Cancer diagnosis specialist Oncimmune is planning to raise £11 million of funding as it targets an AIM float in May, a move that management believes could lead to the earlier detection of various cancers.

The Nottingham-based company, which could be worth £66 million if the initial public offering (IPO) progresses as planned, claims its technology can detect various cancers up to four years earlier than using other methods.

Oncimmune has already sold 140,000 tests in the US since EarlyCDT-Lung was launched across the Atlantic in 2012. The test is undergoing NHS trials in Scotland for detecting lung cancer involving 12,000 smokers.

The proceeds will move EarlyCDT-Lung into new markets, such as Asia, while the company will develop tests for other forms of the disease, such as liver and ovarian cancer.

It will also develop an auto-antibody fingerprint personalised medicine test.

Management believe the cancer detection market will be worth $170 billion in 2020, up from $100 billion in 2014.

Issue Date: 18 Apr 2016