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Physiomics Secures Contract Extension With Existing Client Merck

Thu, 05th Mar 2020 13:57

(Alliance News) - Oncology-focused research and development services provider Physiomics PLC on Thursday said it has been awarded a further contract by Merck KGaA.

The financial details of the deal was not disclosed.

The Oxford-based company said the contract is an extension of one of the projects previously awarded by the German pharmaceutical company.

In November, Physiomics said Merck & Co Inc committed to an initial tranche of projects for 2020, with a combined value of GBP250,000. It added that the projects - expected to be completed during the first six to eight months of 2020 - will encompass a range of drug targets and treatment types in both pre-clinical and clinical settings.

The newly-awarded contract is expected to complete in the next six months.

"We are delighted that the new arrangement with our long-standing client, Merck, appears to be working well, having already added our first additional project to those announced in December. We look forward to the possibility of further new projects as the year progresses," said Physiomics Chief Executive Jim Millen.

The stock was trading 4.1% lower at 2.30 pence each on Thursday afternoon in London.

By Ife Taiwo; ifetaiwo@alliancenews.com