UK's Oncimmune rises on sale of non-core units
22/05/2023 09:03
** Shares of cancer diagnosis company Oncimmune Holdings plc
ONCON.L up 5.7% at 39p; top pct gainer across London stocks
** Stock hits highest level in over two months; headed for
best day since March 3, 2023, if gains hold
** Co announces sale of its units, Oncimmune Limited and
Oncimmune Europe GmbH
** Units sold to U.S.-based Freenome Holdings for 13 mln
pounds ($16.41 mln)
** Expects to use a part of proceeds from sale to repay
existing debt facility with IPF Management
** Co enters into new debt facility with IPF for repayment
of remaining principal amount from previous IPF facility
** Also, co's unit Oncimmune Germany GmbH which operates
ImmunoINSIGHTS has onboarded Freenome as a client through a
Master Services Agreement with an overall term of five years
** Including sessions gains, stock down 31.03% YTD
($1 = 0.7923 pounds)
(Reporting By Akshita Toshniwal in Bengaluru)
((Akshita.Toshniwal@thomsonreuters.com))