Physiomics Regulatory News (PYC)

27 June 2023

Physiomics plc

("Physiomics" or "the Company")

Physiomics completes fundraise to fund growth opportunities

Physiomics plc (AIM: PYC), a leading mathematical modelling company supporting oncology drug development and personalised medicine solutions, is pleased to announce that it has completed a fundraise, conditional on Admission, of in aggregate £335,000 (gross) from the issue of 33,500,000 new ordinary shares of 0.4 pence each ("Ordinary Shares") at an issue price of 1 penny per Ordinary Share (the "Fundraise").

The Fundraise will comprise the issue of 32,500,000 new Ordinary Shares via a placing through the Company's broker, Hybridan LLP (the "Placing"), and 1,000,000 new Ordinary Shares expected to be issued via a direct subscription to certain Directors of the Company (the "Subscription"). The Company will also shortly be launching a retail offering to the Company's existing shareholders, to raise up to an additional maximum number of 15,000,000 shares or £150,000 at the Placing price of 1 penny per new Ordinary Share.

The Company has made significant progress since its last placing in May 2020, including:

· New clients including: Numab Tx, Ankyra Tx, Ducentis BioTherapeutics, Servier, Aleta Biotherapeutics/ CRUK, and Arjuna Therapeutics;

· Hiring of team members: Creation of Business Development function and recruitment of a Head of Business Development, recruitment of three new scientific team members and the addition of two Independent Non-Executive Directors;

· Collaboration Agreements: Completion of PARTNER Study, re-engagement with DoseMeRx and engagement with Inaphaea Biolabs Ltd;

· Less Concentration Risk: Significant diversification of the pipeline away from single large client; 48% compound annual growth of non-Merck revenues between financial years ended 30 June 2019 and 2022; and

· Pipeline: Discussions ongoing with over 25 largely new potential clients regarding projects with an estimated total value of over £1.5m which could be commenced in financial year 2024.

In order to further develop its business and accelerate growth, the Company is raising funds to carry out activities including:

· Further expansion and diversification of its client base;

· Expansion of its consulting business into the adjacent area of pharmaceutical biostatistics services; and

· Exploration of opportunities around its personalised oncology software offering.

Director Subscriptions

Dr Jim Millen (Executive Chairman and CEO) and Dr Christophe Chassagnole (COO) intend to participate in the Fundraise via direct subscriptions of £5,000 each at the Placing price and, accordingly, are expected to be issued 500,000 new Ordinary Shares each. A further announcement will be made in due course following completion of the intended Subscription.

Retail Offering

The Company is also pleased to announce that a retail offer to existing shareholders will be shortly launched via the Winterflood Retail Access Platform ("WRAP"), to raise up to a maximum of £150,000 (the "WRAP Retail Offer"), through the issue of up to 15,000,000 new Ordinary Shares, at a price of 1 penny per new Ordinary Share.

The proceeds of the WRAP Retail Offer will be utilised in the same way as the proceeds of the Placing. For the avoidance of doubt, the WRAP Retail Offer is not part of the Placing or Subscription. Completion of the WRAP Retail Offer is conditional, inter alia, upon the completion of the Placing, but completion of the Placing is not conditional on the completion of the WRAP Retail Offer. The WRAP Retail Offer is conditional on the any shares subscribed for under the WRAP Retail Offer (the "WRAP Retail Offer Shares") being admitted to trading.

The Company values its shareholder base and believes that it is appropriate to provide its existing retail shareholders in the United Kingdom the opportunity to participate in the WRAP Retail Offer.

The WRAP Retail Offer is expected to close at 4.30 p.m. on 28 June 2023.

Admission and Total Voting Rights

Application will be made for the new Ordinary Shares to be issued pursuant to the Fundraise and the WRAP Retail Offer Shares to be admitted to trading on AIM and dealing is expected to commence on 3 July 2023 ("Admission"). A further announcement regarding the enlarged issued share capital for the purposes of the Financial Services Authority's Disclosure Guidance and Transparency Rules will be made following completion of the WRAP Retail Offer and the Subscription.

Dr Jim Millen, Executive Chairman and CEO, commented:

"I am pleased with the response we have had to this latest fundraising and hope that our existing shareholders will also consider participating through the WRAP scheme. I believe Physiomics remains well positioned to expand its current consulting business and I'm excited at both the opportunity to expand into adjacent fields of pharmaceutical consulting and the possibilities in the personalised medicine space." 

Enquiries:

Physiomics plc

Dr Jim Millen, CEO

+44 (0)1865 784 980

Hybridan LLP (Broker)

Claire Louise Noyce

+44 (0) 203 764 2341

Strand Hanson Ltd (NOMAD)

James Dance & James Bellman

+44 (0)20 7409 3494

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

Notes to Editor

About Physiomics

Physiomics plc (AIM: PYC) is an oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions. The Company's Virtual Tumour™ technology uses computer modelling to predict the effects of cancer drugs and treatments to improve the success rate of drug discovery and development projects while reducing time and cost. The predictive capability of Physiomics' technologies have been confirmed by over 100 projects, involving over 50 targets and 75 drugs, and has worked with clients such as Merck KGaA, Astellas, Merck & Co and Bicycle Therapeutics.