GCIOncimmune secures $0.7m contract with major pharma for immune disease research
Another day, another contract for leading autoantibody profiling firm () whose proprietary ImmunoINSIGHTS platform helps the biopharma industry develop, test, and improve their drugs.
Indeed, coming hot on the heels of signing one of its largest ever orders ($1.5m or £1.16m) on 9th Aug'24, this morning the company unveiled another agreement with a top 10 biopharma group - this time for $0.7m under a master services agreement, which aims to identify biomarkers related to a rare immune disease.
Here the project will use an array of >1,000 antigens run on Oncimmune's high-throughput, bead-based system, in order to analyse over 500 blood/tissue samples.
CEO Martin Gouldstone commenting: "I continue to be pleased with the commercial progress we are making, especially in terms of the increasing scale of the projects we are winning with major customers. Our recent wins show that our strategy is working and I am confident that we are in a strong position to meet our targets for FY24 and reach profitability in FY25."
Although today's contract does not change market expectations, it does nonetheless further underpin Cavendish's (house broker) FY25 sales target of £6.9m. That is impressively >140% higher than est FY'24 turnover of £2.8 LY, and another 140% above FY'23 levels (£1.15m).
Momentum is building.
Finally, regarding valuation at 17.5p (£13m mrkcap), the stock trades on modest multiples of 2.5x FY25 EV/sales and 11.6x EV/EBITDA. Cavendish has a target price of 50p/share.
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