to develop a plan to separate the OPTN Board of Directors from UNOS’ Board of Directors.” UNOS asked the administrator to approve the contract modification noting that “the end of the current contract, September 29, 2023, would be an ideal time to complete the separation of the boards.” March 22, 2023 – HRSA announced its OPTN Modernization Initiative, which noted that as part of the effort, HRSA will work to ensure the OPTN board of directors “has greater independence.” May 2023 – HRSA issued a contract modification directing UNOS to submit an OPTN Board Independence Plan that complies with the National Organ Transplant Act and the OPTN Final Rule and included required activities, with timelines and milestones, to incorporate the OPTN as an independent legal entity governed by the OPTN board of directors. July 14, 2023 – UNOS submitted its OPTN Board Independence Plan. July 20, 2023 – The Senate held a hearing focused on the Securing the U.S. Organ Procurement and Transplantation Network Act, which according to the bill’s sponsor will for the first-time mandate an independent Board of Directors to oversee OPTN separate from the contract holder. July 27, 2023 – HRSA issued a statement on the OPTN reform law: "The Health Resources and Services Administration shares Congress’ goal of making the Organ Procurement and Transplantation Network (OPTN) work better for the more than 100,000 people on the waiting list for organs. Individuals on the wait list, organ donors, and their families deserve an OPTN governed by an independent, representative board…” September 28, 2023 – HRSA executed a unilateral extension of UNOS’ contract through March 29, 2024. October 30, 2023 – UNOS and HRSA met at UNOS’ request regarding board separation effective March 30, 2024, the day after UNOS’ contract ends. HRSA indicated it cannot dictate the corporate governance structure of a private entity. November 29, 2023 – UNOS and HRSA had a follow-up meeting at UNOS’ request regarding board separation. December 5, 2023 – UNOS board voted to establish a new governance structure distinct from the OPTN Board, a decision made in the best interest of patients and the nation’s organ donation and transplant system. The board made the effective date of this action March 30, 2024, to align with the end of UNOS’ 6-month contract extension. December 13, 2023 – UNOS and HRSA had a follow-up meeting at UNOS’ request regarding board separation. December 2023 – HRSA reiterated its commitment to an independent OPTN board: “For nearly 40 years, the Board of Directors for the Organ Procurement and Transplantation Network (OPTN) has been comprised of the same individuals who serve as the Board of Directors for the private entity that has held the OPTN contract. No formal requirements existed to protect against conflicts of interest resulting from this shared role.” February 22, 2024 – UNOS membership ratified the UNOS board decision to establish a new UNOS governance structure. March 29, 2024 – UNOS’ current contract with HRSA ends. Although the federal government’s timeline for implementing its OPTN Modernization Initiative has shifted, UNOS, under new leadership, has remained committed to being a good partner to the administration, Congress and stakeholders to change the current governance structure that requires UNOS board members to serve as OPTN board members. Effective March 30, 2024, OPTN board members will not have a fiduciary duty to UNOS as a non-profit organization. About UNOS United Network for Organ Sharing (UNOS) is the mission-driven non-profit serving as the nation’s transplant system under contract with the federal government. We lead the network of transplant hospitals, organ procurement organizations, and thousands of volunteers who are dedicated to honoring the gifts of life entrusted to us and to making lifesaving transplants possible for patients in need. Working together, we leverage data and advances in science and technology to continuously strengthen the system, increase the number of organs recovered and the number of transplants performed, and ensure patients across the nation have equitable access to transplant. Contact Details United Network for Organ Sharing Anne Paschke +1 804-782-4730 anne.paschke@unos.org Company Website https://unos.org

March 12, 2024 02:46 PM Eastern Daylight Time

atai Life Sciences advances VLS-01 for treatment-resistant depression

atai Life Sciences

atai Life Sciences chief scientific officer Dr Srinivas Rao discusses the company's development candidate VLS-01, aimed at treating treatment-resistant depression, with Proactive's Stephen Gunnion. Rao explained that VLS-01 is a formulation of DMT, the active component in ayahuasca, known for its short-duration psychedelic effects. The innovation lies in its delivery method, an oral transmucosal film, resembling a Listerine strip, which dissolves inside the mouth over 20 minutes, providing a patient-friendly alternative to intravenous administration. Rao said this approach is designed to enhance the patient and healthcare provider experience, especially in settings not equipped for IV treatments. The ongoing Phase 1B trial seeks to confirm VLS-01's safety, tolerability, pharmacokinetics (PK), and pharmacodynamics, aiming for a psychoactive effect lasting 30-45 minutes with patients returning to baseline within two hours post-administration. Rao said this trial format follows the US treatment paradigm established by Spravato (esketamine) for depression. The trial will involve 16 healthy volunteers to assess the drug's impact, setting a baseline with intravenous DMT before testing up to three oral doses of VLSI-01. Initial results are expected in the second half of the year, with plans to proceed to Phase 2 trials involving patients with treatment-resistant depression to evaluate the compound's efficacy further. Contact Details Proactive North America Proactive North America +1 604-688-8158 NA-editorial@proactiveinvestors.com

March 12, 2024 12:35 PM Eastern Daylight Time

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Hemogenyx Pharmaceuticals discusses successful £3.5M capital raise as it advances HEMO-CAR-T program

HemoGenyx Pharmaceuticals

Hemogenyx Pharmaceuticals PLC (LSE:HEMO, OTC:HOPHF) Dr Vladislav Sandler joins Proactive's Stephen Gunnion after the pre-clinical stage biopharmaceutical group raised £3.5 million, which will be utilized to progress its lead product candidate, Chimeric Antigen Receptor T-cells (HEMO-CAR-T), into human trials following the lifting of a clinical hold. The HEMO-CAR-T therapy is focused on treating relapsed and refractory acute myeloid leukaemia. Despite the challenging market conditions, particularly for biotech firms, Sandler said HemoGenyx successfully secured the necessary funds. He highlighted the company's efficiency and ability to progress with minimal funds, contrasting the struggles faced by other micro-cap companies in raising capital. Looking forward, Sandler said the company plans to advance its clinical trials and continue development on its CBR platform and CDX bispecific antibody, albeit at a potentially slower pace due to funding limitations. As a development-stage company, HemoGenyx anticipates further funding needs but remains committed to efficient and fast-paced progress, seeking various funding sources. Sandler expresses long-term aspirations for HemoGenyx to save lives and generate significant returns for investors. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

March 12, 2024 12:23 PM Eastern Daylight Time

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Blind Review and PathPresenter Partner to Eliminate Expert Witness Bias in Pathology Malpractice Cases

PathPresenter

Blind Review, LLC, the secure digital platform for eliminating expert witness bias, and PathPresenter, the global image sharing platform for pathology, today announced a strategic partnership ushering digital pathology into the medical malpractice space. This alliance will revolutionize how pathology expert reviews are conducted in malpractice cases, transforming it from the old-school, glass-slide model to a cutting-edge, digital model that increases efficiency, streamlines access, and simplifies the traditional pathology review. Blind Review specializes in removing hindsight, financial, and party-identity bias from expert witnesses through a proprietary digital platform and customized process. Once onboarded to the platform, experts are digitally placed into the shoes of the treating physician. As the care-story unfolds, the expert’s opinion is captured at each critical point of care, all while shielding the identity of the attorney, client, and care outcome. Importantly, the process prevents the expert from knowing what comes next without first committing to an opinion based only on the records available at that point in the care – eliminating hindsight bias. PathPresenter is a secure and scalable multi-tenant enterprise pathology workflow platform that has been developed by pathologists with deep domain knowledge and experience. Trusted by over 45 tier-one medical institutions, PathPresenter is the most comprehensive image management/viewing suite available for clinical care, remote consultations, education, and research. Pathologists play a critical role in reviewing medical malpractice cases for disease diagnosis or when timing of an injury or cause of death is in question. PathPresenter has taken the desktop microscope and transformed it into a state-of-the-art digital viewer that pathologists can access anytime, anywhere to review microscopic evidence in a legal case. Utilizing PathPresenter’s cloud-based, clinical consultation platform, Blind Review’s proprietary process is far more efficient and eliminates the risks and limitations that come with glass slides. “Juror’s trust in experts has fallen to levels below where they were before the pandemic, and we continue to see very large, unexpected verdicts,” says Blind Review’s CEO and attorney-founder, Stephanie Franckewitz. “Independent research supports that a blinded expert doubles the chances of a favorable verdict because jurors perceive them as significantly more credible. We are proud to partner with PathPresenter, and we are in good company, as many of the world’s elite medical institutions use PathPresenter on a day-to-day basis in their pathology departments.” “PathPresenter’s partnership with Blind Review brings the practice of expert pathology review within the medical malpractice space into the 21st century,” adds Patrick Myles CEO of PathPresenter. “Whether in the courtroom or in the pathology lab, expert opinion is all about trust. By partnering with Blind Review, we’re enabling a never-before-seen way to restore jurors’ trust in experts.” About Blind Review, LLC Blind Review is the digital platform that provides the infrastructure to eliminate expert witness bias in medical malpractice cases. We deliver a strong competitive advantage to the trial teams who share our vision: Unbiased, reliable, and trustworthy expert opinions. Blind Review digitally places the expert into the shoes of the treating healthcare provider. As the care-story unfolds, the expert’s opinion is captured at each critical point of care, all while shielding the identity of the attorney, client, and care outcome. Simple and intuitive, our cloud-based interface allows robust customization, with the ability to deliver our unique Blind Review process across multiple specialties within a single case. Blind Review’s platform includes seamless integration with a secure cloud-based Radiology PACS system and Digital Pathology system, with state-of-the-art viewers. About PathPresenter PathPresenter is the global image sharing platform for pathology. We are on a mission to help democratize access to the world’s pathology knowledge by connecting pathologists to the vast expertise of their colleagues globally and providing a practical platform to access and use best-in-class AI models. Founded by dermatopathologist and digital pathology pioneer, Dr. Rajendra Singh, PathPresenter has been adopted by 45+ tier one medical institutions for clinical care, education, and research, and has built a thriving community of 50,000+ users in 172 countries to easily view and share digital pathology images and knowledge. ### Media Inquiries: Michelle Rupp 501-658-9277 or michelle@memorableresultsmedia.com PathPresenter is the global image sharing platform for pathology. We are on a mission to democratize access to the world’s pathology knowledge by connecting pathologists to the vast expertise of their colleagues globally and providing a practical platform to access and use best-in-class AI models. Founded by dermatopathologist and digital pathology pioneer, Dr. Rajendra Singh, PathPresenter has been adopted by 45+ tier one medical institutions for clinical care, education, and research, and has built a thriving community of 50,000+ users in 172 countries to easily view and share digital pathology images and knowledge. For more information visit www.pathpresenter.com. Contact Details Cory Batenchuk +1 873-355-9913 cory@pathpresenter.com Company Website https://pathpresenter.com

March 11, 2024 01:00 PM Eastern Daylight Time

Centre for Neuro Skills Promotes Dr. Stefanie Howell to Director of Research Integration

Centre for Neuro Skills

Centre for Neuro Skills (CNS), a leader in traumatic brain injury and stroke rehabilitation services, today announced the promotion of Stefanie N. Howell, Ph.D., CBIS, to director of research integration. “Stefanie has been integral to Centre for Neuro Skills’ research program, looking closely at how we can not only improve the lives of our patients but people with brain injuries everywhere,” said David Harrington, president and CEO of Centre for Neuro Skills. “I’m excited to see the outcomes of our research efforts and how this can give us new insight into improving patient care. Since joining CNS in 2016, Howell has coordinated and designed clinical research studies, written manuscripts and provided education focused on methods for facilitating recovery and maximizing patient outcomes. Howell was promoted to Senior Neuroscientist in 2022 and now oversees the integration of CNS’ original research to expand understanding of brain injury, its causes and best treatment practices in the clinical setting. CNS’ ongoing research includes: Effects of Rehabilitation Following Traumatic Brain Injury (TBI) and Stroke CNS researchers evaluate the durability of outcomes obtained during post-acute rehabilitation following stroke and TBI. This will also determine if rehabilitation outcome is associated with future occupational status, life quality, cognitive function, and overall health, including rehospitalization. Traumatic Brain Injury and the Gut Microbiome Years after a brain injury, some individuals develop a complex set of conditions that prevent them from absorbing essential amino acids. The purpose of this study is to determine if altering the diet in these individuals can change their amino acid absorption and reduce symptoms and markers of neuroinflammation. Effects Of Aerobic Exercise and Rehabilitation After Traumatic Brain Injury Exercise contributes to overall health and protects and heals the brain, but the response to exercise may change after a brain injury. Through examining exercise and how it facilitates recovery, CNS hopes to determine the individual response to exercise (and how it has changed), in order to better tailor therapy to each person. Outcome Biomarkers After Brain Injury Patients consent to providing biological samples to help identify biomarkers in blood, saliva, and other tissues that will help CNS increase diagnostic and prognostic capabilities, tailor patient care and determine how much treatment is necessary. This study will allow clinicians to foresee potential risks that may inhibit recovery and aid intervention effectiveness, allowing CNS to better evaluate current and novel therapeutic interventions. Sleep Alterations After Traumatic Brain Injury and Stroke Sleep-wake disturbances have been identified in up to 80% of those with brain injuries. Sleep problems are linked to impaired attention, decreased cognitive functioning (including memory and attention) and overall diminished response to rehabilitation. This study will determine the nature of sleep-wake disturbances post injury. Researchers may then identify whether disturbances are related to the type, location, or time since the injury, as well as the impact sleep has on outcome and responsiveness to rehabilitation. Transcranial Direct Current Stimulation (tDCS) Following Traumatic Brain Injury This is a noninvasive technique of neurostimulation, which uses low amplitude direct current to alter brain cell firing. Studies suggest that tDCS is a painless technique for electrically stimulating the brain with almost no risk of harm. This form of therapy has been studied as a treatment modality for stroke patients but there is less evidence in literature for effectiveness in treating traumatic brain injury. This project will analyze the effects of a three-week program of tDCS on motor recovery and attention/concentration in individuals following a traumatic brain injury. To learn more about CNS and its research, visit www.neuroskills.com. *** About Centre for Neuro Skills Centre for Neuro Skills is an experienced and respected world leader in providing intensive rehabilitation and medical programs for those recovering from all types of brain injury. CNS covers a full spectrum of advanced care from residential and assisted living to outpatient/day treatment. Founded by Dr. Mark Ashley in 1980, CNS has seven locations in California and Texas. For more information about Centre for Neuro Skills, visit: www.neuroskills.com, Facebook, Twitter, LinkedIn, YouTube. Media, please note: Visual assets, including photos, are available. To request an interview with CNS leadership or clinical staff, please contact Robin Carr at 415.766.0927 or CNS@landispr.com. # # # Contact Details Landis Communications Inc. Robin Carr +1 415-766-0927 cns@landispr.com Company Website https://www.neuroskills.com/

March 11, 2024 08:00 AM Pacific Daylight Time

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BenevolentAI CEO Dr Joerg Moeller discusses AI's impact on drug discovery

BenevolentAI

BenevolentAI CEO Dr Joerg Moeller tells Proactive's Stephen Gunnion how the company is positioning itself as a pioneer in AI-augmented drug discovery, aiming to enhance the success rates of drug development by identifying optimal targets early in the process. The company operates on three strategic pillars: advancing its proprietary pipeline of molecules for high medical need indications with limited treatment options, offering comprehensive drug discovery services through collaborations with notable industry partners such as AstraZeneca and Merck KGaA, and providing a Software as a Service (SaaS) platform for knowledge exploration. This multi-faceted approach not only drives BenevolentAI's scientific endeavours but also underpins its business model, which generates revenue through pipeline progression, collaboration milestones, and the innovative SaaS offering. A key example of the platform's validation is the repurposing of baricitinib, an Eli Lilly drug, for COVID-19 treatment based on BenevolentAI's insights. Dr Moeller's belief in AI's transformative potential in R&D is reinforced by the company's capabilities and the dedication of its team. Near-term milestones include anticipated results from a Phase 1a study of their lead program in ulcerative colitis, with strategic goals focusing on pipeline advancement, forging more partnerships, and exploring the viability of their SaaS model for sustainable growth. Contact Details Proactive North America Proactive North America +1 604-688-8158 NA-editorial@proactiveinvestors.com

March 08, 2024 11:01 AM Eastern Standard Time

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ImmuPharma CEO Tim McCarthy discusses financial stability and promising drug developments

ImmuPharma PLC

ImmuPharma PLC (AIM:IMM) chief executive Tim McCarthy provides an extensive update during an interview with Proactive's Stephen Gunnion, focusing on the financial, business, and portfolio developments of the company. McCarthy clarified that the company is in a strong financial position, dismissing rumours of needing a highly dilutive fundraising. He emphasized that ImmuPharma has sufficient funding for its needs, supported by a business model reliant on developing drugs to a stage attractive to larger pharmaceutical companies for further development and market introduction. This strategy, according to McCarthy, is expected to generate non-dilutive upfront payments and royalties from licensing agreements, particularly for their P140 platform focused on autoimmune diseases like lupus and CIDP (Chronic Idiopathic Demyelinating Polyneuropathy). McCarthy detailed progress on the lupus program, including changes to their clinical study approach and discussions with the FDA, highlighting the uniqueness of their molecule's mechanism of action. This uniqueness, McCarthy pointed out, has garnered interest from big pharma, distinguishing their lupus treatment from others that failed due to efficacy or side effects issues. Moreover, he announced advancements in the CIDP program and the company's intention to achieve orphan drug designation for it, promising significant market potential despite its smaller patient population compared to lupus. The CEO also touched on an early-stage anti-infective program, underscoring the evolution of ImmuPharma's drug portfolio over the last two and a half years under his leadership. This transformation involved corporate restructuring, significant cost reductions, and strategic focus on developing a diversified drug portfolio. McCarthy concluded by affirming the company's position as substantially undervalued based on its developmental and financial assets, particularly highlighting a major interest in the oncology company Incanthera, which recently secured a substantial commercial deal with AS Watson. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

March 08, 2024 09:48 AM Eastern Standard Time

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Oncimmune's strategic pivot aims for robust growth in 2024

Oncimmune Holdings PLC

Oncimmune Holdings PLC (AIM:ONC) CEO Martin Gouldstone joins Proactive's Stephen Gunnion with highlights of the company's 2023 performance, which included its strategic decision to focus on its ImmunoINSIGHTS platform. A significant development was the sale of its early lung cancer detection business to US biotech company Freenome, generating substantial funds. This capital was utilised partly to reduce existing company debt and, importantly, established a five-year master service agreement (MSA) with Freenome, guaranteeing Oncimmune a minimum of £1.3 million in service revenues on a use-it-or-lose-it basis, with a two-year break clause. This deal not only provided immediate financial benefit but also assured a steady revenue stream for at least two years. Gouldstone emphasized the company's focus on its ImmunoINSIGHTS service platform, highlighting its commercial and scientific potential. Since his tenure began in August last year, Gouldstone said he has been dedicated to maximizing the platform's commercial impact and scientific capabilities. The strategic redirection towards new commercial areas and customer segments was marked by the announcement of a new strategy in October, followed by securing seven contracts in novel commercial domains, including repeat business with large pharmaceutical companies and new engagements in biotech. These contracts span discovery and adverse event prediction in immuno-oncology, reflecting the strategic diversification efforts. With the commercial team nearing completion, Oncimmune anticipates a tangible impact on revenues towards the end of 2024, with an aim to further expand the sales team in the US by FY25. Looking ahead to 2024, Oncimmune has projected a revenue target of £3 million, marking at least a 150% increase from the previous year and setting a record high for the company's operations in Germany. This ambitious forecast underscores the company's strategic refocus, relaunch, and consolidation efforts aimed at sustaining growth and delivering improved financial performance in the coming years. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

March 08, 2024 09:35 AM Eastern Standard Time

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