TIDMPYC
RNS Number : 6079T
Physiomics PLC
16 October 2017
16 October 2017
Physiomics Plc
("Physiomics" or "the Company")
Final Results for the year ended 30 June 2017
Chairman's Statement
Summary of Results in the year ended 30 June 2017
-- Total income (revenue and grant income) decreased 9% to GBP270,465 (2016: GBP297,120)
-- The operating loss before exceptional costs increased 20% to
GBP489,190 (2016: GBP408,614)
-- The loss for the year attributable to equity shareholders
increased 6% to GBP400,526 (2016: GBP378,697)
-- On 30 June 2017, the surplus of shareholders' funds was GBP328,254 (2016: GBP204,153)
This year, Physiomics focused on extending and initiating new
client projects utilizing its Virtual Tumour Clinical technology
and in addition invested in an Innovate UK funded feasibility study
in the area of personalised medicine that may provide a meaningful
second arm to the Company's business going forwards. Second half
revenues and profit are slightly behind our expectations mainly as
a result of the timing of a major client deal that is currently in
term sheet discussions (see below) and spend on the personalised
medicine project. The Company's cash position will remain
constrained pending the finalisation of a deal with a major client
that was the subject of a company update on 2nd October, however
the Directors are keeping this under regular review and have
implemented active cost control measures.
In summary the Company has:
-- 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
-- Received payments from Sareum for modelling carried out in
2010 to support the identification of an optimal combination regime
of a Chk1 inhibitor and a DNA-damaging agent following the
licensing of a compound in this family to ProNAi Therapeutics (now
Sierra Oncology)
-- Announced that it remains engaged with Merck Serono on a
project (first announced on 3(rd) March 2015) using Physiomics'
Virtual Tumour Clinical technology
-- Confirmed the award of a substantial Innovate UK Grant in the
field of personalised medicine. The objective of the project is to
create a prototype decision support system to improve cancer care
by helping medical professionals make treatment decisions based on
patient specific data
-- Announced the signing of two new contracts with a global
pharma company for Virtual Tumour pre-clinical predictions relating
to a new oncology target, marking the sixth year of collaboration
with this company
-- Announced that it was in term sheet discussions with a major
client on a deal that would, if completed, secure a significant
volume of work for the Company over a multi-year period
Chairman and Chief Executive Officer's Statement
Introduction
The Company has consolidated its position during the first year
of Dr Jim Millen's tenure as CEO and invested in talent
development, business development, extending the relationship with
a major client and the diversification into the personalised
medicine space.
The Company has had significant success in maintaining and
extending its relationship with a major pharma client and
established or re-established contact with more than fifty
potential clients (in some cases past clients) over the course of
the year. The Directors believe that leveraging the Company's
capabilities and technology into the related discipline of
personalised medicine will, if successful, create significant
shareholder value.
The key areas of focus for the Company are outlined in this
statement and explored further in the Strategic Report.
Modelling and simulation utilising Virtual Tumour Clinical
The Company's main commercial revenue driver continues to be the
Virtual Tumour ("VT") predictive software and its development to
allow predictions in the clinical space. This will remain the focus
for commercial pharmaceutical and biotech clients although other
services continue to be sold opportunistically. In particular, the
Company has invested significant effort to deepen its relationship
with a major client and, as previously announced, is in an active
term sheet discussion on a deal that would, if successful, deliver
substantial revenues over a multi-year period.
Exploration of collaborations with other service providers
Although the Directors believe the Company has a unique
offering, it clearly has fewer opportunities to develop new
business than broader based companies (e.g. contract research
organisations) which offer services across a spectrum of R&D
activity. On the other hand, we do not believe these companies have
our capability in the oncology predictive modelling space. As a
result, the Company has explored the potential for collaboration
with other such service providers and will continue to do so in its
next financial year.
Personalised medicine
The personalised medicine initiative is aimed at improving the
successful treatment of cancer patients, turning dosing and
management from being an art form to being a science. Following the
Company's early success in winning a competitive Innovate UK grant
in this space and encouraging results from its feasibility project
(due to complete in January 2018), the Company has identified other
non-dilutive funding opportunities in this space and intends to
pursue these where appropriate. There appears to be a significant
level of investor and government interest in developing
technologies in this area.
Income Statement for the year ended 30 June 2017
Year ended Year ended
30-Jun-17 30-Jun-16
GBP GBP
Revenue 219,647 297,120
Other operating income 50,818 -
Total income 270,465 297,120
Net operating expenses (759,655) (705,734)
Operating exceptional costs (41,362) (22,947)
Operating loss (530,552) (431,561)
---------------------------------- ------------- -----------------
Presented as:
Loss before exceptional
costs (489,190) (408,614)
Operating exceptional costs (41,362) (22,947)
Operating loss (530,552) (431,561)
Finance income 153 143
Finance costs - (8)
Loss before taxation (530,399) (431,426)
UK corporation tax 129,873 52,729
Loss for the year attributable
to equity shareholders (400,526) (378,697)
Loss per share (pence)
Basic and diluted - restated (0.78p) p (1.3) p
Statement of Comprehensive Income
30-Jun-17 30-Jun-16
GBP GBP
Net loss for the year (400,526) (378,697)
Other comprehensive income - -
Total comprehensive (expense) for
the year (400,526) (378,697)
Attributable to:
Equity shareholders (400,526) (378,697)
Statement of Financial Position as at 30 June 2017
Year ended Year ended
30-Jun-17 30-Jun-16
GBP GBP
Non-current assets
Intangible assets - 2,381
Property, plant and
equipment 5,830 1,557
Investments 1 1
------------ ------------------
5,831 3,939
Current assets
Trade and other receivables 119,552 107,856
Taxation recoverable 80,040 52,606
Cash and cash equivalents 209,752 138,910
------------ ------------------
409,344 299,372
------------ ------------------
Total assets 415,175 303,311
------------ ------------------
Current liabilities
Trade and other payables (86,921) (99,158)
------------ ------------------
Total liabilities (86,921) (99,158)
------------ ------------------
Net assets 328,254 204,153
------------ ------------------
Capital and reserves
Share capital 1,121,463 1,032,663
Capital reserves 4,912,448 4,476,621
Retained earnings (5,705,657) (5,305,131)
------------ ------------------
Equity shareholders'
funds 328,254 204,153
------------ ------------------
Statement of Changes in Equity for the year ended 30 June
2017
Share Share-based Total
Share premium compensation Retained shareholders'
capital account reserve earnings funds
GBP GBP GBP GBP GBP
At 1 July 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
Share issue (net
of costs) 88,800 425,965 - - 514,765
Loss for the
year - - - (400,526) (400,526)
Share-based compensation - - 9,862 - 9,862
--------- --------- ------------ ----------- ----------------
At 30 June 2017 1,121,463 4,753,538 158,910 (5,705,657) 328,254
--------- --------- ------------ ----------- ----------------
Cash Flow Statement for the year ended 30 June 2017
Year ended Year ended
30-Jun-17 30-Jun-16
GBP GBP
Cash flows from operating activities:
Operating loss (530,552) (431,561)
Amortisation and depreciation 4,910 6,439
Share-based compensation 9,862 37,233
Decrease in receivables (11,696) (60,005)
Decrease in payables (12,237) 45,910
--------------- ----------------------
Cash generated from operations (539,713) (401,984)
UK corporation tax received 102,439 55,123
Interest paid - (8)
--------------- ----------------------
Net cash generated from operating
activities (437,274) (346,869)
Cash flows from investing activities:
Interest received 153 143
Sale of non-current assets - 725
Purchase of non-current assets (6,802) (1,835)
--------------- ----------------------
Net cash received by investing
activities (6,649) (967)
--------------- ----------------------
Cash outflow before financing (443,923) (347,836)
Cash flows from financing activities:
Issue of ordinary share capital
(net of expenses) 514,765 220,000
--------------- ----------------------
Net cash from financing activities 514,765 220,000
--------------- ----------------------
Net increase / (decrease) cash
and cash equivalents 70,842 (127,836)
Cash and cash equivalents at beginning
of year 138,910 266,746
--------------- ----------------------
Cash and cash equivalents at end
of year 209,752 138,910
--------------- ----------------------
Independent Auditors' Report to the Members of Physiomics
Plc
Opinion
We have audited the financial statements of Physiomics PLC (the
"company") for the year ended 30th June 2017 which comprise the
income statement, the statement of comprehensive income, the
statement of financial position, the cash flow statement, the
statement of changes in equity and the related notes. The financial
reporting framework that has been applied in their preparation is
applicable law and International Financial Reporting Standards
(IFRSs) as adopted by the European Union.
This report is made solely to the company's members, as a body,
in accordance with chapter 3 of part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the
company's members those matters we are required to state to them in
an auditor's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the company and the company's members as a body,
for our audit work, for this report, or for the opinions we have
formed.
In our opinion, the financial statements:
-- give a true and fair view of the state of the company's
affairs as at 30th June 2017 and of its loss for the year then
ended;
-- have been properly prepared in accordance with IFRSs as
adopted by the European Union; and
-- have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the
Auditor's responsibilities for the audit of the financial
statements section of our report. We are independent of the company
in accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the
FRC's Ethical Standard as applied to listed entities and we have
fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our
opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in
relation to which the ISAs (UK) require us to report to you
where:
-- the directors' use of the going concern basis of accounting
in the preparation of the financial statements is not appropriate;
or
-- the directors have not disclosed in the financial statements
any identified material uncertainties that may cast significant
doubt about the company's ability to continue to adopt the going
concern basis of accounting for a period of at least twelve months
from the date when the financial statements are authorised for
issue.
Emphasis of matter
In forming our opinion on the financial statements, which is not
modified, we have considered the adequacy of the disclosure made in
the notes to the financial statements page 11, concerning the
Company's ability to continue as a going concern. In this note the
Directors set out a number of sources of revenue which form the
basis of their revenue projections for the next twelve months
including a major client deal currently under discussion, the
conversion of at least one of a number of currently active
discussions with potential new clients into commercial contracts,
the award of a new non-dilutive grant and (only if required) a
placing to cover working capital needs. However, there is
uncertainty relating to each of these and should several fail to
happen there would be doubt about the Company's ability to continue
as a going concern.
Key audit matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements of the current period and include the most significant
assessed risks of material misstatement (whether or not due to
fraud) we identified, including those which had the greatest effect
on: the overall audit strategy, the allocation of resources in the
audit; and directing the efforts of the engagement team. These
matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Risk How the Scope of our
audit responded to the
risk
--------------------------------- -----------------------------------
Management override of
controls We examined journals
Journals can be posted posted around the year
that significantly alter end, specifically focusing
the Financial Statements. on areas which are more
easily manipulated such
as accruals, prepayments,
investment valuation
and the bank reconciliation.
--------------------------------- -----------------------------------
Going Concern
There is a risk that We made enquires with
the company is not a the Directors regarding
going concern. how they have assessed
going concern. We have
reviewed projections
and disclosed accordingly.
--------------------------------- -----------------------------------
Fraud in Revenue Recognition
There is a risk that Income was tested on
revenue is materially a sample basis from contracts.
understated due to fraud. No evidence of fraud
or other understatement
was identified.
--------------------------------- -----------------------------------
Accounting Estimates
Potential risk of inappropriate All areas were examined
accounting estimates to identify any potential
giving rise to misstatement accounting estimates.
in the accounts. These estimates were
then reviewed and tested
for adequacy.
--------------------------------- -----------------------------------
Misstatement of Grant
Income Grant income was tested
There is a risk that and cut off agreed as
grant income has been correct. No evidence
incorrectly accounted of misstatement was identified.
for.
--------------------------------- -----------------------------------
Overstatement of Intangible
Assets An impairment review
Risk that the asset has of the asset was undertaken
no cash generating value. and no evidence of such
was identified.
--------------------------------- -----------------------------------
Overstatement of Administrative
Expenses A proof in total calculation
There is a risk that and substantive testing
the company's administrative were both undertaken
expenses are overstated. and no evidence of overstatement
was identified.
--------------------------------- -----------------------------------
Our application of materiality
We define materiality as the magnitude of misstatement in the
Financial Statements that of materiality makes it probable that the
economic decisions of a reasonably knowledgeable person would be
changed or influenced. We use materiality both in planning and in
the scope of our audit work and in evaluating the results of our
work.
We determined materiality for the company to be GBP13,900. We
agreed with the Audit Committee that we would report to them all
audit differences in excess of 10% of materiality, as well as
differences below that which would, in our view, warrant reporting
on a qualitative basis. We also report to the Audit Committee on
disclosure matters that we identified when assessing the overall
presentation of the Financial Statements.
An overview of the scope of our audit
An audit involves obtaining evidence about the amounts and
disclosures in the Financial Statements sufficient to give
reasonable assurance that the Financial Statements are free from
material misstatement, whether caused by fraud or error. This
includes an assessment of: whether the accounting policies are
appropriate to the Company's circumstances and have been
consistently applied and adequately disclosed; the reasonableness
of significant accounting estimates made by the Directors; and the
overall presentation of the Financial Statements. In addition we
read all the financial and non-financial information in the Annual
Report to identify material inconsistencies with the audited
Financial Statements and to identify any information that is
apparently materially incorrect based on, or materially
inconsistent with, the knowledge acquired by us in the course of
performing the audit. If we become aware of any apparent material
misstatement or inconsistencies we consider the implications for
our report.
Other information
The directors are responsible for the other information. The
other information comprises the information included in the annual
report other than the financial statements and our auditor's report
thereon. Our opinion on the financial statements does not cover the
other information and, except to the extent otherwise explicitly
stated in our report, we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a
material misstatement in the financial statements or a material
misstatement of the other information. If, based on the work we
have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We
have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act
2006
In our opinion, based on the work undertaken in the course of
the audit:
-- the information given in the strategic report and the
directors' report for the financial year for which the financial
statements are prepared is consistent with the financial
statements; and
-- the strategic report and the directors' report have been
prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company
and its environment obtained in the course of the audit, we have
not identified material misstatements in the strategic report or
the directors' report.
We have nothing to report in respect of the following matters in
relation to which the Companies Act 2006 requires us to report to
you if, in our opinion:
-- adequate accounting records have not been kept, or returns
adequate for our audit have not been received from branches not
visited by us; or
-- the financial statements are not in agreement with the
accounting records and returns; or
-- certain disclosures of directors' remuneration specified by law are not made; or
-- we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities
statement set out in the full annual report, the directors are
responsible for the preparation of the financial statements and for
being satisfied that they give a true and fair view, and for such
internal control as the directors determine is necessary to enable
the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the company's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial
statements
Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial
statements.
A further description of our responsibilities for the audit of
the financial statements in located on the Financial Reporting
Council's website at www.frc.org.uk. This description forms part of
our auditor's report.
Joseph Kinton (Senior Statutory Auditor)
For and on behalf of Shipleys LLP,
Chartered Accountants and Statutory Auditor
10 Orange Street
Haymarket
London
WC2H 7DQ
Notes to the Financial Statements
Basis of preparation
The financial statements of Physiomics Plc have been prepared in
accordance with applicable law and International Financial
Reporting Standards incorporating International Accounting
Standards and Interpretations (collectively "IFRS") as endorsed by
the European Union.
The financial statements have been prepared on the historical
cost basis. The significant accounting policies are set out
below.
Accounting policies
Revenue recognition
The revenue shown in the income statement relates to amounts
received or receivable from the provision of services associated
with outsourced systems and computational biology services to
pharmaceutical companies.
Revenue from the provision of the principal activities is
recognised by reference to the stage of completion of the
transaction at the balance sheet date where the amount of revenue
can be measured reliably and sufficient work has been completed
with certainty to ensure that the economic benefit will flow to the
Company.
Segment reporting
A business segment is a group of assets and operations engaged
in providing products or services that are subject to risks and
returns that are different from those of other business segments. A
geographical segment is engaged in providing products or services
within a particular economic environment that are subject to risks
and return that are different from those of segments operating in
other economic environments.
Going concern
The accounts have been prepared on the going concern basis. The
Company primarily operates in the relatively defensive
pharmaceutical industry which we expect to be less affected by
current economic conditions, including the potential consequences
of Brexit, compared to other industries.
The Company had GBP209,752 of cash and cash equivalents as at 30
June 2017 (2016 GBP138,910).
The board operates an investment policy under which the primary
objective is to invest in low-risk cash or cash equivalent
investments to safeguard the principal.
The Company's projections, taking into account anticipated
revenue streams, show that the Company has sufficient funds to
operate for the next twelve months. In coming to this conclusion,
the Company assumes but cannot guarantee that in addition to
currently contracted revenue streams, it will receive revenue from
some combination of a major client deal currently under discussion
(as announced on 2(nd) October 2017), the conversion of at least
one of a number of currently active discussions with potential new
clients into commercial contracts, the award of a new non-dilutive
grant and (only if required) a placing to cover working capital
needs. Until one or more of these events happens, the Company's
cash position will remain constrained, however the Directors are
keeping this under regular review and have implemented cost control
measures.
After reviewing the Company's projections, the Directors believe
that the Company is adequately placed to manage its business and
financing risks for the next twelve months. Accordingly, they
continue to adopt the going concern basis in preparing the annual
report and accounts.
Intangible assets
Intangible assets acquired separately from third parties are
recognised as assets and measured at cost.
Following initial recognition, intangible assets are measured at
cost or fair value at the date of acquisition less any amortisation
and any impairment losses. Amortisation costs are included within
the net operating expenses disclosed in the income statement.
Intangible assets are amortised over their useful lives as
follows:
Useful Life Method
Software 15 years Straight line
Useful lives are also examined on an annual basis and
adjustments, where applicable are made on a prospective basis. The
Company does not have any intangible assets with indefinite
lives.
Property, plant and equipment
All items are initially recorded at cost.
Impairment of assets
Property, plant and equipment and intangible assets are reviewed
for impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment loss
is recognised for the amount by which the asset's carrying amount
exceeds its recoverable amount. The recoverable amount is the
higher of an asset's fair value less costs to sell and value in
use. For purposes of assessing impairment, assets that do not
individually generate cash flows are assessed as part of the cash
generating unit to which they belong. Cash generating units are the
lowest levels for which there are cash flows that are largely
independent of the cash flows from other assets or groups of
assets.
Depreciation
Depreciation is calculated to write off the cost of an asset
over its useful economic life as follows:
Leasehold improvements - the remaining life of the lease
Fixtures and computers - three years, straight-line basis
Research and development expenditure
Expenditure on research activity is recognised as an expense in
the period in which it is incurred.
Trade and other receivables
Trade receivables are recognised and carried at the lower of
their original invoiced value and recoverable amount. Balances are
written off when the probability of recovery is considered to be
remote.
Financial liability and equity
Financial liabilities and equity instruments are classified
according to the substance of the contractual arrangements entered
into. An equity instrument is any contract that evidences a
residual interest in the assets of the Company after deducting all
of its liabilities.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position
comprise cash at bank and in hand and short-term deposits with an
original maturity of three months or less.
Foreign currency
Assets and liabilities denominated in foreign currencies are
translated into sterling at the rates of exchange ruling at the
balance sheet date. Transactions in foreign currencies are
translated into sterling at the rate of exchange ruling at the date
of the transaction. Exchange differences are taken into account in
arriving at the operating result.
Government Grants
Government grants of a revenue nature are credited to the profit
and loss account in the same period as the related expenditure.
Share based payments
The Company issues equity settled share based payments to
certain employees. Equity settled share based payments are measured
at fair value at the date of grant. The fair value determined at
the grant date is expensed on a straight-line basis over the
vesting period. Fair value is measured by use of a Black-Scholes
model.
Investments
Participating interests are stated at cost less amounts written
off in the Company balance sheet.
Taxation
Tax currently payable is based on the taxable profit for the
period which may differ from net profit reported in the income
statement.
Deferred taxation is recognised in respect of all temporary
differences that have originated but not reversed at the balance
sheet
date where transactions or events have occurred at that date
that will result in an obligation to pay further tax, or a right to
pay less tax in future. Temporary differences are differences
between the Company's taxable profits and its results as stated
in
the financial statements that arise from the gains or losses in
tax assessments in period different from those in which they
are
recognised in the financial statements. Deferred tax assets are
recognised only to the extent that the Directors consider that it
is more likely than not that there will be sufficient taxable
profits from which the future reversal of the underlying
temporary
differences can be deducted. Deferred tax is measured at the
average tax rates that are expected to apply in the periods in
which
the temporary differences are expected to reverse.
Adoption of international accounting standards
No Standards or Interpretations adopted in the year had any
material impact on the financial statements of the Company.
The following Standards and Interpretations were issued with an
effective date after the date of these financial statements. These
have not been applied as they are not yet effective or
endorsed.
Effective
for accounting
periods starting
on or after
------- --------------------------------------------------- -----------------
IFRS 9 Financial Instruments 1 January
IFRS 9 replaces the existing guidance in 2018
IAS 39 Financial Instruments Recognition
and Measurement. It includes revised guidance
on the classification and measurement of
financial instruments.
------- --------------------------------------------------- -----------------
IFRS 15 Revenue from contracts with customers 1 January
IFRS 15 establishes a comprehensive framework 2018
for determining whether, how much and when
revenue is recognised. It replaces existing
revenue recognition guidance, including
IAS 18 Revenue, IAS 11 Construction Contracts
and IFRIC 13 Customer Loyalty Programmes.
------- --------------------------------------------------- -----------------
IFRS 16 Leases 1 January
IFRS 16 replaces IAS 17 Leases. It eliminates 2019
the classification of leases as either operating
leases or finance leases. Any leases with
more than 12 months' term are to be recognised
as a lease asset on the balance sheet and
the related future lease obligations as
a liability.
------- --------------------------------------------------- -----------------
The Directors anticipate that the adoption of these Standards
and Interpretations in future period will have no material impact
on the Company's financial statements.
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 Wednesday 13 December 2017. 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 (nomad)
Katy Mitchell
+44 (0) 161 832 2174
Hybridan LLP (broker)
Claire Louise Noyce
+44 (0) 203 764 2341
This information is provided by RNS
The company news service from the London Stock Exchange
END
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