TIDMPYC
RNS Number : 6529N
Physiomics PLC
27 October 2016
27 October 2016
Physiomics Plc
("Physiomics" or "the Company")
Final Results for the year ended 30 June 2016
Chairman's Statement
Summary of Results in the year ended 30 June 2016
-- The turnover of the Company increased 26% to GBP297,120 (2015: GBP235,486)
-- The loss after net operating expenses (excluding share-based
payments and operating exceptional costs) decreased 6% to
GBP371,381 (2015: GBP395,329)
-- The operating loss increased 4% to GBP431,561 (2015: GBP414,755)
-- On 30 June 2016, the surplus of shareholders' funds was GBP204,153 (2015: GBP325,617)
This year, Physiomics continued to build out its client base and
extend its modelling and simulation services relationships with key
existing clients. In addition, Physiomics appointed a new Chief
Executive Officer with significant deal making experience.
In summary the Company has:
-- Appointed Professor Mark Middleton to our Scientific Advisory
Board. Professor Middleton is Lead Cancer Clinician for the Oxford
University Hospitals NHS Trust and deputy director of the Cancer
Research UK Oxford Centre;
-- Signed a contract with a new speciality pharma customer to
carry out PK/ PD modelling and later in the year announced a first
extension to this contract;
-- Won a further large pharma customer (our 4th) for Virtual Tumour Pre-Clinical;
-- Signed three further projects as part of an on-going
collaboration with a global pharma which we first started working
for in 2012;
-- Appointed Dr Jim Millen as Chief Executive;
-- Engaged Anthony Clayden, of Strategic Finance Director
Limited, as Head of Finance and Company Secretary.
After the end of the period the Company also:
-- Completed the placing of 2,220,000,000 new ordinary shares of
0.004p each at a price of 0.025p per share to raise a total of
GBP555,000 gross
Dr Paul Harper, Non-Executive Chairman
Chairman and Chief Executive Officer's Statement
Introduction
The Company has undergone a re-structuring as part of developing
a new strategy. The Chief Executive of long-standing, Dr Mark
Chadwick, was replaced by Dr Jim Millen. Dr Millen brings new
skills and contacts from his long and recent experience in global
pharmaceutical companies - the target market for our Virtual Tumour
product. He adds business development to scientific and clinical
skills which he has already begun to leverage by successfully
reactivating one dormant client and reaching out to contacts at a
number of other potential new clients.
During the recent placing, we discussed with investors the
alternatives of either focusing entirely on funding the core
modelling and simulation business, or doing this in combination
with the acquisition of the Company's own drug development
pipeline. There was an appetite for both strategies but with a bias
in favour of exploiting our modelling and simulation capabilities
in the near term. Virtual Tumour Clinical, which the Company has
already deployed to a major global pharma client, was of particular
interest.
During the period, Physiomics significantly extended its
relationship with one of its longest standing big pharma clients by
signing three further extensions of a contract to provide services
related to its Virtual Tumour Pre-Clinical model. We believe that
the validation of our technology signalled by these contract
extensions has played a significant role in enabling the Company to
broaden out its customer base by signing two further clients, one
big pharma and one speciality pharma.
(i) Focus on maximising modelling and simulation revenues from Virtual Tumour Clinical
The Company has significant capabilities to support the R&D
process from candidate selection through to early clinical trials
and has a number of product and service offerings including
DrugCard (a cancer therapeutics and drug database) and EasyAP
(predicting cardiac toxicity). Nevertheless, its main revenue
driver has been the Virtual Tumour ("VT") predictive software as
evidenced by the increase in revenue in this financial year
compared with prior years.
To maximise revenue growth in the short to medium term, the
Company intends to focus on deepening its relationship with its
first major VT Clinical client, moving other existing clients up
the value chain from VT Pre-Clinical to VT Clinical and acquiring
new clients who could benefit from the spectrum of its VT modelling
services.
It is intended that although the focus of our business
development efforts will be on VT, other services will be sold to
clients when there is a clear need.
(ii) Continue to develop Virtual Tumour to address the immuno-oncology market
With the continuing focus of many R&D based companies on
immuno-oncology targets and drugs, we aim to build on the work we
have done to address this growing market. As stated in last year's
annual report, the Company has already developed a module for
Virtual Tumour that has been used to make successful predictions of
the effect of immuno-oncology drugs in the pre-clinical setting. In
the forthcoming year, we intend to explore the suitability of our
technology to make similar predictions for early immuno-oncology
clinical trials in order to expand our service offering further
(iii) Personalised medicine software
Physiomics is assessing the feasibility of developing a software
tool to determine which cancer treatment to provide to which groups
of patients based on individual patient data. The software would
use as its inputs pharmacological information about the drugs
coupled with physiological, genomic, and metabolic information
about the patient. The focus on forecasting would be on which
treatment and schedule are likely to lead to an increase in
survival. The Company is in talks with leading clinicians and
collaborators regarding the required data and is seeking grant
funding to develop a prototype software tool. Further updates will
be provided in due course as appropriate.
(iv) Acquisition
Following feedback from investors during our September 2016
placing process, many of whom suggested that that the Company
should focus on its core modelling and simulation business in the
near term, the Company decided not to proceed with the proposed
acquisition of BioMoti Limited and will instead concentrate on
developing its business pipeline.
Dr Jim Millen, Chief Executive Officer
Dr Paul Harper, Non-Executive Chairman
Income Statement for the year ended 30 June 2016
Year ended Year ended
30-Jun-16 30-Jun-15
GBP GBP
Revenue 297,120 235,486
Net operating expenses (668,501) (630,815)
Share-based compensation (37,233) (19,426)
Operating exceptional costs (22,947) -
Operating loss (431,561) (414,755)
-------------------------------------------- ----------- --- -----------
Presented as:
Loss after net operating
expenses (371,381) (395,329)
Share-based compensation (37,233) (19,426)
Operating exceptional costs (22,947) -
Operating loss (431,561) (414,755)
Finance income 143 304
Finance costs (8) -
Loss before taxation (431,426) (414,451)
UK corporation tax 52,729 56,795
Loss for the year attributable
to equity shareholders (378,697) (357,656)
Loss per share (pence)
Basic and diluted (0.013) p (0.017) p
Statement of Comprehensive Income
30-Jun-16 30-Jun-15
GBP GBP
Net loss for the year (378,697) (357,656)
Other comprehensive income - -
Total comprehensive (expense)
for the year (378,697) (357,656)
Attributable to:
Equity shareholders (378,697) (357,656)
Statement of Financial Position as at 30 June 2016
Year ended Year ended
30-Jun-16 30-Jun-15
GBP GBP
Non-current assets
Intangible assets 2,381 7,025
Property, plant and equipment 1,557 2,242
Investments 1 1
3,939 9,268
Current assets
Trade and other receivables 107,856 47,851
Taxation recoverable 52,606 55,000
Cash and cash equivalents 138,910 266,746
299,372 369,597
Total assets 303,311 378,865
------------ ------------
Current liabilities
Trade and other payables (99,158) (53,248)
Total liabilities (99,158) (53,248)
------------ ------------
Net assets 204,153 325,617
------------ ------------
Capital and reserves
Share capital 1,032,663 992,663
Capital reserves 4,476,621 4,259,388
Retained earnings (5,305,131) (4,926,434)
Equity shareholders' funds 204,153 325,617
------------ ------------
Statement of Changes in Equity for the year ended 30 June
2016
Share Share-based Total
Share premium compensation Retained shareholders'
capital account reserve earnings funds
GBP GBP GBP GBP GBP
At 1 July 2014 687,663 3,925,213 92,389 (4,568,778) 136,487
Share issue
(net of costs) 305,000 222,360 - - 527,360
Loss for the
year - - - (357,656) (357,656)
Share-based
compensation - - 19,426 - 19,426
At 30 June 2015 992,663 4,147,573 111,815 (4,926,434) 325,617
Share issue
(net of costs) 40,000 180,000 - - 220,000
Loss for the
year - - - (378,697) (378,697)
Share-based
compensation - - 37,233 - 37,233
At 30 June 2016 1,032,663 4,327,573 149,048 (5,305,131) 204,153
---------- ---------- ------------- ------------ --------------
Cash Flow Statement for the year ended 30 June 2016
Year ended Year ended
30-Jun-16 30-Jun-15
GBP GBP
Cash flows from operating activities:
Operating loss (431,561) (414,755)
Amortisation and depreciation 6,439 6,616
Share-based compensation 37,233 19,426
Decrease in receivables (60,005) 3,725
Decrease in payables 45,910 (54,458)
Cash generated from operations (401,984) (439,446)
UK corporation tax received 55,123 46,795
Interest paid (8) -
Net cash generated from operating activities (346,869) (392,651)
Cash flows from investing activities:
Interest received 143 304
Sale of non-current assets 725 -
Purchase of non-current assets (1,835) (625)
Net cash received by investing activities (967) (321)
----------- -----------
Cash outflow before financing (347,836) (392,972)
Cash flows from financing activities:
Issue of ordinary share capital (net of expenses) 220,000 527,360
Net cash from financing activities 220,000 527,360
----------- -----------
Net increase / (decrease) cash and cash equivalents (127,836) 134,388
Cash and cash equivalents at beginning of year 266,746 132,358
Cash and cash equivalents at end of year 138,910 266,746
----------- -----------
Notes
1. Extract from Annual Report and Accounts
The financial information set out above does not constitute
statutory accounts within the meaning of the Companies Act
2006.
2. Basis of preparation
Physiomics Plc has adopted International Financial Reporting
Standards ("IFRS"), IFRIC interpretations and the Companies Act
2006 as applicable to companies reporting under IFRS.
3. Annual General Meeting
The Annual General Meeting ("AGM") of the Company will be held
at the offices of Physiomics plc, The Magdalen Centre, Robert
Robinson Avenue, Oxford Science Park, Oxford, OX4 4GA at 10.00 am
on Friday 16 December 2016. Copies of the annual report and the
documentation convening the AGM will be sent to shareholders, and
made available on the Company's website, in due course and a
further announcement will be made when they have been
dispatched.
Contacts:
Physiomics Plc
Dr Jim Millen, Chief Executive Officer, +44 (0)1865 784980
WH Ireland Limited
Katy Mitchell
+44 (0) 161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange
END
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