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LONDON (Alliance News) - Physiomics PLC Wednesday said that interest in its Virtual Tumour platform "suggest that the next period will be an exciting one in the development of Physiomics", as it posted a slightly narrowed loss in its year to end-June.
The company posted a pretax loss of GBP464,252, narrowed slightly from GBP543,791 a year before, as revenue rose to GBP267,903 from GBP240,000.
Physiomics is working on commercialising what it considers its tent-pole product, the Virtual Tumour Clinical platform, a technology that uses a mathematical model to predict the growth of tumours.
During the period the company saw a "large degree" of interest from customers and potential customers for the service, it said. Physiomics noted that the product can be used to design a clinical study, and given the "high cost and subsequent consequences arising from a failed clinical trial", if it can show that its predictive technology can improve the chances of a success, customers are "likely to progressively adopt the new paradigm".
During the period Physiomics delivered two case studies validating the platform, and won further pre-clinical projects from its existing larger pharmaceutical company customer base.
It has continued discussions with partners about increasing the scope of its business via merger or acquisition, and began discussions with an undisclosed software provider to determine if part or all of Virtual Tumour could be sold as part of their offering.
Following the year end the company won a large pharma project to model immunomodulatory agents using Virtual Tumour, which it believes if successful will lead to further interest in the platform.
"Interest from large software providers in the Virtual Tumour platform, the launch of our first web-based models and the continued search for the right M&A deal suggest that the next period will be an exciting one in the development of Physiomics," the company said in a statement.
Shares in Physiomics are trading down 9.3% at 0.136 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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