(Alliance News) - Physiomics PLC shares fell on Monday, after it named Chief Operating Officer Peter Sargent as new chief executive, as Jim Millen becomes non-executive chair.
Physiomics is a mathematical modelling company that supports oncology drug development.
Its shares were down 11% to 1.61 pence each in London on Monday afternoon. Over the last 12 months, the stock is down 60%.
Physiomics' Chief Operating Officer Peter Sargent has been named as the company's new chief executive.
Sargent joined the company in September last year as COO. Physiomics said he has "quickly proved invaluable in helping to drive the company's business development agenda, supporting the technical team and developing our overall strategy."
Meanwhile, Physiomics said Jim Millen has been appointed as non-executive chair.
Millen has acted as executive chair & CEO of Physiomics since February 2022.
Over the past five months, the company said he has worked closely with Sargent.
It added that he will "remain closely involved with the company" and "will be available as needed to provide additional support to the executive team during the transition period and on an ongoing basis."
This move, Physiomics said, has completed a restructuring of its leadership team.
By Sophie Rose, Alliance News senior reporter
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Physiomics (PYC)