3 May 2024
Physiomics plc
("Physiomics" or the "Company")
Trading Update
Physiomics plc (AIM: PYC), a leading
mathematical modelling and data science company supporting the
development of new therapeutics and personalised medicine
solutions, provides the following update on current
trading.
Despite having a strong pipeline of potential
new business, several large contracts have taken longer than
expected to be signed and as a result the Company's total income
for the financial year ending 30 June 2024 ("FY24") is now expected
to fall in the range of £600k-650k.
The Company is in the final stages of
negotiation for two projects (one with an existing client and one
with a potential new client), the total value of which is expected
to be, in aggregate, approximately £350k. Whilst the Board
anticipates that the contracts for these two projects will be
signed in FY24, the majority of the revenue is now expected be
recognised in the Company's next financial year ending 30 June 2025
("FY25"), and accordingly the Board's expectations for FY25
revenues have been correspondingly increased.
The Board notes that the Company has, to date,
secured £225k of revenue in respect of FY25 which is expected to
increase to over £0.5 million on the signing of the two
aforementioned contracts.
Dr Pete
Sargent, CEO, commented:
"Whilst we
are clearly disappointed that the execution of these two large
contracts has been delayed, we have a high level of confidence that
they will be signed before the end of this financial year.
Assuming that is achieved, and taking account of the anticipated
value of these two contracts, the Company would then be going into
its next financial year with one of its highest ever levels of
signed projects."
Enquiries:
Physiomics
plc
Dr Peter Sargent, CEO
+44 (0)1235 841575
Hybridan LLP
(Broker)
Claire Louise Noyce
+44 (0) 203 764 2341
Strand Hanson
Ltd (NOMAD)
James Dance & James Bellman
+44 (0)20 7409 3494
The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
Notes to
Editor
About Physiomics
Physiomics plc combines cutting edge
PKPD and QSP modelling and data science techniques, along with deep
biology expertise, to help biotech and pharma companies streamline
their drug development journeys.
Our approach is to derive insight
from all relevant data in order to de-risk decision making and
optimise design research across discovery, pre-clinical and
clinical studies.
Through use of bespoke models and
our proprietary Virtual Tumour technology, the Physiomics team has
informed the development of over 100 commercial projects, over 50
targets and 75 drugs. Clients include Merck KGaA, Astellas, Bicycle
Therapeutics, Numab Therapeutics & CRUK.
