ENGI.L Regulatory News (ENGI)

15 Feb 2008 11:33

Physiomics PLC15 February 2008 Physiomics plc ("Physiomics" or "the Company") Related party loan Physiomics announces the that it has secured funding of £50,000 from Billamplc, a substantial shareholder, in the form of 7% loan notes that expire on 31December 2009 but are repayable on demand. These loan notes are secured on theassets of the Company. The loan is convertible into Physiomics shares at theoption of Billam plc at the lower of 0.3p per share or a future placing price As Billam plc is a substantial shareholder, this transaction falls to bedisclosed as a related party transaction under Rule 13 of the AIM Rules forCompanies. The Physiomics directors consider, having consulted with the Company's nominatedadviser, that the terms of the transaction are fair and reasonable insofar asits shareholders are concerned. The funds that are being made available are intended to provide additionalworking capital until the Company secures additional funding which needs to takeplace by the end of March 2008. The Company has also extended the period of an unsecured loan facility of up to£100,000 from another shareholder, EiRx Pharma Limited, which has been largelyutilised, to 31 December 2009. The loan is convertible into Physiomics shares atthe option of EiRx Pharma Limited at the lower of 0.3p per share or a futureplacing price. For further information: Physiomics plc +44 (0)7747 842 446 Dr Paul Harper E-mail: drpaulharper@tiscali.co.uk Grant Thornton Corporate Finance +44 (0)20 7383 5100 Philip Secrett, Colin Aaronson About Physiomics plc Physiomics plc (AIM:PYC) is a computational systems biology services companyapplying simulations of cell behaviour to drug development to reduce the highattrition rates of clinical trials. As 80-90 per cent of all clinical drugcandidates fail to reach the market, estimates1 show that an overall ten percent improvement in success rates could reduce the cost of one drug'sdevelopment by as much as $242 million, from the current estimate of around $800million. Physiomics develops computational systems biology models to predict andunderstand cancer drug efficacy from pre-clinical research to clinicaldevelopment. Physiomics has created detailed mathematical models incorporatingmost important molecular events taking place during the human cell cycle andapoptosis processes. Physiomics developed SystemCell(R) technology, amulti-cellular environment software, which enables the simulation of populationof "virtual cells". Physiomics, based in Oxford, UK, was founded in 2001, and floated on AIM in2004. For further information, please visit www.physiomics-plc.com SystemCell(R) is a registered trademark of Physiomics plc 1Tufts Centre Impact Report 2002 This information is provided by RNS The company news service from the London Stock Exchange