Oncimmune reported a pretax loss to £2.8m for the six months to 30 November 2017, from a year-earlier loss of £2.5m while revenue for the period was just £77,000, down from £114,000.
The wider pre-tax loss came as cost of sales soared more than 400% to £444,000 from just £109,000 a year ago amid an increase in the cost of kit samples provided to distributors and a general increase in the operating cost of the US central laboratory.
Geoffrey Hamilton-Fairley, CEO of Oncimmune, said: 'Oncimmune continues to make excellent progress in delivering on the potential of our platform to detect up to four years earlier than other methods based on a simple, robust, blood test - a liquid biopsy.'
'We have recently entered an exclusive distribution and product development agreement in China which includes a £10m equity investment and £15.7m in minimum royalties. We have now secured agreements for 12 countries with minimum sales commitments of £25.6m.'
'We have also entered a preliminary distribution partnership with a major US pulmonology salesforce which is progressing well and, if successful, should lead to a significant distribution agreement focused on the risk detection of indeterminate pulmonary nodules - a large and growing market.'