By Joe Hoppe

Physiomics PLC said Thursday that its existing client Merck KGaA has committed to an initial tranche of projects for 2021, with an aggregate value of 270,000 pounds ($364,743).

The U.K. oncology drug development consultancy said the projects are expected to be completed within the first six to eight months of 2021, and will span a range of drug targets and treatment types across both pre-clinical and clinical settings.

Further contracts are expected to be signed with Merck in 2021, bringing the anticipated revenue from the client to at least that seen in prior years, Physiomics said. This initial order is already greater than the GBP250,000 announced in December 2019 and management expect its strong relationship with Merck to continue.

"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," Chief Executive Jim Millen said.

Shares at 0918 GMT were up 0.25 pence, or 5%, at 5.65 pence.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

December 17, 2020 04:37 ET (09:37 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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