RE: Pyc25 Apr 2018 00:13
Chairman and Chief Executive Officer's Statement
Introduction
The Company has consolidated its position during the first year of Dr Jim Millen's tenure as CEO and invested in talent development, business development, extending the relationship with a major client and the diversification into the personalised medicine space.
The Company has had significant success in maintaining and extending its relationship with a major pharma client and established or re-established contact with more than fifty potential clients (in some cases past clients) over the course of the year. The Directors believe that leveraging the Company's capabilities and technology into the related discipline of personalised medicine will, if successful, create significant shareholder value.
The key areas of focus for the Company are outlined in this statement and explored further in the Strategic Report.
Modelling and simulation utilising Virtual Tumour Clinical
The Company's main commercial revenue driver continues to be the Virtual Tumour ("VT") predictive software and its development to allow predictions in the clinical space. This will remain the focus for commercial pharmaceutical and biotech clients although other services continue to be sold opportunistically. In particular, the Company has invested significant effort to deepen its relationship with a major client and, as previously announced, is in an active term sheet discussion on a deal that would, if successful, deliver substantial revenues over a multi-year period.
Exploration of collaborations with other service providers
Although the Directors believe the Company has a unique offering, it clearly has fewer opportunities to develop new business than broader based companies (e.g. contract research organisations) which offer services across a spectrum of R&D activity. On the other hand, we do not believe these companies have our capability in the oncology predictive modelling space. As a result, the Company has explored the potential for collaboration with other such service providers and will continue to do so in its next financial year.
Personalised medicine
The personalised medicine initiative is aimed at improving the successful treatment of cancer patients, turning dosing and management from being an art form to being a science. Following the Company's early success in winning a competitive Innovate UK grant in this space and encouraging results from its feasibility project (due to complete in January 2018), the Company has identified other non-dilutive funding opportunities in this space and intends to pursue these where appropriate. There appears to be a significant level of investor and government interest in developing technologies in this area.
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