# Oncimmune Holdings plc Funding to accelerate further commercialisation of Oncimmune’s lead products

- Link: https://www.directorstalkinterviews.com/oncimmune-holdings-plc-funding-to-accelerate-further-commercialisation-of-oncimmunes-lead-products/412793335
- Published: 2019-09-20T07:21:49+01:00
- Author: Giles Arbor

**Oncimmune Holdings plc** (LON: ONC), a leading global immunodiagnostics group,
today announced today that it has secured a credit facility of €8.5 million with
IPF Management SA.

Under the terms of the Facility, 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, although it can be repaid early.

The Company intends to use the net proceeds from the Facility to drive commercial
adoption of EarlyCDT® Lung, which we aim to accelerate following the recent announcement
of successful results of the ECLS study at the World Conference on Lung Cancer 2019,
Barcelona; bring to market other potential EarlyCDT indications as well as progressing
current regulatory processes for EarlyCDT Liver. The Facility will also be used 
to provide business development resource for Protagen Diagnostics for which we are
seeing strong demand for its services.

The Facility will fund the Company into 2021, giving the Company a solid runway 
to drive the commercialisation of its products and services.

The Facility is interest-only for the first 12 months, with principal repayments
commencing thereafter. It is secured by fixed and floating charges over the assets
of the Group and may be repaid at any time, subject to early repayment fees. The
interest rate is 9% per annum over 3-month EURIBOR (subject to a floor of 0%) and
is payable quarterly.

The Company has also issued to IPF a warrant, exercisable for seven years, to subscribe
for 2,036,015 new ordinary shares of £0.01 in the Company at 87p calculated as a
5% discount to the 30-day average closing share price immediately prior to the date
of the Facility.

**Dr. Adam Hill, Oncimmune Holdings plc Chief Executive Officer commented: **

> “Last year we laid out our paths to value to accelerate growth and have been executing
> against this. 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.
> “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.”

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