LONDON (Alliance News) - Physiomics PLC on Tuesday said it has completed its Innovate UK grant project and created a tool that can use routine blood tests to determine drug dosages for prostate cancer patients.
Shares in Physiomics were down 7.8% at 3.55 pence in afternoon trading.
Physiomics provides technology-based products which help predict the effects of different cancer treatment regimens. It received a total of GBP68,000 from Innovate UK over the project's course, an amount which covers the expected project costs.
The project was titled Prostate Cancer Chemotherapy Precision Dosing and involved the creation of a tool that uses blood tests to predict the toxicity and efficacy of a drug dose for an individual patient. The tool is intended to prevent either too much or too little of the drug being given, improving efficiency and reducing toxicity.
Physiomics is now looking into the possibility of getting the tool approved as a medical device, though the tool would almost certainly require more clinical validation before it could be commercialised. However, the company noted the tool could be used earlier in a research setting, which presents the possibility of near-term revenue.
"In support of the commercialisation of the tool, the company is approaching potential strategic partners, clinical collaborators and grant providers with a view to generating the support required to progress this exciting opportunity. Whilst there is no guarantee that this project will progress, a further update will be provided in the second half of this calendar year if there are any further developments," said Physiomics.
Physiomics (PYC)