Physiomics makes 'good progress' towards objectives

(ShareCast News) - Physiomics announced on Wednesday that it is making good progress towards the strategic objectives announced in its most recent full year results, posted on 27 October 2016.The AIM-traded firm announced an initial payment by Sareum on 5 December, for modelling carried out by the company in 2010 to support the identification of an optimal combination regime of a Chk1 inhibitor and a DNA-targeting chemotherapy using the pre-clinical version of the company's 'Virtual Tumour' technology.It said the payment was triggered by a number of pre-conditions including the announcement by Sareum on 27 September that its partner, the CRT Pioneer Fund, licensed exclusive worldwide rights for a Chk1 inhibitor cancer drug candidate CCT245737 - to be renamed PNT737 - to ProNAi Therapeutics.On 6 January, the company confirmed the award of a substantial Innovate UK Grant in the field of personalised medicine whose provisional award had previously been announced on 22 November.The project is titled 'Decision Support Systems For Stratified Cancer Treatment'.In line with Physiomics' strategic objective to explore the personalised medicine market set out in its full year results, the board said the objective of the project is to create a prototype decision support system to improve cancer care by helping medical professionals make treatment decisions based on patient specific data."The company continues to work with a number of existing clients on pre-clinical and clinical projects," the board said in a statement."In particular, it remains engaged with Merck Serono on a project using the Physiomics' Virtual Tumour Clinical."The Company is in active dialog with existing and new clients regarding extensions and new projects."Physiomics added that it is participating in the Biotech Showcase partnering conference in San Francisco from 9-11 January."During this week in San Francisco most of the world's most successful biotech and pharmaceutical companies attend either this conference or the JP Morgan Healthcare conference that takes place annually at the same time and location."Physiomics has confirmed meetings with a significant number of companies with oncology pipelines."Its board said it anticipates that in the first half of the current financial year, revenues will be broadly in line with the comparable period last year."Looking forward, the company expects that in the second half of its financial year, revenues will be at least in line with the comparable period in the previous year."The company will provide a further update later in the current quarter when it publishes its half year results for the current financial year."