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LONDON (Alliance News) - Physiomics PLC Tuesday reported a wider pretax loss for the first half of its financial year as operating expenses rose while revenue remained flat.
The company reported a pretax loss of GBP240,000 for the six months to end-December, compared with a loss of GBP214,000 a year earlier, as revenue stayed flat at GBP131,000 while net operating expenses rose to GBP372,000, from GBP346,000.
Physiomics, which provides drug makers with computerised modelling to assist with drug discovery, particularly for cancer therapies, is looking to merge with a therapeutic oncology company, but has so far failed to find a partner. It is therefore focusing on extending its product offering to address a larger market.
"The outlook for new large pharma Virtual Tumour Clients is good. The company will now need to focus on managed growth of projects and staff, while maintaining dialogue with key interested parties with a view to accelerating our growth through strategic M&A," it said.
Physiomics shares were down 1.1% at 0.0643 pence midday Tuesday.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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