TIDMPYC
RNS Number : 6022Q
Physiomics PLC
01 March 2021
1 March 2021
Physiomics Plc
("Physiomics") or (the "Company")
Interim Results Statement
for the six-month period ended 31 December 2020
Physiomics plc (AIM: PYC), the oncology consultancy using
mathematical models and its Virtual Tumour(TM) technology to
support the development of cancer treatment regimens and
personalised medicine solutions, today announces its financial
results for the six months ended 31 December 2020.
Summary financial results
-- Revenue of GBP363k (six months ended 31 December 2019: GBP343k)
-- Total income of GBP386k* (six months ended 31 December 2019: GBP343k*)
-- Operating loss of GBP132k (six months ended 31 December 2019: GBP118k)
-- Cash and cash equivalents of GBP1.15m at 31 December 2020 (31 December 2019: GBP434k)
-- Shareholders' funds of GBP1.29m at 31 December 2020 (31 December 2019: GBP532k)
* Total income for the six months ended 31 December 2020
includes other operating income, being grant income, of GBP23k. No
grant income is included in the six months ended 31 December
2019.
Total income in the first half was 13% ahead of the six-month
comparable prior period ended 31 December 2019. Operating losses of
GBP132k were just GBP14k greater than those of the comparable prior
period despite a significant increase in marketing activities. The
Company finished the half with a strong balance sheet showing
shareholder funds of GBP1.29m at 31 December 2020 (up from GBP532k
at 31 December 2019).
Careful management of cash helped the Company to achieve a net
cash inflow of GBP101k during the period, with the Company having
cash and cash equivalents of GBP1.15m at 31 December 2020 (30 June
2019: GBP434k). The second half revenues for the last two financial
years have significantly exceeded those of the first half and the
Board expects this trend to continue in the current financial year
.
Operational highlights
Key events in the period include:
-- Signing of a further contract with Bicycle Therapeutics; the
eighth signed with this high-profile UK biotech company, spanning
four different assets within its pipeline
-- Agreement with Astellas Pharma Inc. to model an undisclosed immune-oncology target
-- UK HRA and ethics committee approval of PARTNER study to be
conducted at Portsmouth Hospitals University NHS Trust to generate
data to further evaluate the Company's personalised dosing software
tool
-- Partnership with Tabula Rasa Healthcare(R) to implement the
Company's personalised dosing tool for cancer treatments in the
established DoseMeRx(R) software platform
-- Contracts awarded by Merck KGaA with an aggregate value of
GBP270,000 expected to be completed during the first six to eight
months of calendar 2021 with further contracts expected in the
second half of calendar 2021
Key event after the period end:
-- Risk-sharing agreement with ValiRx renewed and extended to
include indications beyond prostate cancer (endometriosis and
coronavirus) following the release by ValiRx of clinical data for
VAL201 in November 2020
Chairman and CEO's b usiness strategy update
The Directors believe that the events noted above provide
evidence of material progress in developing both the Company's core
modelling and simulation business, as well as its more recent
personalised oncology initiatives. This progress has been
underpinned by selective investments to build our capabilities in
these two areas which were made possible by the successful,
oversubscribed placing announced on 27 May 2020. Further commentary
on our key business areas is provided below.
Consulting business based on modelling & simulation using
Virtual Tumour(TM) and other tools
The Company continues to maintain strong relationships with
existing repeat-clients, including CellCentric and Bicycle
Therapeutics, as well as its long-term client Merck KGaA. The
Company signed eleven follow-on agreements with existing clients in
calendar year 2020 in addition to securing a significant new client
in Astellas Pharma Inc (TSE:4503).
Investment in databases for lead identification, direct
telephone marketing, active social media management and selective
use of business development consultants led to substantive new
business meetings with 27 companies during calendar 2020. One such
meeting led to the signing of an agreement with Astellas, however,
a number of other proposals requested at these meetings remain
extant and, it is hoped, will generate new contracts over the
course of the current half year ending 30 June 2021. Particularly
pleasing is an increasing number of potential clients who approach
us as a result of personal recommendations or through our website
and social media activity. As the typical lead time from first
contact with a new client to an eventual contract for work can be
six months or more, the Directors believe that the pipeline of
high-quality leads built up over the course of 2020 will generate
further business going forwards.
Personalised oncology
The Company has successfully competed for and won two Innovate
UK grants and one NIHR grant over a five-year period, and these
funds have and are being used to develop a personalised oncology
software tool. The Directors view the agreement with Tabula Rasa
Healthcare(R) to implement the Company's personalised dosing tool
on its established DoseMeRx(R) software platform to be a
significant validation of the work conducted to datein this area.
This initial implementation is expected to be complete by the end
of this half year and if successful, the next step would be to
enter into a revenue generating contract. The implementation of
decision support software and, where required, its regulatory
approval is complex and the support of a major global player in
this market could prove critical to the technology's implementation
in the USA (where there is an established and growing market for
such tools) and beyond. In parallel with this initiative, the
Directors are excited that a UK-based observational clinical trial
(the PARTNER study) has also now been approved and, it is hoped,
will start in the first half of this calendar year subject to
constraints arising from the COVID pandemic. Data from this trial
will be used to further validate and develop the tool.
Other areas
In addition to the areas noted above, the Company is actively
considering how it could use its extensive capabilities in
modelling, simulation, data analysis and AI techniques to develop
further innovative assets in collaboration with other partners.
Further information on this initiative will be provided as progress
is made.
Outlook
The Directors believe the Company is in a good position to meet
market expectations for this year as it continues to make strong
progress in each of its key business areas.
Enquiries:
Physiomics plc
Dr Jim Millen, CEO
+44 (0)1865 784 980
Strand Hanson Ltd (NOMAD)
James Dance & James Bellman
+44 (0)20 7409 3494
Hybridan LLP (Broker)
Claire Louise Noyce
+44 (0)20 3764 2341
Notes to Editor
About Physiomics
Physiomics plc (AIM: PYC) is an oncology consultancy using
mathematical models to support the development of cancer treatment
regimens and personalised medicine solutions. The Company's Virtual
Tumour(TM) 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 Physiomics' technologies have
been confirmed by over 80 projects, involving over 40 targets and
70 drugs, and has worked with clients such as Merck KGaA, Astellas,
Merck & Co and Bicycle Therapeutics.
Physiomics Plc
Unaudited Statement of Comprehensive Income for the half year ended 31 December 2020
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-20 31-Dec-19 30-Jun-20
GBP'000 GBP'000 GBP'000
Revenue 363 343 799
Other operating income 23 - 43
Total income 386 343 842
Operating expenses (518) (461) (975)
Operating loss and loss before taxation (132) (118) (133)
UK corporation tax 59 36 69
Loss for the period attributable to equity shareholders (73) (82) (64)
------------- ------------- -------------
Loss per share (pence)
Basic and diluted (0.08) p (0.11) p (0.09) p
Physiomics Plc
Unaudited Statement of financial position as at 31 December 2020
Unaudited Unaudited Audited
As at As at As at
31-Dec-20 31-Dec-19 30-Jun-20
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 4 4 4
Property, plant and equipment 19 14 11
23 18 15
Current assets
Trade and other receivables 236 152 383
Cash and cash equivalents 1,149 434 1,048
1,385 586 1,431
Total assets 1,408 604 1,446
---------- ------------- -------------
Current liabilities
Trade and other payables (119) (72) (124)
Deferred revenue (3) - (7)
---------- ------------- -------------
Total liabilities (122) (72) (131)
---------- ------------- -------------
Net assets 1,286 532 1,315
---------- ------------- -------------
Capital and reserves
Share capital 1,282 1,181 1,275
Capital reserves 6,134 5,426 6,097
Profit & loss account (6,130) (6,075) (6,057)
Equity shareholders' funds 1,286 532 1,315
---------- ------------- -------------
Physiomics Plc
Unaudited Statement of changes in equity for the half year ended 31 December 2020
Share Share-based Total
Share premium compensation Retained shareholders'
capital account reserve earnings funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2019 1,181 5,228 192 (5,993) 608
Transfer to other reserves - - 6 - 6
Loss for the period - - - (82) (82)
At 31 December 2019 1,181 5,228 198 (6,075) 532
Transfer to other reserves 94 669 2 - 765
Profit for the period - - - 18 18
At 30 June 2020 1,275 5,897 200 (6,057) 1,315
Transfer to other reserves 7 37 - - 44
Loss for the period - - - (73) (73)
At 31 December 2020 1,282 5,934 200 (6,130) 1,286
Physiomics Plc
Unaudited Cash Flow Statement for the half year ended 31 December 2020
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-20 31-Dec-19 30-Jun-20
GBP'000 GBP'000 GBP'000
Cash flows from operating activities:
Operating loss (132) (118) (133)
Amortisation and depreciation 6 5 9
Share-based compensation 0 7 8
(Increase) decrease in receivables 205 57 (129)
Increase / (decrease) in payables (5) (12) 39
Increase / (decrease) in deferred revenue (4) (1) 6
Net cash generated from / (used in) operations 70 (62) (200)
UK corporation tax received - 95 84
Net cash generated from / (used in) operating activities 70 33 (116)
Cash flows from investing activities:
Purchase of non-current assets, net of grants received (13) (4) (4)
Net cash used in investing activities (13) (4) (4)
------------- ------------- -----------
Cash flows from financing activities:
Issue of ordinary share capital (net of costs) 44 - 763
Net cash generated from financing activities 44 - 763
------------- ------------- -----------
Net (decrease) / increase in cash and cash equivalents 101 29 643
Cash and cash equivalents at beginning of period 1,048 405 405
Cash and cash equivalents at end of period 1,149 434 1,048
------------- ------------- -----------
Physiomics Plc
Notes to the Interim Financial Statements
1. General information
Physiomics Plc is a public limited company ("the Company")
incorporated in England & Wales (registration number 4225086).
The Company is domiciled in the United Kingdom and its registered
address is The Magdalen Centre, Robert Robinson Avenue, The Oxford
Science Park, Oxford, OX4 4GA. The Company's ordinary shares are
traded on the AIM Market of the London Stock Exchange ("AIM").
Copies of the interim report are available from the Company's
website, www.physiomics.co.uk. Further copies of the Interim Report
and Annual Report and Accounts may be obtained from the address
above.
The Company's principal activity is the provision of services to
pharmaceutical companies in the area of outsourced systems and
computational biology.
2. Basis of preparation
The interim financial statements of the Company for the six
months ended 31 December 2020, which are unaudited, have been
prepared in accordance with the accounting policies set out in the
annual report and accounts for the year ended 30 June 2020, which
were prepared under International Financial Reporting Standards
("IFRS").
The financial information contained in the interim report does
not constitute statutory accounts as defined in Section 435 of the
Companies Act 2006. The financial information for the full
preceding year is based on the statutory accounts for the year
ended 30 June 2020. Those accounts, upon which the auditors,
Shipleys LLP, issued a report which was unqualified but contained
an emphasis of matter paragraph, have been delivered to the
Registrar of Companies.
As permitted, this interim report has been prepared in
accordance with the AIM Rules for Companies and not in accordance
with IAS 34 "Interim Financial Reporting" therefore it is not fully
compliant with IFRS.
The interim financial statements are presented in sterling and
all values are rounded to the nearest thousand pounds (GBP'000)
except when otherwise indicated.
3. Loss per share
Basic loss per share is 0.08p (H1 2019: loss per share 0.11p).
The basic loss per ordinary share is calculated by dividing the
loss of GBP73,443 (H1 2019: loss GBP82,148) by 96,923,365 (H1 2019:
71,910,394), the weighted average number of shares in issue during
the period.
The loss attributable to equity holders (holders of ordinary
shares) of the Company for 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.
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