Early cancer diagnosis specialists Oncimmune to float on AIM

Oncimmune Holdings plc has announced its intention to float on the alternative investment market (AIM) in May 2016.

Oncimmune specialises in early cancer detection, the global market for which is forecast to grow dramatically to around $170 billion by 2020.

The company's first product EarlyCDT-Lung has achieved huge success since its launch in 2012, with around 140,000 commercial sales to date. The blood test measures the levels of seven autoantibodies that are produced by the body in response to lung cancer. Oncimmune has claimed the platform can detect lung cancer up to four years earlier than other screening methods such as chest X-ray and Spiral CT scanning.

The test is now being used by the Scottish NHS in the world's largest randomised trial for early lung cancer detection in high-risk smokers involving 12,000 participants.

"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%," said Geoffrey Hamilton-Fairley, CEO of Oncimmune.

"Our EarlyCDT platform technology is proven and we believe Oncimmune is now at an inflexion point and poised for significant growth. This IPO will enable Oncimmune to invest in the further development and commercialisation of our platform."

Oncimmune now wants to develop its EarlyCDT platform for both liver and ovarian cancer as well as expanding its geographic reach.