Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPhysiomics Regulatory News (PYC)

Share Price Information for Physiomics (PYC)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 1.30
Bid: 1.20
Ask: 1.40
Change: 0.00 (0.00%)
Spread: 0.20 (16.667%)
Open: 1.30
High: 1.30
Low: 1.30
Prev. Close: 1.30
PYC Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Interim Results

1 Mar 2021 07:00

RNS Number : 6022Q
Physiomics PLC
01 March 2021
 

1 March 2021

Physiomics Plc

 

("Physiomics") or (the "Company")

 

Interim Results Statement

for the six-month period ended 31 December 2020

 

Physiomics plc (AIM: PYC), the oncology consultancy using mathematical models and its Virtual Tumour™ technology to support the development of cancer treatment regimens and personalised medicine solutions, today announces its financial results for the six months ended 31 December 2020.

 

Summary financial results

· Revenue of £363k (six months ended 31 December 2019: £343k)

· Total income of £386k* (six months ended 31 December 2019: £343k*)

· Operating loss of £132k (six months ended 31 December 2019: £118k)

· Cash and cash equivalents of £1.15m at 31 December 2020 (31 December 2019: £434k)

· Shareholders' funds of £1.29m at 31 December 2020 (31 December 2019: £532k)

 

* Total income for the six months ended 31 December 2020 includes other operating income, being grant income, of £23k. No grant income is included in the six months ended 31 December 2019.

 

Total income in the first half was 13% ahead of the six-month comparable prior period ended 31 December 2019. Operating losses of £132k were just £14k greater than those of the comparable prior period despite a significant increase in marketing activities. The Company finished the half with a strong balance sheet showing shareholder funds of £1.29m at 31 December 2020 (up from £532k at 31 December 2019).

 

Careful management of cash helped the Company to achieve a net cash inflow of £101k during the period, with the Company having cash and cash equivalents of £1.15m at 31 December 2020 (30 June 2019: £434k). The second half revenues for the last two financial years have significantly exceeded those of the first half and the Board expects this trend to continue in the current financial year.

 

 

Operational highlights

 

Key events in the period include:

· Signing of a further contract with Bicycle Therapeutics; the eighth signed with this high-profile UK biotech company, spanning four different assets within its pipeline

· Agreement with Astellas Pharma Inc. to model an undisclosed immune-oncology target

· UK HRA and ethics committee approval of PARTNER study to be conducted at Portsmouth Hospitals University NHS Trust to generate data to further evaluate the Company's personalised dosing software tool

· Partnership with Tabula Rasa Healthcare® to implement the Company's personalised dosing tool for cancer treatments in the established DoseMeRx® software platform

· Contracts awarded by Merck KGaA with an aggregate value of £270,000 expected to be completed during the first six to eight months of calendar 2021 with further contracts expected in the second half of calendar 2021

 

Key event after the period end:

· Risk-sharing agreement with ValiRx renewed and extended to include indications beyond prostate cancer (endometriosis and coronavirus) following the release by ValiRx of clinical data for VAL201 in November 2020

 

 

Chairman and CEO's business strategy update

 

The Directors believe that the events noted above provide evidence of material progress in developing both the Company's core modelling and simulation business, as well as its more recent personalised oncology initiatives. This progress has been underpinned by selective investments to build our capabilities in these two areas which were made possible by the successful, oversubscribed placing announced on 27 May 2020. Further commentary on our key business areas is provided below.

 

Consulting business based on modelling & simulation using Virtual Tumour™ and other tools

 

The Company continues to maintain strong relationships with existing repeat-clients, including CellCentric and Bicycle Therapeutics, as well as its long-term client Merck KGaA. The Company signed eleven follow-on agreements with existing clients in calendar year 2020 in addition to securing a significant new client in Astellas Pharma Inc (TSE:4503).

 

Investment in databases for lead identification, direct telephone marketing, active social media management and selective use of business development consultants led to substantive new business meetings with 27 companies during calendar 2020. One such meeting led to the signing of an agreement with Astellas, however, a number of other proposals requested at these meetings remain extant and, it is hoped, will generate new contracts over the course of the current half year ending 30 June 2021. Particularly pleasing is an increasing number of potential clients who approach us as a result of personal recommendations or through our website and social media activity. As the typical lead time from first contact with a new client to an eventual contract for work can be six months or more, the Directors believe that the pipeline of high-quality leads built up over the course of 2020 will generate further business going forwards.

 

Personalised oncology

 

The Company has successfully competed for and won two Innovate UK grants and one NIHR grant over a five-year period, and these funds have and are being used to develop a personalised oncology software tool. The Directors view the agreement with Tabula Rasa Healthcare® to implement the Company's personalised dosing tool on its established DoseMeRx® software platform to be a significant validation of the work conducted to datein this area. This initial implementation is expected to be complete by the end of this half year and if successful, the next step would be to enter into a revenue generating contract. The implementation of decision support software and, where required, its regulatory approval is complex and the support of a major global player in this market could prove critical to the technology's implementation in the USA (where there is an established and growing market for such tools) and beyond. In parallel with this initiative, the Directors are excited that a UK-based observational clinical trial (the PARTNER study) has also now been approved and, it is hoped, will start in the first half of this calendar year subject to constraints arising from the COVID pandemic. Data from this trial will be used to further validate and develop the tool.

 

Other areas

 

In addition to the areas noted above, the Company is actively considering how it could use its extensive capabilities in modelling, simulation, data analysis and AI techniques to develop further innovative assets in collaboration with other partners. Further information on this initiative will be provided as progress is made.

 

 

Outlook

 

The Directors believe the Company is in a good position to meet market expectations for this year as it continues to make strong progress in each of its key business areas.

 

Enquiries:

 

Physiomics plc

Dr Jim Millen, CEO

+44 (0)1865 784 980

 

Strand Hanson Ltd (NOMAD)James Dance & James Bellman+44 (0)20 7409 3494

 

Hybridan LLP (Broker)Claire Louise Noyce+44 (0)20 3764 2341

 

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 80 projects, involving over 40 targets and 70 drugs, and has worked with clients such as Merck KGaA, Astellas, Merck & Co and Bicycle Therapeutics.

 

 

Physiomics Plc

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited Statement of Comprehensive Income for the half year ended 31 December 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

Half year to

 

Half year to

 

Year ended

 

 

31-Dec-20

 

31-Dec-19

 

30-Jun-20

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

Revenue

363

 

343

 

799

 

 

 

 

 

 

 

 

Other operating income

23

 

-

 

43

 

 

 

 

 

 

 

 

Total income

386

 

343

 

842

 

 

 

 

 

 

 

 

Operating expenses

(518)

 

(461)

 

(975)

 

 

 

 

 

 

 

 

Operating loss and loss before taxation

(132)

 

(118)

 

(133)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UK corporation tax

59

 

36

 

69

 

 

 

 

 

 

 

 

Loss for the period attributable to equity shareholders

(73)

 

(82)

 

(64)

 

 

 

 

 

 

 

 

          

 

Loss per share (pence)

 

 

 

 

 

 

Basic and diluted

(0.08)

p

(0.11)

p

(0.09)

p

 

 

 

 

 

Physiomics Plc

 

 

 

 

 

 

Unaudited Statement of financial position as at 31 December 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

As at

 

As at

 

As at

 

31-Dec-20

 

31-Dec-19

 

30-Jun-20

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

Intangible assets

4

 

4

 

4

Property, plant and equipment

19

 

14

 

11

 

23

 

18

 

15

 

 

 

 

 

 

Current assets

 

 

 

 

 

Trade and other receivables

236

 

152

 

383

Cash and cash equivalents

1,149

 

434

 

1,048

 

1,385

 

586

 

1,431

 

 

 

 

 

 

Total assets

1,408

 

604

 

1,446

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

Trade and other payables

(119)

 

(72)

 

(124)

Deferred revenue

(3)

 

-

 

(7)

Total liabilities

(122)

 

(72)

 

(131)

 

 

 

 

 

 

Net assets

1,286

 

532

 

1,315

 

 

 

 

 

 

Capital and reserves

 

 

 

 

 

Share capital

1,282

 

1,181

 

1,275

Capital reserves

6,134

 

5,426

 

6,097

Profit & loss account

(6,130)

 

(6,075)

 

(6,057)

Equity shareholders' funds

1,286

 

532

 

1,315

 

 

 

 

 

 

       

 

 

 

 

Physiomics Plc

 

 

 

 

 

 

 

 

 

 

 

Unaudited Statement of changes in equity for the half year ended 31 December 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share

Share-based

 

Total

 

Share

premium

compensation

Retained

shareholders'

 

capital

account

reserve

earnings

funds

 

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

At 1 July 2019

1,181

5,228

192

(5,993)

608

 

 

 

 

 

 

Transfer to other reserves

-

-

6

-

6

 

 

 

 

 

 

Loss for the period

-

-

-

(82)

(82)

 

 

 

 

 

 

At 31 December 2019

1,181

5,228

198

(6,075)

532

 

 

 

 

 

 

Transfer to other reserves

94

669

2

-

765

 

 

 

 

 

 

Profit for the period

-

-

-

18

18

 

 

 

 

 

 

At 30 June 2020

1,275

5,897

200

(6,057)

1,315

 

 

 

 

 

 

Transfer to other reserves

7

37

-

-

44

 

 

 

 

 

 

Loss for the period

-

-

-

(73)

(73)

 

 

 

 

 

 

At 31 December 2020

1,282

5,934

200

(6,130)

1,286

           

 

 

 

 

 

 

 

 

 

 

Physiomics Plc

 

 

 

 

 

 

 

 

 

 

 

Unaudited Cash Flow Statement for the half year ended 31 December 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited

 

Unaudited

 

Audited

 

Half year to

 

Half year to

 

Year ended

 

31-Dec-20

 

31-Dec-19

 

30-Jun-20

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

Operating loss

(132)

 

(118)

 

(133)

Amortisation and depreciation

6

 

5

 

9

Share-based compensation

0

 

7

 

8

(Increase) decrease in receivables

205

 

57

 

(129)

Increase / (decrease) in payables

(5)

 

(12)

 

39

Increase / (decrease) in deferred revenue

(4)

 

(1)

 

6

 

 

 

 

 

 

Net cash generated from / (used in) operations

70

 

(62)

 

(200)

 

 

 

 

 

 

UK corporation tax received

-

 

95

 

84

 

 

 

 

 

 

Net cash generated from / (used in) operating activities

70

 

33

 

(116)

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchase of non-current assets, net of grants received

(13)

 

(4)

 

(4)

 

 

 

 

 

 

Net cash used in investing activities

(13)

 

(4)

 

(4)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Issue of ordinary share capital (net of costs)

44

 

-

 

763

 

 

 

 

 

 

Net cash generated from financing activities

44

 

-

 

763

 

 

 

 

 

 

Net (decrease) / increase in cash and cash equivalents

101

 

29

 

643

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

1,048

 

405

 

405

 

 

 

 

 

 

Cash and cash equivalents at end of period

1,149

 

434

 

1,048

       

 

 

 

 

 

Physiomics Plc

 

Notes to the Interim Financial Statements

 

1. General information

 

Physiomics Plc is a public limited company ("the Company") incorporated in England & Wales (registration number 4225086). The Company is domiciled in the United Kingdom and its registered address is The Magdalen Centre, Robert Robinson Avenue, The Oxford Science Park, Oxford, OX4 4GA. The Company's ordinary shares are traded on the AIM Market of the London Stock Exchange ("AIM"). Copies of the interim report are available from the Company's website, www.physiomics.co.uk. Further copies of the Interim Report and Annual Report and Accounts may be obtained from the address above.

 

The Company's principal activity is the provision of services to pharmaceutical companies in the area of outsourced systems and computational biology.

 

2. Basis of preparation

 

The interim financial statements of the Company for the six months ended 31 December 2020, which are unaudited, have been prepared in accordance with the accounting policies set out in the annual report and accounts for the year ended 30 June 2020, which were prepared under International Financial Reporting Standards ("IFRS").

 

The financial information contained in the interim report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information for the full preceding year is based on the statutory accounts for the year ended 30 June 2020. Those accounts, upon which the auditors, Shipleys LLP, issued a report which was unqualified but contained an emphasis of matter paragraph, have been delivered to the Registrar of Companies.

 

As permitted, this interim report has been prepared in accordance with the AIM Rules for Companies and not in accordance with IAS 34 "Interim Financial Reporting" therefore it is not fully compliant with IFRS.

 

The interim financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (£'000) except when otherwise indicated.

 

3. Loss per share

 

Basic loss per share is 0.08p (H1 2019: loss per share 0.11p). The basic loss per ordinary share is calculated by dividing the loss of £73,443 (H1 2019: loss £82,148) by 96,923,365 (H1 2019: 71,910,394), the weighted average number of shares in issue during the period.

 

The loss attributable to equity holders (holders of ordinary shares) of the Company for calculating the fully diluted loss per share is identical to that used for calculating the loss per share. The exercise of share options would have the effect of reducing the loss per share and is therefore anti- dilutive.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IR EAXAPADSFEFA
Date   Source Headline
21st Mar 20247:00 amRNSIMC Presentation on Company Website
18th Mar 20247:00 amRNSContract Award
7th Mar 20247:00 amRNSInterim Results
1st Mar 20243:00 pmRNSNotice of Results and Investor Presentation
19th Feb 20247:00 amRNSContract Award
6th Feb 20247:00 amRNSOptions Award
5th Feb 20247:00 amRNSContract Award
2nd Feb 20247:00 amRNSIMC Presentation on Company Website
23rd Jan 20247:00 amRNSIMC Presentation on Board Changes
22nd Jan 20247:00 amRNSBoard Changes
21st Nov 20233:30 pmRNSResult of AGM
10th Nov 20233:14 pmRNSBusiness Update Presentation
10th Nov 20237:00 amRNSInnovate UK grant award
18th Oct 20237:00 amRNSNotice of AGM
4th Oct 20237:00 amRNSChange of Registered Office
3rd Oct 20237:00 amRNSSenior Management Announcement
28th Sep 20237:00 amRNSAnnual Financial Report
4th Sep 20237:00 amRNSSenior Management Update
31st Aug 20231:00 pmRNSContract Award
31st Aug 20237:00 amRNSContract Award
8th Aug 20237:45 amRNSContract Award
4th Aug 20237:00 amRNSContract Award
25th Jul 20237:00 amRNSDirector Dealing
18th Jul 20237:00 amRNSDirector Dealing
29th Jun 20237:00 amRNSCompletion of Placing, Subscription & Retail Offer
27th Jun 20237:01 amRNSWRAP Retail Offer for up to £150,000
27th Jun 20237:00 amRNSCompletion of Equity Fundraise
31st May 20237:00 amRNSCollaboration with The University of Sheffield
23rd May 20237:00 amRNSTrading Update
9th May 20237:00 amRNSPublication of article in Frontiers in Oncology
26th Apr 20237:00 amRNSCollaborative Services Agreement
14th Apr 20237:00 amRNSPhysiomics to present at AACR Annual Meeting
4th Apr 20237:00 amRNSTrading and Company Update
28th Mar 20237:00 amRNSAnnouncement of Collaboration
10th Mar 20237:00 amRNSContract announcement
7th Mar 20237:00 amRNSInterim Results
13th Jan 20237:00 amRNSChange in role of board Director
11th Jan 20237:00 amRNSContract announcement
9th Jan 20237:00 amRNSCompletion of PARTNER study
22nd Nov 20224:00 pmRNSResult of AGM
10th Nov 20228:50 amRNSContract award
9th Nov 20227:00 amRNSPYC to present and exhibit at SITC Annual Meeting
27th Oct 20227:00 amRNSAnnual Report and AGM Notice
14th Oct 20227:00 amRNSConference Attendance
12th Oct 20227:00 amRNSContract Award
4th Oct 20227:00 amRNSContract Award
29th Sep 20227:00 amRNSInterim Results
9th Sep 20227:00 amRNSNotice of Results
1st Sep 20227:00 amRNSAppointment of Independent Non-Executive Director
7th Jul 20227:00 amRNSTrading update

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.