Physiomics PLC Company Update (8389T)
January 11 2017 - 2:00AM
UK Regulatory
TIDMPYC
RNS Number : 8389T
Physiomics PLC
11 January 2017
Physiomics plc
("Physiomics") or ("the Company")
Company Update
Physiomics plc (AIM: PYC) is pleased to announce that it is
making good progress towards the strategic objectives announced in
its most recent full year results (RNS 27(th) October 2016 and
subsequent printed annual report circulated to shareholders).
On the 5(th) December 2016 Physiomics announced an initial
payment by Sareum for modelling carried out by the Company in 2010
to support the identification of an optimal combination regime of a
Chk1 inhibitor and a DNA-targeting chemotherapy using the
pre-clinical version of the Company's Virtual Tumour technology.
The payment was triggered by a number of pre-conditions including
the announcement on 27(th) September 2016 by Sareum that its
partner, the CRT Pioneer Fund, had licensed exclusive and worldwide
rights for a Chk1 inhibitor cancer drug candidate CCT245737 (to be
renamed PNT737) to ProNAi Therapeutics, Inc. (NASDAQ: DNAI).
On the 6(th) January 2017, the Company confirmed the award of a
substantial Innovate UK Grant in the field of personalised medicine
whose provisional award had previously been announced on the 22(nd)
November 2016. The project is titled "Decision Support Systems For
Stratified Cancer Treatment". In line with the Company's strategic
objective to explore the personalised medicine market set out in
its full year results (published on the 27(th) October 2016), 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.
The Company continues to work with a number of existing clients
on pre-clinical and clinical projects. In particular, it remains
engaged with Merck Serono on a project (first announced on 3(rd)
March 2015) using the Physiomics' Virtual Tumour Clinical. The
Company is in active dialog with existing and new clients regarding
extensions and new projects.
The Company is participating in the Biotech Showcase partnering
conference in San Francisco from 9-11(th) January. During this week
in San Francisco most of the world's most successful biotech and
pharmaceutical companies attend either this conference or the JP
Morgan Healthcare conference that takes place annually at the same
time and location. Physiomics has confirmed meetings with a
significant number of companies with oncology pipelines.
The Company anticipates that in the first half of its current
financial year its revenues will be broadly in line with the
comparable period last year. Looking forward, the Company expects
that in the second half of its financial year, revenues will be at
least in line with the comparable period in the previous year. The
Company will provide a further update later in the current quarter
when it publishes its half year results for the current financial
year.
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
About Physiomics plc
Physiomics (AIM:PYC) is a computational systems biology services
company applying simulations of cell behaviour to drug development
to reduce the high attrition rates of clinical trials. 80-90 per
cent of all clinical drug candidates fail to reach the market and
estimates show that an overall ten per cent improvement in success
rates could reduce the cost of one drug's development by as much as
$242 million, from the current estimate of around $800 million(1)
.
Physiomics develops computational systems biology models to
predict and understand cancer drug efficacy from pre-clinical
research to clinical development. Physiomics has created detailed
mathematical models incorporating the most important molecular
events taking place during the human cell cycle and apoptosis
processes. The company's SystemCell(R) technology enables the
simulation of populations of "virtual cells". The company has also
developed a "Virtual Tumour" model to simulate the effect of
anti-cancer drugs on tumour growth. The models are used to optimise
compound design and to design drug schedules and combination
therapies.
Physiomics, based in Oxford, UK, was founded in 2001, and
floated on AIM in 2004. For further information, please visit
www.physiomics-plc.com
SystemCell(R) is a registered trademark of Physiomics plc
(1) Tufts Centre Impact Report 2002
This information is provided by RNS
The company news service from the London Stock Exchange
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