TIDMPYC
RNS Number : 6587Q
Physiomics PLC
21 February 2019
Physiomics Plc
("Physiomics" or "the Company")
Interim Results Statement
for the six-month period ended 31 December 2018
Oxford, UK, 21 February 2019: The Board of Physiomics Plc, a
provider of technology-based solutions to predict the effects of
cancer treatment regimens for the biopharma industry (AIM: PYC),
today announces its financial results for the six months ended 31
December 2018.
Physiomics' Virtual Tumour(TM) is a sophisticated computer model
that simulates tumour cell division and predicts the effect of
different anti-cancer regimes to support pre-clinical and clinical
oncology development programs. Virtual Tumour(TM) helps customers
to balance efficacy and toxicity and to prioritise the most
effective drug combinations while reducing time and cost.
Summary financial results
-- Total income* GBP372k (H1 2017: GBP142k)
-- Operating loss GBP113k (H1 2017: GBP220k)
-- Cash and cash equivalents of GBP552k at 31 December 2018 (31 December 2017: GBP166k)
-- Shareholders' funds of GBP639k at 31 December 2018 (31 December 2017: GBP190k)
* Total income for the six months ended 31 December 2018
includes other operating income which is grant income of GBP48k (H1
2017: GBP68k)
Operational highlights
Key events in the period include:
-- Announcement that the Company had increased its capacity to
deliver client projects with the addition of a new member of its
technical project team;
-- Announcement of a contract award expected to be worth
approximately GBP55,000 with a new European biotech client; and
-- Announcement that Merck had signed contracts with Physiomics
for services to the value of GBP435,000 expected to be completed
during calendar year 2019.
Chairman and CEO's statement
Introduction
The Company is pleased to report a strong first half year
culminating with the announcement in December 2018 of the renewal
of its deal with long-term client Merck. The Company continues to
focus on increasing awareness amongst potential clients and
building its pipeline of new business.
The total income for the period increased 162% to GBP372k
compared with GBP142k in the comparable prior period. Total income
for the period comprised the second half of the 2018 Merck
projects, revenues from new clients announced during the calendar
year and grant income from Innovate UK.
Expenses for the half year increased to GBP485k compared with
GBP362k for the comparable prior period, mainly due to the cost of
new staff, increased use of consultants and increased spend on
marketing and conferences. Total expenses were in line with
internal forecasts and with the use of funds stated during the
Company's placing in May 2018. The investments in staff and
consultants increases the Company's capacity to service client
business and the investment in marketing is helping to build our
pipeline of future business. Despite this increased spend, the
operating loss for the half year narrowed by 49% to GBP113k
compared with GBP220k in the comparable prior period and the loss
after tax narrowed 67% to GBP64k compared with GBP192k in the
comparable prior period. Cash and equivalents increased
significantly to GBP552k at 31 December 2018, compared with GBP166k
at 31 December 2017 and are relatively unchanged from GBP572k at 30
June 2018.
Business strategy
The Company continues to work in two distinct areas. Our core
business remains the provision of services to companies developing
cancer drugs, where Physiomics can bring decades of experience to
bear on clients' challenges. Our work using Virtual Tumour(TM) has
been used by clients in discussions with regulators and to help
them design their early clinical trials.
During the second half of its financial year the Company plans
to engage additional business development support, strengthen its
online and social media presence and develop collateral such as
publications and case studies that can be leveraged across all
these channels. The Company will attend key conferences, including
the American Association for Cancer Research annual conference (29
March 2019 to 3 April 2019 in Atlanta, Georgia) where we will once
again be presenting. We hope to see these marketing activities bear
fruit in the form of new clients during this period. The Directors
believe that a combination of our new hire in July 2018 and
increased use of our flexible consultants will enable us to manage
the expected workload. The Company, at the current time, stands
ready to recruit new team members if required.
In parallel with our core commercial activities we are close to
completing our most recent Innovate UK grant funded project focused
on the personalised treatment of prostate cancer. This feasibility
project involves the use of artificial intelligence techniques
(such as neural networks and other machine learning techniques) to
develop an online tool that could, if approved, be used in
hospitals and clinics to support personalised dosing of the
commonly used chemotherapy drug docetaxel and improve outcomes for
prostate cancer patients. Physiomics is in discussions with a
number of organisations about how it might validate and seek
regulatory approval for this tool, with a view to either partnering
the technology or developing it further in-house.
Outlook
Building on the momentum generated by existing and new contracts
as well as success in attracting grant funding in calendar year
2018, we are looking forward to what the Directors believe will be
a strong second half, underpinned by contracts already secured, and
look forward to providing further updates on business activities to
the market going forwards.
For further information please contact:
Physiomics Plc
Dr Jim Millen
+44 (0)1865 784980
WH Ireland Limited (nomad)
Katy Mitchell
James Sinclair-Ford
+44 (0) 161 832 2174
Hybridan LLP (broker)
Claire Louise Noyce
+44 (0) 203 764 2341
Physiomics Plc
Unaudited Statement of Comprehensive Income for the half year ended 31 December 2018
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-18 31-Dec-17 30-Jun-18
GBP'000 GBP'000 GBP'000
Revenue 324 74 428
Other operating income 48 68 85
Total income 372 142 513
Operating expenses (485) (362) (773)
Operating loss and loss before taxation (113) (220) (260)
UK corporation tax 49 28 77
Loss for the period attributable to equity shareholders (64) (192) (183)
------------- ------------- -------------
Loss per share (pence)
Basic and diluted (0.09) p (0.34) p (0.31) p
Physiomics Plc
Unaudited Statement of financial position as at 31 December 2018
Unaudited Unaudited Audited
As at As at As at
31-Dec-18 31-Dec-17 30-Jun-18
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 19 5 5
19 5 5
Current assets
Trade and other receivables 269 236 241
Cash and cash equivalents 552 166 572
821 402 813
Total assets 840 407 818
---------- ------------- -------------
Current liabilities
Trade and other payables (61) (217) (60)
Deferred revenue (140) - (68)
---------- ------------- -------------
Total liabilities (201) (217) (128)
---------- ------------- -------------
Net assets 639 190 690
---------- ------------- -------------
Capital and reserves
Share capital 1,181 1,128 1,181
Capital reserves 5,411 4,959 5,398
Profit & loss account (5,953) (5,897) (5,889)
Equity shareholders' funds 639 190 690
---------- ------------- -------------
Physiomics Plc
Unaudited Statement of changes in equity for the half year ended 31 December 2018
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 2017 1,121 4,753 159 (5,705) 328
Share issue (net of costs) 7 47 - - 54
Loss for the period - - - (192) (192)
At 31 December 2017 1,128 4,800 159 (5,897) 190
Share issue (net of costs) 53 428 - - 481
Transfer to other reserves - - 11 - 11
Profit for the period - - - 8 8
At 30 June 2018 1,181 5,228 170 (5,889) 690
Transfer to other reserves - - 13 - 13
Loss for the period - - - (64) (64)
At 31 December 2018 1,181 5,228 183 (5,953) 639
Physiomics Plc
Unaudited Cash Flow Statement for the half year ended 31 December 2018
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-18 31-Dec-17 30-Jun-18
GBP'000 GBP'000 GBP'000
Cash flows from operating activities:
Operating loss (113) (220) (260)
Amortisation and depreciation 3 2 3
Share-based compensation 13 0 11
(Increase) decrease in receivables (30) (84) (40)
Increase / (decrease) in payables 5 (3) (27)
Increase / (decrease) in deferred revenue 72 133 68
Cash generated from operations (50) (172) (245)
UK corporation tax received 47 75 75
Net cash generated from operating activities (3) (97) (170)
Cash flows from investing activities:
Purchase of non-current assets, net of grants received (17) (1) (2)
Net cash used by investing activities (17) (1) (2)
------------- ------------- -----------
Cash outflow before financing (20) (98) (172)
Cash flows from financing activities:
Issue of ordinary share capital (net of costs) 0 54 534
Net cash from financing activities 0 54 534
------------- ------------- -----------
Net (decrease) / increase in cash and cash equivalents (20) (44) 362
Cash and cash equivalents at beginning of period 572 210 210
Cash and cash equivalents at end of period 552 166 572
------------- ------------- -----------
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 2018, 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 2018, 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 2018. Those accounts, upon which the auditors,
Shipleys LLP, issued a report which was unqualified but contained
an emphasis of matter paragraph, 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. Loss per share
Basic loss per share is 0.09p (H1 2017: loss per share 0.34p).
The basic loss per ordinary share is calculated by dividing the
loss of GBP63,935 (H1 2017: loss GBP191,934) by 71,910,394 (H1
2017: 57,180,002), the weighted average number of shares in issue
during the period.
The loss attributable to equity holders (holders of ordinary
shares) of the Company for calculating the 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.
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END
IR EAKAEADPNEFF
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