3 July 2024
Physiomics plc
("Physiomics" or the "Company")
Physiomics completes Placing to fund
growth opportunities
Launch of WRAP Retail
Offer
Physiomics plc (AIM: PYC), a leading
mathematical modelling and data science company supporting the
development of new therapeutics and personalised medicine
solutions, is pleased to announce that it has completed a placing,
conditional on Admission, of, in aggregate, approximately £381,417
(gross) from the issue of 63,569,573 new ordinary shares of £0.004
each (the "Placing
Shares") at an issue price
of £0.006 per Placing Share (the "Placing Price") through the Company's broker,
Hybridan LLP (the "Placing"). The Placing Price represents
a discount of approximately 50 per cent. to the mid-market closing
price of an ordinary share on 2 July 2024 (being the latest
practicable date prior to this announcement).
The Company will also shortly be launching a
retail offering to the Company's existing shareholders to raise up
to an additional maximum of £25,000 by way of the issue of a
further 4,166,667 new ordinary shares of £0.004 each (the
"WRAP Retail Offer Shares") at the Placing Price of £0.006
per WRAP Retail Offer Share.
The Company has made significant progress since
its last placing in June 2023, including:
· Dr
Peter Sargent being appointed CEO in January 2024 and restructuring
of the Board and operating staff to better position the business
for growth.
·
Increased investment in business development and marketing,
culminating in a peak pipeline value at over £1.5m (unweighted) as
announced on 7 March 2024, a record year (FY2023/24) for total
value of new contracts won, and over £500k of revenue already
contracted for next year (FYE 2025), with additional revenue
contracted into the following two years (FYE 2026 and
2027).
·
Continued diversification of the pipeline and service
offering, supporting clients upstream in discovery with data
science services and in therapeutic areas outside
oncology.
·
Internal biostatistics capability build through organic means
and exploration of acquisition opportunities.
·
Award of an Innovate UK grant ("Innovate") (total project value £570k;
Physiomics share £196k of which £137k funded by Innovate) to
further develop personalised dosing tools.
·
Agreement with US partner DoseMeRx to implement Physiomics'
tool on their newly launched platform and setup of a trial across
US sites to further develop the tool.
In order to further develop its business and
accelerate growth, the Company is raising funds to carry out
activities including:
·
Recruitment of a Head of Mathematical Modelling Service Line
to accelerate conversion of the pipeline and drive operational
excellence.
·
Further investment in Business Development and Marketing to
build and strengthen the pipeline, expand into new therapeutic
areas, develop its data science offering and launch its
biostatistics offering.
·
Build a biostatistics capability, including team expansion,
development of processes, acquisition of necessary tools and
exploration of strategic options.
·
Implementation of the personalised dosing tool on the
DoseMeRx Platform, enabling it to be available to clinicians across
the US and deliver on a study in partnership with DoseMeRx to
further develop the tools H-CSF functionality.
Retail
Offering:
The Company is pleased to announce that a
retail offer to existing shareholders will be shortly launched via
the Winterford Retail Access Platform ("WRAP"), to raise up to an additional
maximum of £25,000 (the "WRAP Retail Offer"), through the issue of up to
4,166,667 new Ordinary Shares, at a price of £0.006 per WRAP Retail
Offer Share.
The proceeds of the WRAP Retail Offer will be
utilised in the same way as the proceeds of the Placing. For the
avoidance of doubt, the WRAP Retail Offer is not part of the
Placing. Completion of the WRAP Retail Offer is conditional,
inter alia, upon the
completion of the Placing, but completion of the Placing is not
conditional on the completion of the WRAP Retail Offer. The WRAP
Retail Offer is conditional on the WRAP Retail Offer Shares being
admitted to trading.
The Company values its shareholder base and
believes that it is appropriate to provide its existing retail
shareholders in the United Kingdom the opportunity to participate
in its fundraising.
The WRAP Retail Offer is expected to close at
4:30 p.m. on 4 July
2024.
Admission and
Total Voting Rights
Application will be made for the Placing Shares
to be issued pursuant to the Placing and the WRAP Retail Offer
Shares pursuant to the WRAP Retail Offer to be admitted to trading
on AIM and dealing is expected to commence on or around 9 July 2024
("Admission"). A further
announcement regarding the enlarged issued share capital for the
purposes of the Financial Services Authority's Disclosure Guidance
and Transparency Rules will be made following completion of
the Placing and the WRAP Retail Offer.
Dr Peter
Sargent, CEO, commented:
"I am pleased
with the response we have had to this latest fundraising and hope
that our existing shareholders will also consider participating
through the WRAP Retail Offer. I believe Physiomics has made
significant changes over this last year which now positions the
business for growth. FY2023/24 was a record year for the company
for the highest ever total value of new contracts won. As we
start our new financial year, that momentum is continuing with the
highest level of revenue already contracted. This latest
round of capital will provide us with the foundations to execute on
that pipeline and allow for further revenue
growth".
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
The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
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.
