(Sharecast News) - Oncology consultancy Physiomics announced on Thursday that its existing client, Merck, has committed to an initial tranche of projects for 2021 with a total value of £0.27m.
The AIM-traded firm said the projects were expected to be completed during the first six to eight months of the next calendar year, and would span a range of drug targets and treatment types in both pre-clinical and clinical settings.
As had been the case in 2020, the board of Physiomics said it expected further contracts to be signed with Merck next year, to bring the total anticipated revenue derived from Merck for 2021 to at least that seen in previous years.
Although the total expected value of such further contracts could not be known with certainty, the company said the initial order was greater than the £0.25m announced in December 2019, with the directors expecting its strong relationship with the client to continue.
"We're delighted that we'll be continuing our long-term program of work with Merck to provide predictive modelling services using our continuously evolving Virtual Tumour technology and with a particular focus on clinical translation," said chief executive officer Dr Jim Millen.
"These initial contracts for 2021, provide a great base upon which to build and we expect further projects to be signed over the course of the full year."
At 1338 GMT, shares in Physiomics were up 3.52% at 5.59p.
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