Physiomics plc (AIM: PYC), the oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions, is pleased to announce that its existing client, Merck KGaA (“Merck”), has today committed to an initial tranche of projects for 2021 with an aggregate value of £270,000. These projects are expected to be completed during the first six to eight months of the next calendar year and will span a range of drug targets and treatment types in both pre-clinical and clinical settings.
As has been the case in 2020, the board of Physiomics (the “Board”) expects further contracts to be signed with Merck next year to bring the total anticipated revenue derived from Merck for 2021 to at least that seen in previous years. Although the total expected value of such further contracts cannot be known with certainty, this initial order is greater than the £250k announced in December 2019 and the Board expects its strong relationship with this long-term client to continue.
Dr Jim Millen, CEO of Physiomics, said: “We're delighted that we'll be continuing our long-term program of work with Merck to provide predictive modelling services using our continuously evolving Virtual Tumour technology and with a particular focus on clinical translation. These initial contracts for 2021, provide a great base upon which to build and we expect further projects to be signed over the course of the full year.”
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
Dr Jim Millen, CEO
+44 (0)1865 784 980
Strand Hanson Ltd (NOMAD)
Richard Tulloch & James Dance
+44 (0) 20 7409 3494
Hybridan LLP (Broker)
Claire Louise Noyce
+44 (0) 20 3764 2341
Notes to Editor
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™ 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.