REG - Physiomics PLC - Completion of Placing & WRAP Retail Offer Launch

PhysiomicsAnnouncement

03/07/2024 07:00

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RNS Number : 8800U  Physiomics PLC  03 July 2024

3 July 2024

 

Physiomics plc

("Physiomics" or the "Company")

 

Physiomics completes Placing to fund growth opportunities

Launch of WRAP Retail Offer

 

 

Physiomics plc (AIM: PYC), a leading mathematical modelling and data science
company supporting the development of new therapeutics and personalised
medicine solutions, is pleased to announce that it has completed a placing,
conditional on Admission, of, in aggregate, approximately £381,417 (gross)
from the issue of 63,569,573 new ordinary shares of £0.004 each (the "Placing
Shares") at an issue price of £0.006 per Placing Share (the "Placing Price")
through the Company's broker, Hybridan LLP (the "Placing"). The Placing Price
represents a discount of approximately 50 per cent. to the mid-market closing
price of an ordinary share on 2 July 2024 (being the latest practicable date
prior to this announcement).

 

The Company will also shortly be launching a retail offering to the Company's
existing shareholders to raise up to an additional maximum of £25,000 by way
of the issue of a further 4,166,667 new ordinary shares of £0.004 each (the
"WRAP Retail Offer Shares") at the Placing Price of £0.006 per WRAP Retail
Offer Share.

 

The Company has made significant progress since its last placing in June 2023,
including:

·    Dr Peter Sargent being appointed CEO in January 2024 and
restructuring of the Board and operating staff to better position the business
for growth.

·    Increased investment in business development and marketing,
culminating in a peak pipeline value at over £1.5m (unweighted) as announced
on 7 March 2024, a record year (FY2023/24) for total value of new contracts
won, and over £500k of revenue already contracted for next year (FYE 2025),
with additional revenue contracted into the following two years (FYE 2026 and
2027).

·    Continued diversification of the pipeline and service offering,
supporting clients upstream in discovery with data science services and in
therapeutic areas outside oncology.

·    Internal biostatistics capability build through organic means and
exploration of acquisition opportunities.

·    Award of an Innovate UK grant ("Innovate") (total project value
£570k; Physiomics share £196k of which £137k funded by Innovate) to further
develop personalised dosing tools.

·    Agreement with US partner DoseMeRx to implement Physiomics' tool on
their newly launched platform and setup of a trial across US sites to further
develop the tool.

 

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

·    Recruitment of a Head of Mathematical Modelling Service Line to
accelerate conversion of the pipeline and drive operational excellence.

·    Further investment in Business Development and Marketing to build and
strengthen the pipeline, expand into new therapeutic areas, develop its data
science offering and launch its biostatistics offering.

·    Build a biostatistics capability, including team expansion,
development of processes, acquisition of necessary tools and exploration of
strategic options.

·    Implementation of the personalised dosing tool on the DoseMeRx
Platform, enabling it to be available to clinicians across the US and deliver
on a study in partnership with DoseMeRx to further develop the tools H-CSF
functionality.

 

Retail Offering:

 

The Company is pleased to announce that a retail offer to existing
shareholders will be shortly launched via the Winterford Retail Access
Platform ("WRAP"), to raise up to an additional maximum of £25,000 (the "WRAP
Retail Offer"), through the issue of up to 4,166,667 new Ordinary Shares, at a
price of £0.006 per WRAP Retail Offer 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. 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 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 its fundraising.

 

The WRAP Retail Offer is expected to close at 4:30 p.m. on 4 July 2024.

 

 

Admission and Total Voting Rights

 

Application will be made for the Placing Shares to be issued pursuant to the
Placing and the WRAP Retail Offer Shares pursuant to the WRAP Retail Offer to
be admitted to trading on AIM and dealing is expected to commence on or around
9 July 2024 ("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 Placing and the WRAP Retail Offer.

 

 

Dr Peter Sargent, 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 Retail Offer.  I believe Physiomics has made significant changes
over this last year which now positions the business for growth. FY2023/24 was
a record year for the company for the highest ever total value of new
contracts won.  As we start our new financial year, that momentum is
continuing with the highest level of revenue already contracted.  This latest
round of capital will provide us with the foundations to execute on that
pipeline and allow for further revenue growth".

 

 

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

 

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.

 

 

 

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