LONDON (Alliance News) - Physiomics PLC on Tuesday set out three "strong" strategic objectives, including the acquisition of its own oncology assets, as it said that losses narrowed in its last financial year.
The company's pretax loss narrowed to GBP414,451 in the year to June 30 from GBP464,252 the prior year, as lower operating expenses more than offset a fall in revenue.
Setting out its objectives, Physiomics said it wants to devlop its Virtual Tumour business, accelerate its cardiotoxicity offering through an alliance, and "rapidly accelerate the value proposition" by acquiring oncology assets of its own.
"While the service business remains a strong proposition for growth, it is the belief of the directors that the greatest chance of maximising the value of the company for shareholders will come from owning and developing our own oncology assets through early clinical trials to the point at which the efficacy is clear enough to do licensing deals with pharmaceutical companies," Chairman Paul Harper and Chief Executive Mark Chadwick said.
Shares in Physiomics were down 8.9% at 0.0501 pence on Tuesday late morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Physiomics (PYC)