(Alliance News) - Oncology consultants Physiomics PLC on Tuesday reported a slightly widened interim loss, despite revenue edging higher.
In the six months to December 31, revenue rose 5.9% to GBP343,000 from GBP324,000 a year prior.
Pretax loss widened year-on-year to GBP118,000 from GBP113,000.
The company received no research grants during the period, meaning total income was down 7.8% to GBP343,000 from GBP372,000.
Physiomics said: "The second half revenues for the last two financial years have significantly exceeded those of the first half and the board expects this trend to continue in the current financial year. Notably, in the last financial year, the majority of the company's grant income was recognised in the first half whereas in the current financial year, any grant income received would start to be recognised in the second half."
The company also said it has been awarded two further contracts with biopharma firm Bicycle Therapeutics PLC.
The firm had previously worked with Bicycle on BT1718, a programme sponsored by the charity Cancer Research UK.
Physiomics said: "Physiomics' role related to the analysis of clinical data from this trial.
"Separately, Physiomics also worked with Bicycle on the mathematical modelling of interactions between tumour and Bicycle compounds in an immune-oncology setting, which at the time of its announcement was the fourth project conducted by Physiomics in the immune-oncology space."
The contracts announced on Tuesday builds on previous work between the two firms, and will involve the analysis of a "number of Bicycle compounds". Both projects are set to be completed in the next six months.
Physiomics shares were 4.6% higher at 2.30 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Physiomics (PYC)