REG - Physiomics PLC - Completion of Equity Fundraise

PhysiomicsAnnouncement

27/06/2023 07:15

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RNS Number : 9704D  Physiomics PLC  27 June 2023

27 June 2023

 

Physiomics plc

("Physiomics" or "the Company")

 

Physiomics completes fundraise to fund growth opportunities

 

Physiomics plc (AIM: PYC), a leading mathematical modelling company supporting
oncology drug development and personalised medicine solutions, is pleased to
announce that it has completed a fundraise, conditional on Admission, of in
aggregate £335,000 (gross) from the issue of 33,500,000 new ordinary shares
of 0.4 pence  each ("Ordinary Shares") at an issue price of 1 penny per
Ordinary Share (the "Fundraise").

 

The Fundraise will comprise the issue of 32,500,000 new Ordinary Shares via a
placing through the Company's broker, Hybridan LLP (the "Placing"), and
1,000,000 new Ordinary Shares expected to be issued via a direct subscription
to certain Directors of the Company (the "Subscription"). The Company will
also shortly be launching a retail offering to the Company's existing
shareholders, to raise up to an additional maximum number of 15,000,000 shares
or £150,000 at the Placing price of 1 penny per new Ordinary Share.

 

The Company has made significant progress since its last placing in May 2020,
including:

·    New clients including: Numab Tx, Ankyra Tx, Ducentis BioTherapeutics,
Servier, Aleta Biotherapeutics/ CRUK, and Arjuna Therapeutics;

·    Hiring of team members: Creation of Business Development function and
recruitment of a Head of Business Development, recruitment of three new
scientific team members and the addition of two Independent Non-Executive
Directors;

·    Collaboration Agreements: Completion of PARTNER Study, re-engagement
with DoseMeRx and engagement with Inaphaea Biolabs Ltd;

·    Less Concentration Risk: Significant diversification of the pipeline
away from single large client; 48% compound annual growth of non-Merck
revenues between financial years ended 30 June 2019 and 2022; and

·    Pipeline: Discussions ongoing with over 25 largely new potential
clients regarding projects with an estimated total value of over £1.5m which
could be commenced in financial year 2024.

In order to further develop its business and accelerate growth, the Company is
raising funds to carry out activities including:

·    Further expansion and diversification of its client base;

·    Expansion of its consulting business into the adjacent area of
pharmaceutical biostatistics services; and

·    Exploration of opportunities around its personalised oncology
software offering.

 

Director Subscriptions

 

Dr Jim Millen (Executive Chairman and CEO) and Dr Christophe Chassagnole (COO)
intend to participate in the Fundraise via direct subscriptions of £5,000
each at the Placing price and, accordingly, are expected to be issued 500,000
new Ordinary Shares each. A further announcement will be made in due course
following completion of the intended Subscription.

 

Retail Offering

 

The Company is also pleased to announce that a retail offer to existing
shareholders will be shortly launched via the Winterflood Retail Access
Platform ("WRAP"), to raise up to a maximum of £150,000 (the "WRAP Retail
Offer"), through the issue of up to 15,000,000 new Ordinary Shares, at a price
of 1 penny per new Ordinary Share.

 

The proceeds of the WRAP Retail Offer will be utilised in the same way as the
proceeds of the Placing. For the avoidance of doubt, the WRAP Retail Offer is
not part of the Placing or Subscription. Completion of the WRAP Retail Offer
is conditional, inter alia, upon the completion of the Placing, but completion
of the Placing is not conditional on the completion of the WRAP Retail Offer.
The WRAP Retail Offer is conditional on the any shares subscribed for under
the WRAP Retail Offer (the "WRAP Retail Offer Shares") being admitted to
trading.

 

The Company values its shareholder base and believes that it is appropriate to
provide its existing retail shareholders in the United Kingdom the opportunity
to participate in the WRAP Retail Offer.

 

The WRAP Retail Offer is expected to close at 4.30 p.m. on 28 June 2023.

 

 

Admission and Total Voting Rights

 

Application will be made for the new Ordinary Shares to be issued pursuant to
the Fundraise and the WRAP Retail Offer Shares to be admitted to trading on
AIM and dealing is expected to commence on 3 July 2023 ("Admission"). A
further announcement regarding the enlarged issued share capital for the
purposes of the Financial Services Authority's Disclosure Guidance and
Transparency Rules  will be made following completion of the WRAP Retail
Offer and the Subscription.

 

 

Dr Jim Millen, Executive Chairman and CEO, commented:

 

"I am pleased with the response we have had to this latest fundraising and
hope that our existing shareholders will also consider participating through
the WRAP scheme.  I believe Physiomics remains well positioned to expand its
current consulting business and I'm excited at both the opportunity to expand
into adjacent fields of pharmaceutical consulting and the possibilities in the
personalised medicine space."

 

 

Enquiries:

 

Physiomics plc

Dr Jim Millen, CEO

+44 (0)1865 784 980

 

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 by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

Notes to Editor

 

About Physiomics

 

Physiomics plc (AIM: PYC) is an oncology consultancy using mathematical models
to support the development of cancer treatment regimens and personalised
medicine solutions. The Company's Virtual Tumour™ technology uses computer
modelling to predict the effects of cancer drugs and treatments to improve the
success rate of drug discovery and development projects while reducing time
and cost. The predictive capability of Physiomics' technologies have been
confirmed by over 100 projects, involving over 50 targets and 75 drugs, and
has worked with clients such as Merck KGaA, Astellas, Merck & Co and
Bicycle Therapeutics.

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