LONDON (Alliance News) - Biology services company Physiomics PLC saw its shares surge Tuesday after it said it has signed its first contract to develop its virtual tumour model with the biopharmaceutical arm of Germany drug company Merck KGaA.
Physiomics said revenue from the contract will fall in its current financial year to the end of June and in its 2016 financial year and is in the region of the total value of all Physiomics sales for the year to the end of June last year. Last year, the company reported total sales of GBP267,903.
The contract will run for 14 months and will see scientists from Physiomics working with Merck Serono scientists to develop and calibrate a virtual tumour model which can predict optimal combination partners for both marketed and pipeline drugs.
"This represents the most significant deal in Physiomics' history. We have contracted with the first global pharmaceutical company to use our Virtual Tumour Clinical model," said Chief Executive Mark Chadwick.
Shares in Physiomics shot higher on the news, up 74% to 0.1649 pence to be comfortably the best performer in the AIM All-Share index.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Physiomics (PYC)