Oncimmune, a precision medicine company based in Leeds, has fallen into administration.
It follows attempts by the business to sell its German trading subsidiary and a failure to raise additional capital required to meet the company’s short term funding needs.
Oncimmune has concluded that there are no further options available to extend its cash runway and that the firm should therefore be placed into administration.
In a statement Oncimmune said: “Despite a comprehensive sale process and positive interest in the business it has unfortunately not been possible to secure a buyer for the Company’s trading subsidiary, Oncimmune Germany GmbH. It has also not been possible to raise the additional capital required to meet the Company’s short term funding needs.
“In light of this, and after extensive consideration of the Company’s current financial situation as well as the resulting creditor position, the Board has regrettably concluded that there are no further options available to the Company to extend its cash runway and that the Group should therefore be placed into administration in order to preserve the value of the business for creditors.
“Accordingly, a notice will be filed with the Court today notifying the directors’ intention to appoint Managing Directors from Alvarez & Marsal Europe LLP as administrators of the Company as soon as reasonably practicable.
“Consequently, the Company has requested a suspension in the trading of its ordinary shares on AIM, which will become effective from 7.30am on 17 March 2025.”
