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LONDON (Alliance News) - Computational biology systems company Physiomics PLC on Thursday said its pretax loss widened in a year in which it underwent a restructuring as part of its development of a new strategy.
Physiomics reported a pretax loss of GBP431,426 for the year ended June 30, widened from GBP414,451 the prior year, despite revenue rising to GBP297,120 from GBP235,486.
This came as both share-based compensation and operating exceptional costs rose in the year to GBP37,233 and GBP22,947, respectively. A year earlier, Physiomics had incurred share-based compensation of GBP19,426 and no operating exceptional costs.
Net operating expenses also rose to GBP668,501 from GBP630,815 a year earlier.
Physiomics said its restructuring included the appointment of new Chief Executive Jim Mullen during the year and new Head of Finance Anthony Clayden.
The company said it discussed with investors the alternatives of either focusing entirely on funding the core modelling and simulation business, or doing this in combination with the acquisition of the company's own drug development pipeline.
"There was an appetite for both strategies but with a bias in favour of exploiting our modelling and simulation capabilities in the near term," the company said.
As such, Physiomics said it decided not to proceed with the proposed acquisition of BioMoti Ltd and plans to instead concentrate on developing its business pipeline.
The group said it was currently assessing the feasibility of developing a software tool to determine which cancer treatment to provide to which groups of patients and said it was in talks with leading clinicians and collaborators regarding required data to input into its proposed software. Physiomics said it was seeking grant funding to develop a prototype software tool.
Shares in Physiomics were down 4.8% at 0.0238 pence on Thursday afternoon.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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