(Alliance News) - Physiomics PLC on Monday said its annual performance will fall short of market expectations, as the oncology consultant was hit by Covid-19-related project delays.
The Oxford-based firm expects a post-tax loss between GBP170,000 and GBP200,000 for the year ending June 30, so widened from GBP64,424. Total income - which comprises of revenue and grants - is expected to land between GBP700,000 and GBP800,000, at best a 4.9% fall from GBP841,649.
Physiomics said its performance will be "below market expectations and due to both Covid-related project delays and to an increased focus on longer-term value-generating activities".
"Although the biotech and pharma industries have not been impacted by Covid to the same extent as many other industries, the precautions taken by hospitals to reduce patient exposure to Covid-related risks has meant a number of trials either being suspended or experiencing slower recruitment," the company said.
"This has impacted the company both in terms of delays to its own personalised PARTNER dosing study and associated National Institute for Health Research funding and due to delays in client trials that have led to data being received by the company later than expected."
Shares in the company were 9.7% lower at 5.78 pence each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Physiomics (PYC)