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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Physiomics Plc | LSE:PYC | London | Ordinary Share | GB00BDR6W943 | ORD 0.4P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.225 | 27.27% | 1.05 | 1.00 | 1.10 | 1.20 | 0.825 | 0.825 | 41,184,263 | 15:21:53 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Pharmaceutical Preparations | 543k | -609k | -0.0030 | -3.50 | 1.68M |
TIDMPYC
RNS Number : 9446P
Physiomics PLC
11 October 2011
Hot Features
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Physiomics Plc
("Physiomics" or "the Company")
Final Results for the year ended 30 June 2011
Chairman's Statement
Summary of Results in the year ended 30 June 2011
-- Successful fundraising in early 2011 generated cash of
GBP600,000 before issue expenses
-- The turnover of the Company decreased to GBP53,345 (2010:
GBP152,694)
-- The operating loss was GBP693,795 (2010: GBP393,010)
-- On 30 June 2011 the surplus of shareholders' funds was
GBP755,511 (2010: GBP786,825)
The increased spend over the past year has largely been the
result of further validation studies, which have now paid
dividends. As a result of the validation study we performed
in collaboration with Oncodesign, we have shown that our technology
can make the difference between success and failure of a new
drug, by increasing its effectiveness. As a result of this
breakthrough, and our business development efforts, we believe
we have the best pipeline of interest and active enquiries
that we have seen in the Company's history to date.
In addition, we have
-- Undertaken projects in conjunction with major pharmaceutical
companies to demonstrate the capabilities of our model to
advance their particular development programmes. We hope to
be able to publish the results of these studies shortly. The
recently published data involving compounds from Eli Lilly
is an example of this.
-- Developed a more flexible menu-based pricing system for
clients, including elements of service and licensing.
-- Appointed an US-based business development specialist who
is fully familiar with marketing in silico technologies such
as ours to pharma industry customers.
-- Had discussions with other significant players in the drug
development services space, where collaboration (such as Jubilant)
would provide traction in new markets for both parties.
-- Successfully completed a Carbon Trust funded project to
develop an advanced fermentation process for a biofuel. This
the first non-pharmaceutical application of our technology
and represents part of our diversification strategy.
-- Developed a drug combination oncology database, in conjunction
with Pharmacometrics Limited, to open a route into the newly
developing field of personalised medicine.
-- Continued to investigate M&A opportunities to add either
synergistic technologies or wholly new modalities to our Virtual
Tumour(TM) model, in order to provide a more comprehensive
and holistic approach to addressing the needs of our customer
base. We have established a number of small but focused projects
designed to evaluate such opportunities.
Adoption of new articles of association
At the Annual General Meeting on 18 November 2011 shareholders
will be asked to approve the adoption of new articles of association
to bring them into line with the requirements of the Companies
Act 2006. A summary of the changes will be set out in an appendix
to the financial statements which will be distributed to all
shareholders by 18 October 2011.
Dr Paul Harper
Non-Executive Chairman
Chief Executive Officer's Statement
Introduction
We believe that the restructuring of the pharmaceutical industry
continues to create delays and uncertainty and accordingly
formed the view that further technological validation of our
Virtual Tumour(TM) platform was required to ignite the interest
of the large pharmaceutical companies. We therefore performed
a study using two 'standard of care' drugs, in which we demonstrated
that scheduling changes predicted by our models led to a 50%
increase in the potency of the combination. We also continue
to investigate how we could further reduce the amount of experimental
data we need to calibrate our models.
In order to build the value of Physiomics still further, our
growth strategy is now based around three key principles:
to increase the scope of our services in terms of modelling
in new therapeutic areas; to increase the geographic reach
of our technology, especially into the US market; and to provide
laboratory-based services to complement our modelling efforts,
and/or demonstrate further reductions in the need for experimental
calibration. We are actively investigating both organic and
corporate (M&A) avenues to achieve this growth and will report
on related developments in due course.
Technology Development
This year saw our Virtual Tumour(TM) technology become fully
validated in terms of the accuracy of predictions and also
the value added to pre-clinical oncology projects. The results
of our collaboration with Eli Lilly were presented in an article
for Innovations in Pharmaceutical Technology, which we previously
reported on 15 June 2010. The same results were presented
as a poster at the AACR meeting in Florida, which we reported
on 5 April 2011. This validation study showed that we could
accurately predict the outcome of proposed drug schedules
'blindly' i.e. without seeing the final experimental outcome.
We then performed a study in collaboration with Oncodesign
S.A. to demonstrate that we could actually predict improved
outcomes in pre-clinical studies. We reported the results
of this study on 1 April 2011. We believe this has proven
to be a pivotal study. In addition to saving customers' time
and money through reduced drug development time, we have now
demonstrated that we could make the difference between success
and failure for some drugs by increasing their potency without
increasing toxicity.
We have established a number of programmes to establish the
extent to which in vitro data can be used to provide data
to prime the Virtual Tumour(TM) model. This would avoid the
need to ask clients for data from unreliable xenograft models,
reduce the cost of generating data to drive the models and
speed up the drug development process. We believe that such
data could give a more accurate read-out of the way a drug
interacts with a cancer cell and improve the quality of the
forecast data provided by the model.
In addition, we initiated a collaboration with Pharmacometrics
Limited to design a new database of anti-cancer drugs and
therapeutic treatment information aimed at oncology researchers
and clinicians. This database, accessible through a web interface,
will offer data on more than 130 anti-cancer drugs (small
molecules and biologics) on drug combinations and also on
several hundred cancer chemotherapy regimens routinely used
in the clinic. The database will help the users to determine
which standards-of-care should be used in combination with
new chemical or biological entities, given the mechanism of
action and other PK/PD data. Also, it will allow users to
design new combinations and regimens that obey dosing constraints.
All of these advances should make our offering more attractive
to our customers and increase the clinical relevance of our
models.
Collaborations
Our collaboration with Green Biologics Limited to optimise
their biobutanol production process demonstrated our capabilities
outside of the pharmaceutical arena. The first phase of this
collaboration went well. Physiomics developed a model of microbial
populations which can provide input into how best to optimise
the fermentation process. Green Biologics are currently testing
our models and software developed during the course of the
project. Based on this evaluation they will decide how to
move this project forward.
We also signed a Heads of Terms with Jubilant Biosys and recently
executed the full Alliance agreement. Jubilant can now provide
a global business development presence for us and also provide
a 'one-stop-shop' for delivering predictions to customers,
as their capabilities include all of the experimental calibration
services that we need. We are also currently looking at other
collaboration avenues to enhance our services.
In addition, we are in discussions with other companies, where
there may be opportunities to co-market our technologies to
provide a more comprehensive package and gain presence in
territories such as the USA, supported by an established service
provider to the pharma sector.
Business Development Strategy
Building the pipeline of potential customers has been a particular
focus of this year. We have undertaken a number of steps to
align our offerings more closely with the needs of each potential
customer as in almost every case the drug discovery programmes
have features that are unique. Moving away from a "one size
fits all" approach to a more individual approach reflects
the learning gained from very detailed discussions with potential
clients, often under the terms of a confidentiality agreement.
We have now developed a menu based approach to developing
technical solutions and the pricing of our services, leading
to a proposal that precisely matches what the customer requires
and is transparent in terms of cost.
A number of small biotechnology companies are interested in
engaging with us when the time is right for their project.
In addition, four big pharmaceutical companies are now considering
placing projects with us. Whilst there is no guarantee that
any of these will sign contracts, we believe that this shows
an increased appetite for our offerings based on the further
validation work done in the year.
It has become clear that additional business development resources
are needed to accelerate sales. To that end the Company has
entered into consultancy arrangements with a sales executive
on the US West Coast.
Growth Strategy
Our growth strategy is based on achieving three key objectives
and these are
-- Expanding the geographic reach and scope of our services.
-- Reducing the amount of experimental data needed to calibrate
our models.
-- Investigating which laboratory-based technologies could
be brought in-house to broaden and deepen our business offering.
Our approach to meeting the first two objectives has been
described earlier. We are putting considerable resource into
evaluating M&A and joint venture opportunities that will deliver
our growth strategy.
In addition, our collaboration with Pharmacometrics is our
first step towards entering the 'personalised medicine' sector.
The aim here is to make our models more specific to certain
groups of patients, defined by their biomarker profiles.
Outlook
The dynamics of the healthcare industry are changing and conventional
research and development needs are evolving as political,
financial and competitive pressures lead to change. The major
restructuring of even the most prominent companies in the
sector have been headlined regularly in the press and media.
The environment is changing and companies operating within
this space need to recognise this fact and adapt their business
models to meet new needs and approaches. This has been a key
driver for Physiomics where failure to evolve and adapt to
meet the new challenge is not an option.
Whilst big pharma remains the most likely source of immediate
revenues, we believe we have developed a pipeline of potential
business opportunities that exceeds anything that we have
achieved before. We believe that this is evidence that the
evolution of our thinking and our business model is proving
to be attractive. We aim to undertake further revenue sharing
agreements with the smaller biotech companies, while big pharma
are most likely to engage via 'fee-for-service' and platform
licensing deals.
The Directors believe that the resource devoted to evolving
the Physiomics business model was the right strategy and that
the Company is very well placed to capitalise on the business
opportunities which our pipeline of potential new business
represents.
Finally, in addition to the traction we have achieved with
large pharma, we continue to discuss revenue sharing deals
with smaller biotech companies (such as the recently announced
deal with ValiRx plc). We believe that this will allow us
to build a pipeline of downstream revenues of higher value
than could be achieved by fee-for-service payments alone.
Dr Mark Chadwick
Chief Executive Officer
Income Statement for the year ended 30 June 2011
Year ended Year ended
30-Jun-11 30-Jun-10
GBP GBP
Revenue 53,345 152,694
Net operating expenses (725,746) (495,827)
Share-based compensation (21,394) (49,877)
Operating loss (693,795) (393,010)
Finance income 7,869 5,360
Finance costs - (2,948)
Loss before taxation (685,926) (390,598)
UK corporation tax 41,394 23,037
Loss for the year attributable to equity
shareholders (644,532) (367,561)
----------- -----------
Loss per share (pence)
Basic and diluted (0.063) p (0.043) p
Balance Sheet as at 30 June 2011 Company Number: 4225086
Year ended Year ended
30-Jun-11 30-Jun-10
GBP GBP
Non-current assets
Intangible assets 25,759 30,244
Property, plant and equipment 7,473 1,964
Investments 1 1
33,233 32,209
Current assets
Trade and other receivables 104,703 109,741
Cash and cash equivalents 729,615 780,054
834,318 889,795
Total assets 867,551 922,004
------------ ------------
Current liabilities
Trade and other payables (112,040) (114,047)
Deferred income - (21,132)
(112,040) (135,179)
Total liabilities (112,040) (135,179)
------------ ------------
Net assets 755,511 786,825
------------ ------------
Capital and reserves
Share capital 451,420 399,690
Capital reserves 3,407,100 2,845,612
Retained earnings (3,103,009) (2,458,477)
Equity shareholders' funds 755,511 786,825
------------ ------------
Statement of changes in equity for the year ended 30 June 2011
Share Share-based Total
Share premium compensation Retained shareholders'
capital account reserve earnings funds
GBP GBP GBP GBP GBP
At 30 June
2009 249,856 1,755,713 - (2,090,916) (85,347)
Share issue
(net of
costs) Loss 149,834 1,040,022 - - 1,189,856
for the year - - - (367,561) (367,561)
Share-based
compensation - - 49,877 - 49,877
At 30 June
2010 399,690 2,795,735 49,877 (2,458,477) 786,825
Share issue
(net of
costs) Loss 51,730 540,094 - - 591,824
for the year - - - (644,532) (644,532)
Share-based
compensation - - 21,394 - 21,394
At 30 June
2011 451,420 3,335,829 71,271 (3,103,009) 755,511
-------- ---------- ------------- ------------ --------------
Cash Flow Statement for the year ended 30 June 2011
Year ended Year ended
30-Jun-11 30-Jun-10
GBP GBP
Cash flows from operating activities:
Operating loss (693,795) (393,010)
Amortisation and depreciation 6,332 6,298
Share-based compensation 21,394 49,877
Decrease in receivables 13,394 36,729
Decrease in payables (2,006) (73,925)
Decrease in deferred income (21,132) (72,276)
Cash generated from operations (675,813) (446,307)
UK corporation tax received 33,037 19,969
Interest paid - (7,912)
Net cash generated from operating activities (642,776) (434,250)
Cash flows from investing activities:
Interest received 7,869 5,360
Purchase of non-current assets, net of grants
received (7,356) (1,432)
Net cash used by investing activities 513 3,928
----------- -----------
Cash outflow before financing (642,263) (430,322)
Cash flows from financing activities:
Issue of ordinary share capital (net of expenses) 591,824 1,115,296
Net cash from financing activities 591,824 1,115,296
----------- -----------
Net (decrease) increase in cash and cash
equivalents (50,439) 684,974
Cash and cash equivalents at beginning of year 780,054 95,080
Cash and cash equivalents at end of year 729,615 780,054
----------- -----------
Earnings per share
The calculations of loss per share are based on the following losses and numbers of shares.
2011 2010
GBP GBP
Loss on ordinary activities after tax (644,532) (367,561)
============= =============
No. No.
Weighted average no of shares:
For basic and diluted loss per share 1,026,913,773 855,464,575
================= =================
Basic and diluted loss per share (0.063p) (0.043p)
================= =================
Notes
1. Extract from Annual Report and Accounts
The financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006.
2. Basis of preparation
Physiomics Plc has adopted International Financial Reporting Standards ("IFRS"), IFRIC interpretations and the Companies Act 2006 as applicable to companies reporting under IFRS.
3. Report Distribution
Copies of the annual report will be sent to shareholders by 18 October 2011 and will be available for a period of one month to the public at the offices of Physiomics Plc, The Magdalen Centre, Robert Robinson Avenue, Oxford Science Park, Oxford, OX4 4GA, and at the Company's website www.physiomics-plc.co.uk
4. Annual General Meeting
The Annual General Meeting of the Company will be held at the offices of Bircham Dyson Bell, 50 Broadway, London, SW1H 0BL at 10.00 am on 18 November 2011.
Contacts:
Physiomics Plc
Dr Mark Chadwick, Chief Executive Officer, +44 (0)1865 784980
WH Ireland Limited
Katy Mitchell +44 (0) 161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange
END
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