31 May 2024
Physiomics plc
("Physiomics" or the "Company")
Board Change
Physiomics plc (AIM: PYC), a leading
mathematical modelling and data science company supporting the
development of new therapeutics and personalised medicine
solutions, would like to update the market on a change to the
composition of its board.
Dr Christophe Chassagnole will step down as a
Director of the Company and as Chief Scientific Officer (CSO),
effective 31 May 2024, to pursue other career opportunities.
Dr Chassagnole has worked for Physiomics since 2004 and has been a
Director and board member since 2007, most recently as
CSO.
It is not intended that the Company will
recruit a replacement for the role of CSO as the Company continues
to focus on expenditure directly linked to revenue generating
positions.
In his time at the Company, Dr Chassagnole has
made important contributions in the development of the Company's
client offering, the publication of thought leadership and the
securing of grants.
In order to ensure a smooth transition, the
Company will enter into a consulting agreement with Dr Chassagnole
that would enable it to continue to take advantage of his
scientific expertise and experience as required following the end
of his formal employment. In addition, the Company has
entered into an IP Licensing Agreement with Dr Chassagnole under
which certain systems biology models and software, no longer
used or commercialised by the Company, and unrelated to the
Company's Virtual Tumour software, will be licensed on a
non-exclusive basis to a company set up and owned by Dr
Chassagnole. Under this agreement, the Company will receive a
2-5% royalty on any gross sales that may be derived from this IP up
to a maximum amount of £75k per annum.
Related Party
Transaction
The IP Licensing Agreement, as set out above,
constitutes a related party transaction pursuant to Rule
13 of the AIM Rules for Companies, by virtue of Dr
Chassagnole being a former director of the Company within the
last 12 months.
The Directors of the Company, which, following
his resignation, does not include Dr Chassagnole, consider, having
consulted with the Company's Nominated Adviser, Strand
Hanson Limited, that the terms of the IP Licensing Agreement
are fair and reasonable insofar as the Company's shareholders are
concerned.
Dr Jim Millen,
Chairman, commented: "I have worked with Christophe for over seven
years and in that time he has been a valued and highly professional
member of the team. Everyone at Physiomics, and I in
particular, wish him every success going
forwards".
Enquiries:
Physiomics
plc
Dr Peter Sargent, CEO
+44 (0)1235 841575
Hybridan LLP
(Broker)
Claire Louise Noyce
+44 (0) 203 764 2341
Strand Hanson
Ltd (NOMAD)
James Dance & James Bellman
+44 (0)20 7409 3494
Notes to
Editor
About Physiomics
Physiomics plc combines cutting edge
PKPD and QSP modelling and data science techniques, along with deep
biology expertise, to help biotech and pharma companies streamline
their drug development journeys.
Our approach is to derive insight
from all relevant data in order to de-risk decision making and
optimise design research across discovery, pre-clinical and
clinical studies.
Through use of bespoke models and
our proprietary Virtual Tumour technology, the Physiomics team has
informed the development of over 100 commercial projects, over 50
targets and 75 drugs. Clients include Merck KGaA, Astellas, Bicycle
Therapeutics, Numab Therapeutics & CRUK.