REG - Physiomics PLC - Trading Update

PhysiomicsAnnouncement

23/05/2023 07:00

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RNS Number : 2573A  Physiomics PLC  23 May 2023

23 May 2023

 

Physiomics plc

("Physiomics" or "the Company")

 

Trading update

 

Physiomics plc (AIM: PYC), the oncology consultancy using mathematical models
to support the development of cancer treatment regimens and personalised
medicine solutions, would like to update the market on current trading.

Due to unforeseen delays in data delivery to Physiomics for contracted
projects and the signing of a project with a potential new client, the
Company's total income for the financial year ending 30 June 2023 is likely to
be more than 10% lower than the £750k stated in its previous guidance
announced on 4 April 2023.  The Board now expects that total income for this
period will be approximately £660k.  The delayed contracted projects are
still expected to completed in and contribute to our income for the next
financial year ending 30 June 2024.  The Board also expect the potential new
client project to be signed this calendar year, although this cannot be
guaranteed.

 

Executive Chairman & CEO, Dr Jim Millen, commented:

"Despite a significant and unanticipated reduction in demand from one large
client this financial year, the progress we've made in diversifying our
portfolio of clients has partially offset the effects.  There remains a
strong interest in modelling and simulation services driven by the
expectations of regulators and I believe that we are well positioned to take
advantage of interest generated by recent activities, such as our Project
Optimus webinar and podium presentation at AACR which could add significant
value from FY24 onwards."

 

 

 

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

 

This announcement is released by Physiomics plc and contains inside
information for the purposes of Article 7 of the Market Abuse Regulation (EU)
596/2014 (MAR), and is disclosed in accordance with the Company's obligations
under Article 17 of MAR.

 

 

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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