Trading Update

Highlights:

  • Revenue for year ended 30 June 2009 is expected to exceed the forecast of £440k made in July 2008
  • Good progress on Lilly collaboration, with license agreement signed in April 2009
  • Achievement of second year milestone on Tempo project
  • Looking to leverage Physiomics’ technology for non-pharmaceutical application

Physiomics plc (AIM: PYC), the Oxford, UK based systems biology company, is pleased to update the market on its trading performance for the financial year ended 30 June 2009. Revenues for the year were stronger than anticipated in a previous trading statement issued on 28 July 2008 and we were able to build on the improvement set out in the Interim statement issued in February 2009.

Conversion of debt into equity announced in August 2009 totalling £24k has also helped to reduce the deficit in equity shareholders’ funds which stood at £102k at 31 December 2008. Since the publication of its interim results for the period ended 31 December 2008, Physiomics has made good progress with its collaboration with Eli Lilly and Company (“Lilly”), and in particular has announced on 2 April 2009 a license agreement with Lilly for a customised version of its “ModelPlayerTM” for in silico simulations of unspecified anticancer drugs. These are project specific licences.
The Company is in discussion with a number of major players in the oncology sector and expects to be able to say more in the near future.
Furthermore, Physiomics has announced on 23 June 2009 a successful evaluation, by the European Commission, of the results from the second year of the research program “TEMPO”. This is the most important phase of the project and Physiomics’ partners will start imminently to verify in an in vivo pre-clinical model the optimal chronotherapeutic schedules produced by Physiomics. When validated, this will served as a base for a further
grant application, with the aim to test these chronotherapeutic schedules in a clinic setting.

If the TEMPO approach is validated then it has both the potential to evaluate existing oncology compounds to see whether a more efficient dosing regimen is possible as well as helping formulate optimal study protocols for drugs used in combination therapy. This would provide data on the ideal dosing sequence, time interval between doses and amounts to be dosed.
The biological models are supported by sophisticated simulation software environments developed by the team these include the Model PlayerTM and a version of the proprietary SystemCell® technology running on the IBM “Blue C” super computer at the Institute of Life Sciences at Swansea University. We intend to leverage this technology platform for non-pharmaceutical application and we are looking at diversification in other areas and in particular Synthetic Biology.

Commenting on the trading update, Physiomics’ Chief Operating Officer, Dr Christophe Chassagnole, said: ”We are really pleased to have exceeded our revenue forecast for the last year thanks to the good progress in our collaborations. Based on these achievements plus the recent technical development in the area of combination and scheduling and the potential to branch out into wholly new applications, we are confident that we can stimulate even greater interest in our technology.”
 

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