Oncimmune Holdings plc is seeking emergency funding to extend its cash runway beyond April.
The Leeds-headquartered MedTech – led by CEO Martin Gouldstone, a veteran of Sensyne Health, Syneos, BenevolentAI and BDO – has enlisted consultancy firm Alvarez & Marsal to find potential partners and investors.
It has a discovery research centre in Dortmund, Germany and a US office in Cambridge, Massachusetts.
Oncimmune’s share price has fallen from above 14p per share at the start of the year to 2.24p at the time of writing today (8.30am).
The autoantibody profiling company, which is developing techniques to enable precision medicine treating diseases including cancer, noted the recent fall in share price.
“The company has been exploring strategic partnerships and business synergies to build its critical mass, whilst in parallel seeking additional financing to extend its limited cash runway in light of the slower than expected conversion of certain contracts,” it stated to the London Stock Exchange.
“The company has appointed Alvarez & Marsal to undertake a targeted outreach to potential partners and investors for the company’s trading subsidiary. The company is also in active discussions with existing investors and with brokers regarding a fundraising with the intention of raising sufficient capital to extend its cash runway beyond April 2025.”
Oncimmune said it remains confident in its long-term prospects and cited 11 live projects under discussion with a potential value of over £1.8m, alongside a number of “significant strategic collaborations and transformative contracts”.
“Whilst there is no certainty as to the value and timing of such contracts, they would, if they proceed, materially impact Oncimmune’s financial performance,” it added.