Oncimmune, a cancer detection spinout from Nottingham University, held its initial public offering on Aim, London’s alternative investment market, shortly before its CFO passed away.
The company has developed an autoantibody test that can be used for the early detection of cancer.
Though the initial public offering Oncimmune raised gross proceeds of £11m at 130p per share. This gives the company a market capitalisation of approximately £66.3m.
The company is trading under the ticker symbol of ONC.L.
As of writing the company last closed at 118p per share.
On 6 June 2016 Oncimmune reported that Robert Page, its chief financial officer and director, had died. Company secretary Andrew Millet has taken on the role of interim chief financial officer until a replacement can be found.
In 2007 Oncimmune raised £5.25m in a round led by Balderton Capital.
Geoffrey Hamilton-Fairley, chief executive of Oncimmune, said: “The early detection of cancer is a critical issue for cancer. Five-year survival for lung cancer, the biggest cancer killer, averages around 17% for all stages, but for patients diagnosed early the 5-year survival rate is as high as 90%.
“Our EarlyCDT platform technology is proven and we believe Oncimmune is now at an inflexion point and poised for significant growth. This initial public offering will enable Oncimmune to invest in the further development and commercialisation of our platform.”
