TIDMPYC
RNS Number : 2035D
Physiomics PLC
08 October 2018
8 October 2018
Physiomics Plc
("Physiomics" or "the Company")
Final Results for the year ended 30 June 2018
Highlights
Financial Highlights
-- Total income (revenue and grant income) increased 90% to GBP512,899 (2017: GBP270,465)
-- Second half income (six months to 30 June 2018) increased
162% to GBP371,370 compared with the first half (six months to 31
December 2017: GBP141,529)
-- The operating loss before exceptional costs decreased 47% to
GBP260,391 (2017 GBP489,190); exceptional costs were GBPnil (2017:
GBP41,362)
-- The loss after taxation decreased 54% to GBP183,341 (2017: GBP400,526)
-- At 30 June 2018, the surplus of shareholders' funds was
GBP690,026 (30 June 2017: GBP328,254)
-- Successful placing of 13,125,000 ordinary shares of 0.4p each
at 4.0p per share raising GBP525,000 gross to support expansion of
the business
-- Cash and cash equivalents at 30 June 2018 of GBP571,869 (30 June 2017: GBP209,752)
Operational highlights:
-- Agreement signed with Merck KGaA for 500k Euro for consulting services in 2018
-- Signed contracts with two further undisclosed large
pharmaceutical companies with total value of GBP105k
-- Signed contracts with two biotech companies (one in Aug 2018,
after the period end) with total value GBP103k
-- Awarded a second Innovate UK Grant in as many years, in the
field of personalised cancer treatment
-- Recruited new scientific team member to expand capacity to deliver client projects
-- Marketing efforts increased including comprehensive update of
the website and attendance and participation at industry
conferences
-- Presented at AACR, one of the world's largest oncology focused conferences
"The Company made considerable progress last year and there is a
renewed sense of momentum in the business. Following the deal with
Merck KGaA, the team led by Dr Jim Millen secured further contracts
in H2. This success is underpinned by acceptance of the use of
modelling and simulation in the R&D process and the evolution
of our Virtual Tumour technology to take advantage of this. This
performance has continued into the new financial year with a
healthy pipeline of new opportunities underpinned by existing
contracts."
Dr Paul Harper, Non-Executive Chairman
Chairman and Chief Executive Officer's Statement
Introduction
We are very pleased to report on a year when we generated the
highest total income in the Company's history. Having secured the
agreement with Merck KGaA in November 2017, we were able to turn
our attention to our pipeline and, leveraging the publicity
generated by the Merck deal we converted two large pharmaceutical
clients and a biotech client in the second half of the financial
year, with a further biotech client landing after the year end.
In addition, the Company won a second Innovate UK grant in
consecutive years in the field of personalised cancer treatment
targeting prostate cancer.
The progress during the year was the result of increased
marketing efforts and the pipeline of new business that has been
built up since Dr Millen joined the company in 2016.
The key areas of focus for the Company are outlined in this
statement and explored further in the Strategic Report.
Financial Review
The Company's full year total income of GBP512,899 reflects
these achievements, being the highest in its history as a quoted
company, and a 90% increase on the previous full year to 30 June
2017. As expected, income was weighted in the second half with
total income of GBP371,370, 2.6x that of our unaudited first
half.
The operating loss before exceptional costs decreased 47% to
GBP260,391 (2017 GBP489,190); exceptional costs for the full year
GBPnil (2017: GBP41,362). The loss after taxation decreased 54% to
GBP183,341 (2017: GBP400,526).
To support further expansion of the business, the Company raised
GBP525,000 (before expenses) in May 2018 by way of a placing. The
funds are being allocated towards expanding the in-house team,
increasing marketing spend, updating the IT infrastructure and
potential match funding of new grant projects.
Net assets at the year-end were GBP690,026 (2017: GBP328,254) of
which GBP571,869 (2017: GBP209,752) comprised cash and cash
equivalents.
Governance
The Group applies appropriate corporate governance standards
throughout its operations, overseen by an experienced Board.
Following the recently revised AIM Rule 26 requirements, the Board
has chosen to adhere to the Quoted Companies Alliance (QCA)
Corporate Governance Code and has recently updated its website to
reflect the QCA requirements (see
https://www.physiomics-plc.com/investors/corporate-governance/).
In accordance with those requirements, the Annual Report also
sets out the required Corporate Governance disclosures for an
annual report.
Staff
As a result of the significant volume of new business generated
during the second half, the Company made the decision to hire a new
full-time employee to supplement its delivery team. It was a
testament to the raised profile of the Company that we were able to
secure the services of a high-quality candidate who we believe will
not only expand our capacity to deliver for clients but help us to
develop our service offering. Further expansion will be considered
over the course of the new financial year.
We would also like to thank our staff for their hard work and
commitment during the year.
Directors' remuneration
Details of Directors' remuneration in the year ended 30 June
2018 is set out below:
Emoluments Benefits Pension Contributions Total Total
2018 2017
GBP GBP GBP GBP GBP
Dr P B Harper 35,049 - - 35,049 35,000
Dr J S Millen 130,049 1,457 - 131,506 131,277
Dr C D Chassagnole 62,374 717 4,130 67,221 65,993
_________ ______ ________ _______ _______
Total 227,472 2,174 4,131 235,526 232,270
_________ ______ ________ _______ _______
Note: for comparability 2017 totals have been adjusted to remove
the remuneration of Mark Chadwick who left the Company in November
2016.
Outlook
We continue to make solid progress in executing our strategy and
the efforts of the last 18 months crystallised with the signing of
the Merck contract and have continued through the second half and
into the new financial year. The Company has a healthy base of
existing customers as well as a pipeline of potential new business
opportunities which we are working hard to convert. In addition, we
are developing expertise in the field of personalised medicine with
the aim of building long term value for our customers and
shareholders. We expect further news flow in the coming year and
look forward to updating investors on our progress.
Dr Jim Millen, Chief Executive Officer
Dr Paul Harper, Non-Executive Chairman
Independent Auditors' Report to the Members of Physiomics
Plc
Opinion
We have audited the financial statements of Physiomics PLC for
the year ended 30th June 2018 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 2018 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.
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
Journals can be posted that We examined journals posted
significantly alter the Financial around the year end, specifically
Statements. focusing on areas which are
more easily manipulated such
as accruals, prepayments, investment
valuation and the bank reconciliation.
-----------------------------------------
Going Concern
There is a risk that the company We made enquires with the Directors
is not a going concern. regarding how they have assessed
going concern. We have reviewed
projections and disclosed accordingly.
-----------------------------------------
Fraud in Revenue Recognition
There is a risk that revenue Income was tested on a sample
is materially understated due basis from contracts. No evidence
to fraud. of fraud or other understatement
was identified.
-----------------------------------------
Accounting Estimates
Potential risk of inappropriate All areas were examined to identify
accounting estimates giving any potential accounting estimates.
rise to misstatement in the These estimates were then reviewed
accounts. and tested for adequacy.
-----------------------------------------
Misstatement of Grant Income
There is a risk that grant income Grant income was tested and
has been incorrectly accounted cut off agreed as correct. No
for. evidence of misstatement was
identified.
-----------------------------------------
Overstatement of Intangible
Assets An impairment review of the
Risk that the asset has no cash asset was undertaken and no
generating value. evidence of such was identified.
-----------------------------------------
Overstatement of Administrative
Expenses A proof in total calculation
There is a risk that the company's and substantive testing were
administrative expenses are both undertaken and no evidence
overstated. 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 GBP17,775. 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 our 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
Income Statement for the year ended 30 June 2018
Year Year
ended ended
30 June 30 June
2018 2017
Notes GBP GBP
Revenue 3 428,277 219,647
Other operating income 3 84,622 50,818
Total income 512,899 270,465
Net operating expenses (773,290) (759,655)
Exceptional items 4 - (41,362)
--------- ---------
Operating loss 4 (260,391) (530,552)
Investment revenues 7 31 153
Finance costs 8 (41) -
--------- ---------
Loss before taxation (260,401) (530,399)
Income tax income 9 77,060 129,873
--------- ---------
Loss for the year attributable
to equity shareholders 27 (183,341) (400,526)
========= =========
Presented as:
Loss before exceptional costs (260,391) (489,190)
Operating exceptional costs - (41,362)
--------- ---------
Operating loss (260,391) (530,552)
========= =========
Earnings per share 10
Basic (0.31) (0.78)
Diluted (0.31) (0.78)
Statement of Comprehensive Income
Year ended Year ended
30(th) 30(th)
June 2018 June 2017
GBP GBP
Loss for the year (183,341) (400,526)
Other comprehensive income - -
Total comprehensive income/ (expense) for the
year (183,341) (400,526)
Attributable to:
Equity holders (183,341) (400,526)
Statement of Financial Position as at 30 June 2018
2018 2017
Non-current assets - Notes GBP GBP
Property, plant and equipment 13 5,003 5,830
Investments 14 1 1
----------- -----------
5,004 5,831
----------- -----------
Current assets
Trade and other receivables 16 241,358 199,592
Cash and cash equivalents 571,869 209,752
----------- -----------
813,227 409,344
----------- -----------
Total assets 818,231 415,175
----------- -----------
Current liabilities
Trade and other payables 20 59,765 86,921
Deferred revenue 21 68,440 -
----------- -----------
128,205 86,921
----------- -----------
Net current assets 685,022 322,423
----------- -----------
Total liabilities 128,205 86,921
----------- -----------
Net assets 690,026 328,254
=========== ===========
Equity
Called up share capital 24 1,181,038 1,121,463
Share premium account 25 5,228,172 4,753,538
Other reserves 26 169,814 158,910
Retained earnings 27 (5,888,998) (5,705,657)
----------- -----------
Total equity 690,026 328,254
=========== ===========
The financial statements were approved by the Board of directors
and authorised for issue on 8(th) October 2018
Dr P B Harper - Chairman
Company Registration No. 04225086
Statement of Changes in Equity for the year ended 30 June
2018
Share Share Share-based Retained Total
capital premium com-pensation earnings
account on reserve
Notes GBP GBP GBP GBP GBP
Balance at 1 July 2016 1,032,663 4,327,573 149,048 (5,305,131) 204,153
Loss and total
comprehensive
Income/(expense) for
the year - - - (400,526) (400,526)
Issue of share capital
(net of costs) 24 88,800 425,965 - - 514,765
Transfer to other
reserves 26 - - 9,862 - 9,862
---------- ---------- -------------- ------------ -------------------
Balance at 30 June
2017 1,121,463 4,753,538 158,910 (5,705,657) 328,254
---------- ---------- -------------- ------------ -------------------
Loss and total
comprehensive
income/(expense) for
the year - - - (183,341) (183,341)
Issue of share capital 24 59,575 474,634 - - 534,209
Transfer to other
reserves 26 - - 10,904 - 10,904
---------- ---------- -------------- ------------ -------------------
Balance at 30 June
2018 1,181,038 5,228,172 169,814 (5,888,998) 690,026
========== ========== ============== ============ ===================
Cash Flow Statement for the year ended 30 June 2018
2018 2017
Notes GBP GBP GBP GBP
Cash flows from operating
activities
Cash absorbed by operations 35 (244,951) (539,713)
Interest paid (41) -
Tax refunded 75,195 102,439
------------- -----------
Net cash outflow from operating
activities (169,797) (437,274)
Investing activities
Purchase of tangible fixed
assets (2,326) (6,802)
Interest received 31 153
--------- ---------
Net cash used in investing
activities (2,295) (6,649)
Financing activities
Proceeds from issue of shares 578,899 514,765
Share issue costs (44,690) -
--------- ---------
Net cash generated from financing
activities 534,209 514,765
------------- -----------
Net increase in cash and
cash equivalents 362,117 70,842
Cash and cash equivalents
at beginning of year 209,752 138,910
------------- -----------
Cash and cash equivalents
at end of year 571,869 209,752
============= ===========
Notes to the Financial Statements
1 Accounting policies
Company information
Physiomics PLC is a company limited by shares incorporated in
England and Wales. The registered office is The Magdalen Centre,
Oxford Science Park, Robert Robinson Avenue, Oxford, OX4 4GA.
1.1 Accounting convention
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted for
use in the European Union and with those parts of the Companies Act
2006 applicable to companies reporting under IFRS, (except as
otherwise stated).
The financial statements have been prepared on the historical
cost basis. The principal accounting policies adopted are set out
below.
The company has taken advantage of the exemption under section
402 of the Companies Act 2006 not to prepare consolidated accounts.
The financial statements present information about the company as
an individual entity and not about its group.
1.2 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 GBP571,869 of cash and cash equivalents as at 30
June 2018 (2017 GBP209,752).
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 notes that current cash and currently contracted
projects are projected to cover all budgeted expenses during this
period. In addition to currently contracted projects the Company
anticipates a number of new clients as well as repeat business from
some existing clients.
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.
1.3 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.
1.4 Intangible assets other than goodwill
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.
1.5 Tangible fixed assets
Tangible fixed assets are initially measured at cost and
subsequently measured at cost or valuation, net of depreciation and
any impairment losses.
Depreciation is recognised so as to write off the cost or
valuation of assets less their residual values over their useful
lives on the following bases:
Fixtures and fittings 3 years straight line
IT Equipment 3 years straight line
The gain or loss arising on the disposal of an asset is
determined as the difference between the sale proceeds and the
carrying value of the asset, and is recognised in the profit and
loss account.
1.6 Research and development expenditure
Expenditure on research activity is recognised as an expense in
the period in which it is incurred.
1.7 Fixed asset investments
A subsidiary is an entity controlled by the company. Control is
the power to govern the financial and operating policies of the
entity so as to obtain benefits from its activities.
Participating interests are stated at cost less amounts written
off in the Company balance sheet.
1.8 Impairment of tangible and intangible 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.
1.9 Fair value measurement
IFRS 13 establishes a single source of guidance for all fair
value measurements. IFRS 13 does not change when an entity is
required to use fair value, but rather provides guidance on how to
measure fair value under IFRS when fair value is required or
permitted. The resulting calculations under IFRS 13 affected the
principles that the Company uses to assess the fair value, but the
assessment of fair value under IFRS 13 has not materially changed
the fair values recognised or disclosed. IFRS 13 mainly impacts the
disclosures of the Company. It requires specific disclosures about
fair value measurements and disclosures of fair values, some of
which replace existing disclosure requirements in other
standards.
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at
call with banks, other short-term liquid investments with original
maturities of three months or less.
1.11 Financial assets
Financial assets are recognised in the company's statement of
financial position when the company becomes party to the
contractual provisions of the instrument.
Financial assets are classified into specified categories. The
classification depends on the nature and purpose of the financial
assets and is determined at the time of recognition.
Financial assets are initially measured at fair value plus
transaction costs, other than those classified as fair value
through the income statement, which are measured at fair value.
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.
Impairment of financial assets
Financial assets, other than those at fair value through the
income statement, are assessed for indicators of impairment at each
reporting end date.
Financial assets are impaired where there is objective evidence
that, as a result of one or more events that occurred after the
initial recognition of the financial asset, the estimated future
cash flows of the investment have been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual
rights to the cash flows from the asset expire, or when it
transfers the financial asset and substantially all the risks and
rewards
of ownership to another entity.
1.12 Financial liabilities
Financial liabilities are classified as either financial
liabilities at fair value through the income statement or other
financial liabilities.
Financial liabilities are classified according to the substance
of the contractual arrangements entered into.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the
company's obligations are discharged, cancelled, or they
expire.
1.13 Equity instruments
Equity instruments issued by the company are recorded at the
proceeds received, net of direct issue costs. An equity instrument
is any contract that evidences a residual interest in the assets of
the Company after deducting all of its liabilities.
1.14 Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the
year. Taxable profit differs from net profit as reported in the
income statement because it excludes items of income or expense
that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The company's
liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the reporting end
date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in
the computation of taxable profit, and is accounted for using the
balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which
deductible temporary differences can be utilised. Such assets and
liabilities are not recognised if the temporary difference arises
from goodwill or from the initial recognition of other assets and
liabilities in a transaction that affects neither the tax profit
nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each
reporting end date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow
all or part of the asset to be recovered. Deferred tax is
calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised.
Deferred tax is charged or credited in the income statement, except
when it relates to items charged or credited directly to equity, in
which case the deferred tax is also dealt with in equity. Deferred
tax assets and liabilities are offset when the company has a
legally enforceable right to offset current tax assets and
liabilities and the deferred tax assets and liabilities relate to
taxes levied by the same tax authority.
1.15 Employee benefits
The costs of short-term employee benefits are recognised as a
liability and an expense.
The cost of any unused holiday entitlement is recognised in the
period in which the employee's services are received.
Termination benefits are recognised immediately as an expense
when the company is demonstrably committed to terminate the
employment of an employee or to provide termination benefits.
1.16 Retirement benefits
Payments to defined contribution retirement benefit schemes are
charged as an expense as
they fall due.
1.17 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.
1.18 Leases
Rentals payable under operating leases, less any lease
incentives received, are charged to income on a straight line basis
over the term of the relevant lease except where another more
systematic basis is more representative of the time pattern in
which economic benefits from the lease asset are consumed.
1.19 Government grants
Government grants are recognised when there is reasonable
assurance that the grant conditions will be met and the grants will
be received.
Government grants of a revenue nature are credited to the profit
and loss account in the same period as the related expenditure.
1.20 Foreign exchange
Transactions in currencies other than pounds sterling are
recorded at the rates of exchange prevailing at the dates of the
transactions. At each reporting end date, monetary assets and
liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the reporting end date.
Gains and losses arising on translation are included in the income
statement for the period.
1.21 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.
1.22 Adoption of international accounting standards
At the date of authorisation of these financial statements, the
following standards and interpretations which have not been applied
in these financial statements were in issue but not yet
effective:
-- IFRS 9 "financial instruments" will be effective for the year
ending June 2019 onwards, the main impact being the impairment
assessments methodology used to value our trade receivables.
-- IFRS 15 "Revenue from contracts with customers" will be
effective from the year ending 30th June 2019 onwards, and is not
expected to have a significant impact on the Company's
revenues.
-- IFRS 16 "leases" will be effective for the year ending June
2020 onwards and the impact is not expected to be significant.
IFRS16 requires lessees to recognise the future liability
reflecting the future lease payments and a right-of-use asset for
all lease contracts.
2 Critical accounting estimates and judgements
Revenue for projects started and completed during the financial
year is recognised in full during the year. Revenue from a project
which commences in one financial year and is completed in a
subsequent financial year is recognised over the life of the
project based on the expected period to completion as anticipated
at each balance sheet date less what has already been recognised
during a previous financial period or periods.
There were no other material accounting estimates or areas of
judgements required.
3 Revenue & segmental reporting
An analysis of the company's revenue is as follows:
2018 2017
GBP GBP
Revenue 428,277 219,647
======== ========
Other operating income
Grant income 84,622 50,818
84,622 50,818
======== ========
The principal activities are the provision of outsourced systems
and computational biology services to pharmaceutical companies.
This activity comprises a single segment of operation of a sole
UK base and entirely UK based assets. Revenue was derived in the UK
and European Union from its principal activity.
4 Operating loss
2018 2017
GBP GBP
Operating loss for the period is stated after charging/(crediting):
Net foreign exchange losses/(gains) (2,328) 38
Research and development costs - 211,220
Government grants (84,622) (50,818)
Fees paid to the Company's auditor, refer to below 15,250 20,250
Depreciation of property, plant and equipment 3,153 2,529
Amortisation of intangible assets - 2,381
Operating exceptional costs, refer to below - 41,362
Share-based payments 10,904 9,862
======== ========
Operating exceptional costs in the prior year comprised due
diligence and other legal and professional costs in relation to the
anticipated acquisition of Biomoti Limited. During the prior year
the Board decided not to proceed with this acquisition.
5 Auditors remuneration
2018 2017
Fees payable to the company's auditor and associates: GBP GBP
For audit services
Audit of the company's financial statements 10,000 10,000
======== ========
For other services
Taxation compliance services 2,000 2,750
Audit-related assurance services 750 6,000
Innovate UK grant related services 2,500 1,500
-------- --------
Total fees 15,250 20,250
======== ========
6 Employees
The average monthly number of persons (including directors)
employed by the company during the year was:
2018 2017
Number Number
6 6
=========== ============
Their aggregate remuneration comprised: 2018 2017
GBP GBP
Wages and salaries 342,918 342,527
Social security costs 37,681 52,172
Other pension and insurance benefit costs 10,728 8,111
----------- ------------
391,327 402,810
=========== ============
Details of the remuneration of Directors are included above.
7 Finance income
2018 2017
GBP GBP
Interest income
Bank deposits 31 153
==== ====
8 Finance costs
2018 2017
GBP GBP
Other interest payable 41 -
==== =============
Interest rate risk
The Company finances its operations by cash and short-term
deposits. The Company's policy on interest rate management is
agreed at board level and is reviewed on an ongoing basis. Other
creditors, accruals and deferred revenue values do not bear
interest.
Interest rate profile
The Company had no bank borrowings at the 30 June 2018 and 30
June 2017.
9 Income tax expense
Continuing operations
2018 2017
GBP GBP
Current tax
Research and development tax credit: current year (81,905) (80,039)
Research and development tax credit: prior year 4,845 (49,834)
----------------- -----------
(77,060) (129,873)
================= ===========
The charge for the year can be reconciled to the loss per the
income statement as follows:
2018 2017
GBP GBP
Loss before taxation (260,401) (530,399)
================= ===========
Expected tax charge based on a corporation tax
rate of 19.00% (49,476) (100,776)
Expenses not deductible in determining taxable
profit 2,072 9,839
Unutilised tax losses carried forward (2,878) 33,904
Adjustment in respect of prior years research
and development 4,845 (31,861)
Research and development expenditure tax credit (9,588) (5,167)
Deferred / (accelerated) capital allowances 83 (871)
Research and development enhancement (22,118) (34,941)
----------------- -----------
Tax charge for the period (77,060) (129,873)
================= ===========
At 30 June 2018 tax losses of GBP3,811,775 (2017: GBP3,796,626)
remained available to carry forward against future taxable trading
profits. These amounts are in addition to any amounts surrendered
for Research and Developments tax credits. There is an unrecognised
deferred tax asset of GBP724,237 (2017: GBP721,359).
10 Earnings per share
2018 2017
GBP GBP
Number of shares
Weighted average number of ordinary shares for
basic earnings per share 59,095,673 51,542,606
Earnings - Continuing operations
Loss for the period from continued operations (183,341) (400,528)
------------ ------------
Earnings for basic and diluted earnings per share
being net profit attributable to equity shareholders
of the company for continued operations (183,341) (400,526)
============ ============
Earnings per share for continuing operations
Basic and diluted earnings per share (0.31) (0.78)
Basic and diluted earnings per share
From continuing operations (0.31) (0.78)
-------- --------
(0.31) (0.78)
======== ========
The loss attributable to equity holders (holders of ordinary
shares) of the Company for the purpose of 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 under the terms of IAS 33 'Earnings per Share'.
11 Financial instruments recognised in the statement of financial position
2018 2017
Held for trading: GBP GBP
Current financial assets
Trade and other receivables 54,160 42,034
Cash and cash equivalents 571,869 209,752
------- -------
626,029 251,786
======= =======
Current financial liabilities
Trade and other payables 41,799 75,890
Deferred revenue 68,440 -
------- -------
110,239 75,890
======= =======
The Company's financial instruments comprise cash and short-term
deposits. The Company has various other financial instruments, such
as trade debtors and creditors that arise directly from its
operations.
The main risks arising from the Company's financial instruments
are interest rate risk, liquidity risk and foreign currency risk.
The policies for managing these are regularly reviewed and agreed
by the board. It is and has been throughout the year under review,
the Company's policy that no trading in financial instruments shall
be undertaken
12 Intangible assets
Software
GBP
Cost
At 1 July 2016 75,646
--------
At 30 June 2017 75,646
--------
At 30 June 2018 75,646
--------
Amortisation and impairment
At 1 July 2016 73,265
Charge for the year 2,381
--------
At 30 June 2017 75,646
--------
At 30 June 2018 75,646
--------
Carrying amount
At 30 June 2018 -
========
At 30 June 2017 -
========
13 Tangible fixed assets
Fixtures IT equipment Total
and fittings
Cost GBP GBP GBP
At 1 July 2016 2,206 34,272 36,478
Additions - 6,802 6,802
-------------- ------------- -------
At 30 June 2017 2,206 41,074 43,280
Additions - 2,326 2,326
-------------- ------------- -------
At 30 June 2018 2,206 43,400 45,606
-------------- ------------- -------
Accumulated depreciation and impairment
At 1 July 2016 2,076 32,845 34,921
Charge for the year 130 2,399 2,529
-------------- ------------- -------
At 30 June 2017 2,206 35,244 37,450
Charge for the year - 3,153 3,153
-------------- ------------- -------
At 30 June 2018 2,206 38,397 40,603
-------------- ------------- -------
Carrying amount
At 30 June 2018 - 5,003 5,003
============== ============= =======
At 30 June 2017 - 5,830 5,830
============== ============= =======
14 Investments
Current Non-current
2018 2017 2018 2017
GBP GBP GBP GBP
Investment in subsidiaries - - 1 1
======= ======= ====== ======
The company has not designated any financial assets that are not
classified as held for trading as financial assets at fair value
through profit or loss.
15 Subsidiaries
Details of the company's subsidiaries at 30 June 2018 are as
follows:
Country of Proportion Proportion Nature of business
incorporation of ownership of voting power
(or residence) interest (%) held (%)
E-Phen Limited United Kingdom 100.00% 100.00% Dormant
The above subsidiary is currently in the process of being
liquidated.
16 Trade and other receivables
Due within one year
2018 2017
GBP GBP
Trade debtors 50,382 37,296
Other receivables 3,778 4,738
Corporation tax recoverable 81,905 80,040
VAT recoverable 15,040 16,551
Prepayments and accrued income 90,253 60,967
---------- ---------
241,358 199,592
========== =========
17 Fair value of trade receivables
There are no material differences between the fair value of
financial assets and the amount at which they are stated in the
financial statements.
18 Fair value of financial liabilities
There are no material differences between the fair value of
financial liabilities and the amount at which they are stated in
the financial statements.
19 Liquidity risk
The Company seeks to manage financial risk by ensuring that
sufficient liquidity is available to meet foreseeable needs and to
invest cash assets safely and profitably.
20 Trade and other payables
Due within one year
2018 2017
GBP GBP
Trade creditors 15,497 23,227
Accruals and deferred income 25,469 33,811
Social security and other taxation 17,965 11,031
Other creditors 834 18,852
59,765 86,921
========== =========
21 Deferred revenue
2018 2017
GBP GBP
Arising from invoices in advance 68,440 -
====== ====
Analysis of deferred revenue
Deferred revenues are classified based on the amounts that are
expected to be settled within the next 12 months and after more
than 12 months from the reporting date, as follows:
2018 2017
GBP GBP
Current liabilities 68,440 -
====== ====
22 Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution pension scheme for
all qualifying employees. The assets of the scheme are held
separately from those of the company in an independently
administered fund.
The total costs charged to income in respect of defined
contribution plans is GBP6,164 (2017: GBP3,439).
As at the statement of financial position date the company had
unpaid pension contributions totalling GBP834 (2017: GBP631).
23 Share-based payment transactions
The Company operates two share option schemes: (1) under the
Enterprise Management Initiative Scheme ("EMI") and (2) an
unapproved share option scheme. Both are equity settled. Options
are granted with a fixed exercise price equal to the market price
of the shares under option at the date of grant. Some options are
subject to performance criteria relating to either share price
performance or the achievement of certain corporate milestones. The
contractual life of the options is 10 years from the date of
issue.
A summary of the options at the start and end of period for
directors and all other employees is presented in the following
table:
Holder Outstanding Granted Forfeited Exercised Outstanding Exercisable Exercise Date Date
at start during during during at end at end price of of expiry
of period period period period of period of period (p) grant
Christophe
Chassagnole 74,994 - 74,994 - - - 38.30 07-Sep-07 07-Sep-17
Christophe
Chassagnole 56,245 - - - 56,245 56,245 15.00 18-Dec-08 18-Dec-18
Christophe
Chassagnole 118,565 - - - 118,565 118,565 40.00 28-Feb-10 28-Feb-20
Christophe
Chassagnole 32,331 - - - 32,331 16,166 34.00 09-Nov-11 09-Nov-21
Christophe
Chassagnole 129,381 - - - 129,381 129,381 13.20 11-Feb-13 11-Feb-23
Christophe
Chassagnole 322,615 - - - 322,615 322,615 6.20 24-Mar-15 24-Mar-25
Christophe
Chassagnole 645,231 - - 645,231 - - 3.50 21-Dec-15 21-Dec-25
Christophe
Chassagnole 879,521 - - 219,880 659,641 659,641 2.50 28-Feb-17 27-Feb-27
Christophe
Chassagnole - 350,000 - - 350,000 - 5.35 27-Mar-18 26-Mar-28
Jim Millen 1,938,564 - - 484,641 1,453,923 1,453,923 2.50 28-Feb-17 27-Feb-27
Jim Millen - 520,000 - - 520,000 - 5.35 27-Mar-18 26-Mar-28
Paul Harper 23,277 - - - 23,277 23,277 15.00 18-Dec-08 18-Dec-18
Paul Harper 76,645 - - - 76,645 76,645 40.00 28-Feb-10 28-Feb-20
Paul Harper 12,932 - - - 12,932 6,466 34.00 09-Nov-11 09-Nov-21
Paul Harper 51,752 - - - 51,752 51,752 13.20 11-Feb-13 11-Feb-23
Paul Harper 129,046 - - - 129,046 129,046 6.20 24-Mar-15 24-Mar-25
Paul Harper 258,092 - - - 258,092 258,092 3.50 21-Dec-15 21-Dec-25
Paul Harper - 140,000 - - 140,000 - 5.35 27-Mar-18 26-Mar-28
Other staff 34,900 - 34,900 - - - 38.30 07-Sep-07 07-Sep-17
Other staff 34,488 - 26,175 - 8,313 8,313 15.00 18-Dec-08 18-Dec-18
Other staff 105,476 - 63,828 - 41,648 41,648 40.00 28-Feb-10 28-Feb-20
Other staff 107,272 - 16,165 - 91,107 45,554 34.00 09-Nov-11 09-Nov-21
Other staff 142,318 - 64,690 - 77,628 77,628 13.20 11-Feb-13 11-Feb-23
Other staff 349,912 - 161,307 - 188,605 188,605 6.20 24-Mar-15 24-Mar-25
Other staff 699,826 - 322,615 322,615 54,596 54,596 3.50 21-Dec-15 21-Dec-25
Other staff 500,229 - - 96,448 403,781 403,781 2.50 28-Feb-17 27-Feb-27
Other staff - 490,000 - - 490,000 - 5.35 27-Mar-18 26-Mar-28
Total 6,723,612 1,500,000 764,674 1,768,815 5,690,123 4,121,938
------------------------ ---------------------- -------------------- -------------------- ---------------------- ---------------------
The weighted average share price at the date of grant for share
options granted in the year was GBP0.0535, (2017: GBP0.019).
The options outstanding at 30 June 2018 had an exercise price
ranging from GBP0.025 to GBP0.40, and a remaining contractual life
of 10 years
During 2018, options were granted on 27 March 2018. The weighted
average fair value of the options on the measurement date was
GBP0.00727. Options vest according to time and performance based
criteria.
The options were granted with an exercise price of GBP0.054.
During 2017, options were granted on 19 December 2016. The
weighted average fair values of the options on the measurement date
was GBP0.002972.
The options were granted with an exercise price of GBP0.025.
Fair value was measured using Black-Scholes share option pricing
model. Inputs were as follows:
2018 2017
Expected volatility 62.97% 40.08%
Expected life 2.3 years 2.5 years
Risk free rate 0.91% 0.15%
The expected volatility is based on the sixty day average
historical volatility of the Company over 3 years.
The expected life of options is now based on the share option
exercise history with the company. The risk-free rate of return is
derived from UK treasury yields at 2 and 3 years.
Total expenses of GBP10,904 related to equity settled
share-based payment transactions were recognised in the year.
(2017: GBP9,862).
24 Share capital
2018 2017
GBP GBP
Ordinary share capital, issued and fully paid
71,910,394 Ordinary of 0.4p each 287,641 228,066
2,481,657,918 Deferred of 0.036p each 893,397 893,397
--------- ---------
1,181,038 1,121,463
========= =========
The ordinary shares carry no rights to fixed income. The
deferred shares have no voting rights and have no rights to receive
dividends or other income.
Reconciliation of movements during the year: Ordinary Deferred
Number Number
At 1 July 2017 57,016,579 2,481,657,918
Issue of fully paid shares 14,893,815 -
---------- -------------
At 30 June 2018 71,910,394 2,481,657,918
========== =============
Current year changes to Ordinary share capital
On 14 December 2017 the Company issued 800,969 ordinary shares
of 0.4p at a price of 2.5p per ordinary share, as well as 967,846
ordinary shares of 0.4p at a price of 3.5p per ordinary share
following the exercise of employee share options, the proceeds of
which were used for working capital purposes.
On 31 May 2018 the Company issued 13,125,000 ordinary shares of
0.4p at a price of 4p per ordinary share for working capital
purposes.
Prior year changes to Ordinary share capital
On 21 September 2016 the Company issued 2,220,000,000 ordinary
shares of 0.004p at a price of 0.025p per ordinary share for
working capital purposes.
On 16 December 2016, the Company consolidated its ordinary
shares in a ratio of 100:1. Following this, the issued share
capital of the Company reduced from 5,701,657,918 ordinary shares
of 0.004p each to 57,016,579 ordinary shares of 0.4p each. The
2,481,657,918 Deferred Shares of 0.036p each remained
unchanged.
25 Share premium account
GBP
At 1 July 2016 4,327,573
Issue of new shares 466,199
Share issue expenses (40,234)
--------------
At 30 June 2017 4,753,538
Issue of new shares 519,324
Share issue expenses (44,690)
--------------
At 30 June 2018 5,228,172
==============
The share premium account consists of proceeds from the issue of
shares in excess of their par value (which is included in the share
capital account).
26 Other reserves: share-based compensation reserve
GBP
At 30 June 2016 149,048
Additions 9,862
------------
At 30 June 2017 158,910
Additions 10,904
------------
At 30 June 2018 169,814
============
The share-based compensation reserve represents the credit
arising on the charge for share options calculated in accordance
with IFRS 2.
27 Retained earnings
GBP
At 1 July 2016 (5,305,131)
Loss for the period (400,526)
----------------
At 30 June 2017 (5,705,657)
Loss for the period (183,341)
----------------
At 30 June 2018 (5,888,998)
================
Retained earnings includes an amount of GBP237,889 (2017:
GBP237,889) in relation to the Equity Swap Agreement in 2014 which
under the Companies Act is not distributable.
28 Operating lease commitments
Lessee
Amounts recognised in the income statement as an expense during
the period in respect of operating lease arrangements are as
follows:
2018 2017
GBP GBP
Minimum lease payments under operating leases 55,151 52,903
====== =============
At the reporting end date the company had outstanding
commitments for future minimum lease payments under non-cancellable
operating leases, which fall due as follows:
2018 2017
GBP GBP
Within one year 4,625 4,375
----- -----
4,625 4,375
===== =====
29 Capital commitments
At 30 June 2018 and 30 June 2017 the Company had no capital
commitments.
30 Capital risk management
The capital structure of the Company consists of cash and cash
equivalents and equity attributable to equity holders of the
Company, comprising issued capital, reserves and retained earnings
as disclosed in notes 24 to 27.
The board's policy is to maintain an appropriate capital base so
as to maintain investor and creditor confidence and to sustain
future development of the business. The Company's objectives when
managing capital are to safeguard the Company's ability to continue
as a going concern in order to provide returns for shareholders and
benefits for stakeholders and to maintain an optimal capital
structure to reduce the cost of capital. The Company has a record
of managing the timing and extent of discretionary expenditure in
the business.
In order to maintain or adjust the capital structure the Company
may issue new shares.
31 Events after the reporting date
No material post balance sheet events occurred after the end of
the period.
32 Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management
personnel of the Company, is set out above.
In the prior year, there was an outstanding Directors Loan to
Christophe Chassagnole of GBP960 relating to a historical share
purchase. This loan has been repaid during 2018.
33 Controlling party
The Company does not currently have an ultimate controlling
party and did not have one in this reporting year or the preceding
reporting year.
34 Cash generated from operations
2018 2017
GBP GBP
Loss for the year after tax (183,341) (400,526)
Adjustments for:
Taxation credited (77,060) (129,873)
Finance costs 41 -
Investment income (31) (153)
Amortisation and impairment of intangible assets - 2,381
Depreciation and impairment of tangible fixed assets 3,153 2,529
Equity settled share based payment expense 10,904 9,862
Movements in working capital:
Increase in debtors (39,901) (11,696)
Decrease in creditors (27,157) (12,237)
Increase/(decrease) in deferred revenue 68,440 -
---------- -----------
Cash absorbed by operations (244,951) (539,713)
========== ===========
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 Tuesday 20 November 2018. 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.
Enquiries:
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
Notes to Editor
About Physiomics
Physiomics plc (AIM: PYC) is a solutions provider to the R&D
based pharmaceutical and biotechnology industry with a focus on
oncology. 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 Virtual
Tumour has been confirmed by 55 projects, involving over 25 targets
and 60 drugs, and has worked with clients such as Merck KGaA, Merck
& Co, Bayer and Lilly.
Based in Oxford UK, the Company works with clients worldwide to
support their pre-clinical and clinical oncology development
programs. Its team of scientists and computer modelling experts
provide bespoke solutions encompassing data, analytics and
insight.
Physiomics senior management has academic and commercial
expertise, including over 90 years collectively of working in
oncology and/or computational biology and over 100 publications in
peer reviewed journals.
For more information please visit:
www.physiomics-plc.com
www.twitter.com/Physiomics
www.linkedin.com/company/physiomics-plc/
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.
END
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