Sequencing and biotech names dominated a strong session for the sector, led by Oxford Nanopore's sharply improved half-year figures and a fresh licensing windfall that lifted full-year guidance. Smaller names also delivered: Nuformix posted encouraging preclinical data for its lung fibrosis candidate, while Scancell secured UK regulatory clearance to advance its melanoma immunotherapy into a pivotal Phase 3 trial.
Oxford Nanopore narrows losses on path to 2027 breakeven
Oxford Nanopore Technologies (LSE:ONT) reported revenue of £116.7 million for the six months to 30 June, up 10.5% on a reported basis and 12.3% at constant currency, as the molecular sensing group pushed further toward profitability. The shares jumped 13.99% to 139.3p on the update, which showed gross margin rising 400 basis points to 62.2% and the adjusted EBITDA loss narrowing to £22.1 million from £48.3 million a year earlier.
Growth was led by EMEA and India, up 23.8% at constant currency, and the Americas, up 12.5%, offsetting an 8.4% decline in Asia-Pacific driven by a 15.7% drop in China. Clinical revenue climbed 35.4% and BioPharma 25%, while the PromethION range grew 15.7% on strong demand for the P2 instrument. The overall loss for the period fell to £48 million from £71.8 million, though cash and liquid investments dropped to £234.5 million from £302.8 million at December's close, reflecting a seasonal working capital outflow that included £25.7 million of bonus payments.
"These results demonstrate the impact of improving gross profit and disciplined cost control and show that we are tracking well towards adjusted EBITDA breakeven in FY27," said Francis Van Parys, chief executive of Oxford Nanopore.
The company held full-year guidance at 16-20% constant-currency growth but lifted it to 23-27% once a new $20 million licensing fee from a global diagnostics agreement signed after the period end is included, and it set a fresh target of more than $700 million in revenue by 2030 with adjusted EBITDA margin above 15%. Dr Julie Simmonds at Panmure Liberum called the interims in line with expectations, keeping a Hold rating and 170p target, and pointed to the shift toward a more commercially focused business as the main route to closing Oxford Nanopore's valuation discount to peers, while flagging execution risk on strategy delivery as the key variable in how quickly that gap narrows.
Nuformix posts positive preclinical data for lung fibrosis drug
Nuformix (LSE:NFX), which develops drug-repurposing treatments for fibrosis and oncology, reported positive results from a preclinical study of NXP002, its lead inhaled candidate for idiopathic pulmonary fibrosis and related lung diseases. Shares rose 35.71% to 0.19p following the announcement. The study followed a placing announced on 11 March and was designed to generate data both for further development and to answer questions raised by prospective licensing partners.
Researchers confirmed NXP002 can be nebulised across a wide dose range and demonstrated substantial, dose-related pulmonary exposure, reaching lung concentrations within the range the company expects to provide pharmacological activity based on earlier studies in human IPF lung tissue. The drug also attenuated bleomycin-induced expression of alpha-smooth muscle actin, a biomarker tied to the fibrotic lung phenotype, across all doses tested, evidence the company describes as surrogate proof of target engagement in vivo. "The programme was designed both to advance NXP002 and to address specific questions raised through our discussions with prospective partners," said Dan Gooding, director at IFC Advisory Limited.
The data package directly addresses the concerns of potential licensing partners, positioning Nuformix to pursue partnership discussions from a stronger evidentiary base as it works to monetise NXP002 without shouldering the full cost of clinical development alone.
Scancell wins MHRA clearance for Phase 3 melanoma trial
Scancell Holdings (AIM:SCLP) has secured Clinical Trial Authorization from the UK's Medicines and Healthcare Products Regulatory Agency for the Phase 3 registrational trial of its lead ImmunoBody, iSCIB1+, in advanced melanoma. Shares edged up 0.44% to 9.5417p as the clinical-stage immuno-oncology company cleared a key regulatory hurdle for its most advanced asset.
The randomised, double-blind, placebo-controlled trial will enrol 550 patients with stage III or IV unresectable melanoma across roughly 90 sites in the US, EU, UK, Canada and Australia, with patients randomised 1:1 to receive either 8mg of iSCIB1+ alongside the checkpoint inhibitors ipilimumab and nivolumab, or placebo with the same combination. Progression-free survival is the primary endpoint, designed to support accelerated approval, while overall survival as a secondary endpoint is intended to underpin a full approval application, building on results from the earlier Phase 2 SCOPE trial. "The MHRA CTA for the Phase 3 trial of our lead asset iSCIB1+ in patients with advanced melanoma is an important milestone bringing us one step closer to delivering iSCIB1+ to patients in a global registrational trial setting," said Dr Phil L'Huillier, chief executive of Scancell.
Clearance from a major regulator moves Scancell's flagship programme into pivotal-stage development, a milestone that strengthens the company's negotiating position with potential partners and marks a meaningful de-risking step for its most advanced immunotherapy candidate.
