Physiomics PLC Confirmation of Award of Innovate UK Grant (4882T)
January 06 2017 - 1:00AM
UK Regulatory
TIDMPYC
RNS Number : 4882T
Physiomics PLC
06 January 2017
6(th) January 2017
Physiomics plc
("Physiomics") or ("the Company")
Confirmation of Award of Innovate UK Grant
Physiomics plc (AIM: PYC), the Oxford, UK based systems biology
company, is pleased to confirm that is has been awarded the
Innovate UK grant as part of its Biomedical Catalyst 2016
Feasibility Study Competition that was the subject of a provisional
announcement on the 22(nd) November 2016.
As previously disclosed, the proposed 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 ultimate objective would be to create a
practical tool that could be licensed initially to NHS Providers in
the UK to support clinical decision making and improve outcomes for
individual patients suffering with certain types of cancer.
In the first part of the project academic collaborator Professor
Mark Middleton (Professor of Experimental Cancer Medicine and Lead
Cancer Clinician for the Oxford University Hospitals NHS Foundation
Trust and deputy director of the Cancer Research UK Oxford Centre)
will provide anonymised data from individual patients with certain
cancer types. Physiomics will then use its Virtual Tumour
technology to create a decision support tool that will
prospectively suggest an optimal treatment regime for new patients
presenting with these cancers. In the third part of the project,
the Oxford Academic Health Science Network will develop an economic
case and support the creation of a commercialisation plan for the
tool. Once a prototype has been successfully developed, further
funding is likely to be required to create a fully distributable
commercial tool.
The grant revenue is expected to be GBP132k over a twelve month
period commencing February 2017, hence just under half of it is
likely to be recognised in the Company's current financial year.
Some of this revenue will be used for disbursements to project
collaborators and the balance will make a significant contribution
towards the time spend by Physiomics personnel on the project.
Further information on the Competition can be found here:
https://www.gov.uk/government/publications/funding-competition-biomedical-catalyst-2016/competition-brief-biomedical-catalyst-2016-feasibility-studies-award
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
About Innovate UK
Innovate UK is the UK's innovation-agency. It works with people,
companies and partner organisations to find and drive the science
and technology innovations that will grow the UK economy. For
further information visit www.innovateuk.gov.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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