(Alliance News) - Physiomics PLC on Friday said it has been awarded a grant by Innovate UK and the Office for Life Sciences as part of the UK government's 'advancing precision medicine' programme.
The mathematical modelling company that supports oncology drug development said the grant would its Predict-Onc dosing tool for chemotherapy-induced neutropenia.
The project's total costs are expected to be GBP570,651, of which Physiomics will fund GBP196,251 largely in staff salaries.
Physiomics said 70% of the costs are funded by the grant, with it receiving GBP137,376 over the course of the project, starting immediately and running until October 2025. It previously received a GBP68,00 grant from Innovate UK in March 2018 and GBP150,000 from the National Institute for Health & Care Research to fund the Partner study in March 2020.
The project will be carried out in partnership with Beyond Blood Diagnostics Ltd and Blackpool Teaching Hospitals NHS Foundation Trust.
"We are delighted to have won our fourth Innovate UK award, which we believe is a testimony to the innovative culture of our company. This grant gives us a unique opportunity to capitalise on previous grant-funded work in the personalised oncology space, as well as foster our collaboration with Beyond Blood Diagnostics Ltd, and we are looking forward to working with new partner, Blackpool Teaching Hospitals NHS Foundation Trust," said Physiomics Chief Executive Officer Jim Millen.
Shares in Physiomics were down 3.0% to 1.60 pence each in London on Friday morning.
By Greg Rosenvinge, Alliance News senior reporter
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