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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.05 | -3.23% | 1.50 | 1.40 | 1.60 | 1.50 | 1.50 | 1.50 | 242,798 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Pharmaceutical Preparations | 597k | -477k | -0.0035 | -4.29 | 2.03M |
From Apr 2019 to Apr 2024
TIDMPYC
RNS Number : 4688A
Physiomics PLC
24 March 2017
Physiomics Plc
("Physiomics" or "the Company")
Interim Results Statement
for the six month period ended 31 December 2016
Oxford, UK, 24 March 2017: The Board of Physiomics Plc (AIM: PYC), a UK-based systems biology company, today announces its financial results for the six months ended 31 December 2016. Physiomics Plc is a computational systems biology services company whose core technology, Virtual Tumour, predicts the effects of combination chemotherapy in pre-clinical and clinical settings and helps its clients to develop better drugs, faster and more cost-effectively.
Summary financial results
-- Revenue GBP173,867 (2015 H1: GBP175,810) -- Operating loss before exceptional costs* GBP222,147 (2015 H1 restated**: GBP169,877) -- Operating loss GBP263,509 (2015 H1 restated**: GBP169,877) -- Cash and cash equivalents as at 31 December 2016 GBP321,873 (31 December 2015: GBP178,511) -- Shareholders' funds GBP495,452 as at 31 December 2016 (31 December 2015: GBP423,317)
* Exceptional costs of GBP41,362 relate to termination of the Biomoti acquisition
**2015 H1 is restated to include share based compensation- see note 3
Operational highlights
Key events in the period include:
-- Appointed Hybridan LLP as our exclusive broker
-- Completed a placing to raise GBP555,000 (GBP515,000 net of costs) as announced on 21(st) September 2016 whose proceeds are to support business development activities
-- Received a milestone payment from Cambridge, UK based biotech Sareum Ltd for modelling work carried out in 2010 on a program recently licensed to US company ProNAi Therapeutics (since renamed Sierra Oncology)
-- The continuation of the Company's Virtual Tumour Clinical project with key client Merck Serono
Subsequent to the period:
-- Attendance at the premier biotech partnering event Biotech Showcase, held in San Francisco at the same time as the JP Morgan Healthcare Conference
-- Award of a grant by Innovate UK worth around GBP132k over 12 months for a project to develop a pilot decision support tool to help clinicians identify the optimal treatment regime for individual cancer patients
Chairman and CEO's statement
Introduction
Following the transition to a new CEO and successful placing in September 2016, the Company is now fully focused on expanding its pipeline of customers and moving its existing customers up the value chain from pre-clinical to the more valuable clinical projects.
As anticipated in our company update on 11(th) January 2017, first half performance is in line with the comparable prior period. Revenue was similar to the comparable prior period and our operating loss before exceptional costs widened from GBP169,877 to GBP222,147. A significant element of the increase is attributable to additional business development related activities which the Company hopes to see bear fruit in the second half of its financial year.
Business development strategy
Our first large scale commercial Virtual Tumour Clinical project with key client Merck Serono is ongoing and it remains a key objective of the Company to become as deeply embedded as possible in its larger clients' R&D structures where Physiomics can bring complementary modelling and prediction skills to the already existing in-house teams.
The Company has devoted considerable time and resource to up-selling with existing clients and to re-engaging with some of the many large clients we've had in the past with the specific objective of signing at least one more VT Clinical project this calendar year. However, it should be noted that the decision process in multi-national companies can be protracted. The Company believes that this would then give it a solid platform to expand more generally with mid-sized as well as new larger clients.
In parallel to our commercial collaborations, Physiomics was pleased to be awarded, in the face of strong competition, a highly competitive Innovate UK grant to develop a pilot decision support tool for use in front-line clinical settings. This is precisely in line with the Company's stated strategy of developing an offering in personalised medicine and could lead to a commercial offering in future years. The Company is collaborating on this grant project with Prof Mark Middleton, Lead Cancer Clinician at Oxford Foundation Hospital NHS Trust.
Outlook
The Directors believe that revenues for the second half of the Company's financial year will be at least in line with the comparable period in the previous year contingent on a contract currently under discussion being finalised during this financial year.
For further information please contact:
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
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Physiomics Plc
Unaudited Statement of Comprehensive Income for the half year ended 31 December 2016
Restated
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-16 31-Dec-15 30-Jun-16
GBP'000 GBP'000 GBP'000
Revenue 174 176 297
Operating expenses before exceptional costs (396) (346) (706)
Operating exceptional costs (41) - (23)
------------- ------------- -------------
Operating loss (263) (170) (432)
Presented as:
Operating loss before exceptional costs (222) (170) (372)
Operating exceptional costs (41) - (23)
------------- ------------- -------------
Operating loss (263) (170) (432)
Loss before taxation (263) (170) (432)
UK corporation tax 30 25 53
Loss for the period attributable to equity shareholders (233) (145) (379)
------------- ------------- -------------
Loss per share (pence)
Basic and diluted - restated (0.50) p (0.57) p (1.3) p
Restatement of unaudited income statement for half year ended 31 December 2015 is explained in note 3.
Restatement of loss per share for the prior periods is explained in note 4.
Physiomics Plc
Unaudited Statement of financial position as at 31 December 2016
Restated
Unaudited Unaudited Audited
As at As at As at
31-Dec-16 31-Dec-15 30-Jun-16
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets - 5 2
Property, plant and equipment 7 3 2
7 8 4
Current assets
Trade and other receivables 248 370 160
Cash and cash equivalents 322 179 139
570 549 299
Total assets 577 557 303
---------- ------------- -------------
Current liabilities
Trade and other payables (82) (133) (99)
---------- ------------- -------------
Total liabilities (82) (133) (99)
---------- ------------- -------------
Net assets 495 424 (204)
---------- ------------- -------------
Capital and reserves
Share capital 1,121 1,033 1,033
Capital reserves 4,912 4,462 4,476
Profit & loss account (5,538) (5,071) (5,305)
Equity shareholders' funds 495 424 (204)
---------- ------------- -------------
Restatement of unaudited statement of financial position as at 31 December 2015 is explained in note 3.
Physiomics Plc
Unaudited Statement of changes in equity for the half year ended 31 December 2016
Restated Restated
Share Share-based Total
Share premium compensation Retained shareholders'
capital account reserve earnings funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2015 993 4,147 112 (4,926) 326
Share issue (net of costs) 40 180 - - 220
Loss for the period - restated - - - (145) (145)
Share-based compensation - restated - - 23 - 23
At 31 December 2015 - restated 1,033 4,327 135 (5,071) 424
Loss for the period - - - (234) (234)
Share-based compensation - - 14 - 14
At 30 June 2016 1,033 4,327 149 (5,305) 204
Share issue (net of costs) 88 426 - - 514
Loss for the period - - - (233) (233)
Share-based compensation - - 10 - 10
At 31 December 2016 1,121 4,753 159 (5,538) 495
Restatement of unaudited statement of changes in equity for the half year ended 31 December 2015 is explained in note 3.
Physiomics Plc
Unaudited Cash Flow Statement for the half year ended 31 December 2016
Restated
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-16 31-Dec-15 30-Jun-16
GBP'000 GBP'000 GBP'000
Cash flows from operating activities:
Operating loss - restated (263) (170) (432)
Amortisation and depreciation 3 3 7
Share-based compensation - restated 10 23 37
(Increase) decrease in receivables (58) (242) (60)
Increase / (decrease) in payables (17) 80 46
Cash generated from operations (325) (306) (402)
UK corporation tax received - - 55
Net cash generated from operating activities (325) (306) (347)
Cash flows from investing activities:
Sale of non-current assets - - 1
Purchase of non-current assets, net of grants received (7) (2) (2)
Net cash used by investing activities (7) (2) (1)
------------- ------------- -----------
Cash outflow before financing (332) (308) (348)
Cash flows from financing activities:
Issue of ordinary share capital (net of costs) 515 220 220
Net cash from financing activities 515 220 220
------------- ------------- -----------
Net (decrease) / increase in cash and cash equivalents 183 (88) (128)
Cash and cash equivalents at beginning of period 139 267 267
Cash and cash equivalents at end of period 322 179 139
------------- ------------- -----------
Restatement of unaudited cash flow statement for the half year ended 31 December 2015 is explained in note 3.
Physiomics Plc
Notes to the Interim Financial Statements
1. General information
Physiomics Plc is a public limited company ("the Company") incorporated in England & Wales (registration number 4225086). The Company is domiciled in the United Kingdom and its registered address is The Magdalen Centre, Robert Robinson Avenue, The Oxford Science Park, Oxford, OX4 4GA. The Company's ordinary shares are traded on the AIM Market of the London Stock Exchange ("AIM"). Copies of the interim report are available from the Company's website, www.physiomics-plc.com. Further copies of the Interim Report and Annual Report and Accounts may be obtained from the address above.
The Company's principal activity is the provision of services to pharmaceutical companies in the area of outsourced systems and computational biology.
2. Basis of preparation
The interim financial statements of the Company for the six months ended 31 December 2016, which are unaudited, have been prepared in accordance with the accounting policies set out in the annual report and accounts for the year ended 30 June 2016, which were prepared under International Financial Reporting Standards ("IFRS").
The financial information contained in the interim report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information for the full preceding year is based on the statutory accounts for the year ended 30 June 2016. Those accounts, upon which the auditors, Shipleys LLP, issued an unqualified audit opinion, have been delivered to the Registrar of Companies.
As permitted, this interim report has been prepared in accordance with the AIM Rules for Companies and not in accordance with IAS 34 "Interim Financial Reporting" therefore it is not fully compliant with IFRS.
The interim financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (GBP'000) except when otherwise indicated.
3. Restatement of interim financial statements for the six months ended 31 December 2015
The interim financial statements for the six months ended 31 December 2015 were previously reported without the inclusion of a share-based compensation charge. They have been restated here to include a share-based compensation charge of GBP22,517. This additional cost appears in the restated income statement for the six months ended 31 December 2015 and corresponding loss per share for that period (see also note 4), as an adjustment to the capital reserves and profit and loss account within the unaudited statement of financial position at 31 December 2015, as a movement in the unaudited statement of changes in equity for the half year ended 31 December 2015 resulting in an increase in the share-based compensation reserve and a corresponding decrease in retained earnings, and in the unaudited cash flow statement for the half year ended 31 December 2015 within the adjustments to operating loss to derive the cash generated from operations. The charge does not reduce cash or net assets previously reported as at 31 December 2015.
4. Restated loss per share
The loss per share for the half year ended 31 December 2015 and year ended 30 June 2016 has been restated to reflect the share consolidation in December 2016 at a ratio of 100:1 and in both cases the restatement is unaudited. In addition, the loss per share for the half year ended 31 December 2015 has increased reflecting the share based payment compensation charge restatement explained in note 3.
The calculation of the restated basic loss per share is based on the loss attributable to ordinary shareholders and the weighted average number of ordinary shares in issue during the period.
The loss attributable to equity holders (holders of ordinary shares) of the Company for the purpose of calculating the restated fully diluted loss per share is identical to that used for calculating the loss per share. The exercise of share options would have the effect of reducing the loss per share and is therefore anti-dilutive under the terms of IAS 33 'Earnings per Share'.
Reconciliation of the loss and weighted average number of ordinary shares used in the calculation are set out below:
Restated Restated
Unaudited Unaudited Unaudited
Half year to Half year to Year ended
31-Dec-16 31-Dec-15 30-Jun-16
Basic and diluted loss per share
Reported loss for the period (GBP'000) (233) (145) (379)
Reported loss per share (pence) (0.50) (0.57) (1.3)
Restated Restated
Unaudited Unaudited Unaudited
Half year to Half year to Year ended
31-Dec-16 31-Dec-15 30-Jun-16
No Millions No Millions No Millions
Weighted average number of ordinary shares
Shares in issue at start of period 3,482 2,482 2,482
Effect of shares issued in the period 1,230 76 532
Weighted average number of ordinary shares before share
consolidation adjustment 4,712 2,558 3,014
------------- ------------- ------------
Weighted average number of ordinary shares adjusted for 100:1 share
consolidation 47.12 25.58 30.14
------------- ------------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAEDLASNXEFF
(END) Dow Jones Newswires
March 24, 2017 07:15 ET (11:15 GMT)
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