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Oncimmune agrees US$28mln partnership with US firm Biodesix for lung cancer test

The exclusive agreement with US group Biodesix is worth up to US$28mln over five years

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The two companies will work together on further development of the EarlyCDT test

Diagnostics group Oncimmune PLC (LON:ONC) has signed an exclusive distribution agreement in the US for its early stage lung cancer test.

The exclusive agreement with US group Biodesix is worth US$28mln over five years and will also see the two companies work together to develop further the EarlyCDT test in both the US and elsewhere.

Biodesix is acquiring Oncimmune’s US CLIA laboratory as part of the deal and will take over its operations from November.

This will materially reduce the monthly cash burn going forward, said the AIM-listed group.

Biodesix has already launched three clinical diagnostic lung tests in the US and will be fully responsible for the commercialisation of EarlyCDT Lung.

Adam Hill, Oncimmune’s chief executive, said the deal makes good on a commitment made in October to find a strategic partner in the US.

“Like us, Biodesix is committed to delivering solutions that span the continuum of care, but importantly, focuses exclusively on lung cancer. This agreement is designed to accelerate access for EarlyCDT Lung into the US market and creates a compelling new commercial partnership in lung cancer management.”

Earlier this month, Oncimmune released the results of a study of the diagnostic tool on 12,210 people in Scotland.

The EarlyCDT-Lung test was used alongside x-rays and CT scans to check for the killer disease and hit its primary endpoint of reducing the incidence of late-stage lung cancer.

Before this latest agreement, Oncimmune already had global distribution agreements in place with guaranteed revenues of at least £34.6mln.

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Price: 46.875 GBX

AIM:ONC
Market: AIM
Market Cap: £29.65 m
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