21 September 2016 - Physiomics announces that it has completed a placing, conditional only on Admission, to raise £555,000.00 from the issue of 2,220,000,000 new ordinary shares of 0.004p each ("Ordinary Shares") at a price of 0.025p per share, through Hybridan LLP (the "Placing"). Application has been made for the new Ordinary Shares to be admitted to trading on AIM and dealing is expected to commence on 28th September 2016.
There was strong investor interest in the new Company management and in the clinical version of the Company’s Virtual Tumour technology. Based on investor discussions, we decided not to proceed with the acquisition of BioMoti Limited which was announced by previous management on 31st March 2016. Our shareholders were more supportive of management focusing 100% of their efforts on growing the revenues and creating a path to profitability in our core modelling and simulation business at this point. There may be opportunities in the future to engage with BioMoti and other companies with interesting pipelines that Physiomics can optimize, and the Company remains committed to exploring these options.
In the meantime, the proceeds of the placing will be used to conduct and accelerate business development activities related to the Company’s core modelling and simulation business, in particular the clinical version of its Virtual Tumour technology which enables predictions to be made of the outcome of human trials based on pre-clinical and other data.
Following the Placing, the number of Ordinary Shares in issue will increase to 5,701,657,918. The Company’s share capital additionally comprises 2,481,657,918 Deferred Shares of 0.036p each which are not quoted and to which no voting rights attach. For the purposes of the Financial Services Authority's Disclosure and Transparency Rules ("DTRs"), the issued ordinary share capital of the Company following this allotment consists of 5,701,657,918 Ordinary Shares with voting rights attached (one vote per Share). There are no Shares held in treasury. This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, Physiomics under the DTRs.
Physiomics plc Dr Jim Millen, CEO +44 (0)1865 784 980
WH Ireland Limited (nomad) Katy Mitchell +44 (0) 161 832 2174
Hybridan LLP (broker) Claire Louise Noyce +44 (0) 203 764 2341
About Physiomics plc Physiomics (AIM:PYC) is a computational systems biology services company applying simulations of cell behaviour to drug development to reduce the high attrition rates of clinical trials. 80-90 per cent of all clinical drug candidates fail to reach the market and estimates show that an overall ten per cent improvement in success rates could reduce the cost of one drug's development by as much as $242 million, from the current estimate of around $800 million1.
Physiomics develops computational systems biology models to predict and understand cancer drug efficacy from pre-clinical research to clinical development. Physiomics has created detailed mathematical models incorporating the most important molecular events taking place during the human cell cycle and apoptosis processes. The company's technology enables the simulation of populations of "virtual cells". The company has also developed a "Virtual Tumour" model to simulate the effect of anti-cancer drugs on tumour growth. The models are used to optimise compound design and to design drug schedules and combination therapies.
Physiomics, based in Oxford, UK, was founded in 2001, and floated on AIM in 2004. For further information, please visit www.physiomics-plc.com
1Tufts Centre Impact Report 2002