TIDMPYC
RNS Number : 7493E
Physiomics PLC
03 March 2020
3 March 2020
Physiomics Plc
("Physiomics") or (the "Company")
Interim Results Statement
for the six-month period ended 31 December 2019
Physiomics plc (AIM: PYC), the oncology consultancy using
mathematical models and its Virtual Tumour(TM) technology to
support the development of cancer treatment regimens and
personalised medicine solutions, today announces its financial
results for the six months ended 31 December 2019.
Summary financial results
-- Revenue of GBP343k (six months ended 31 December 2018: GBP324k)
-- Total income of GBP343k (six months ended 31 December 2018: GBP372k*)
-- Operating loss of GBP118k (six months ended 31 December 2018: GBP113k)
-- Cash and cash equivalents of GBP434k at 31 December 2019 (31 December 2018: GBP552k)
-- Shareholders' funds of GBP532k at 31 December 2019 (31 December 2018: GBP639k)
* Total income for the six months ended 31 December 2018
includes other operating income , being grant income , of GBP48k .
No grant income is included in the six months ended 31 December
2019.
Operational highlights
Key events in the period include:
-- Agreement with Bicycle Therapeutics and CRUK to analyse
clinical data from the first in man study of BT1718
-- Continued relationship with Merck KGaA for the provision of a
range of modelling and simulation services during the course of
2020
-- Follow-on contract with CellCentric Ltd for
pharmacokinetic/pharmacodynamic (PKPD) modelling in support of the
clinical development of its lead clinical asset CCS1477
Key event after the period end:
-- Two further contracts of undisclosed value with existing
client Bicycle Therapeutics have been announced today
Chairman and CEO's statement
Introduction
Revenue in the first half was around 6% ahead of the comparable
period in 2018, although total income was around 8% lower, as no
grant income was received during the period. Despite this,
operating losses were held steady at GBP118k, just GBP5k more than
the previous period. Careful management of cash helped the Company
to achieve a net cash inflow of GBP29k during the period, with the
Company having cash and cash equivalents of GBP434k as at 31
December 2019 (30 June 2019: GBP405k). The second half revenues for
the last two financial years have significantly exceeded those of
the first half and the Board expects this trend to continue in the
current financial year. Notably, in the last financial year, the
majority of the Company's grant income was recognised in the first
half whereas in the current financial year, any grant income
received would start to be recognised in the second half (January
to June 2020).
Business strategy update
The Company is very pleased to be attracting follow-on projects
with a range of clients including CellCentric and Bicycle
Therapeutics, as well as its long-term client Merck KGaA ("Merck").
These projects span a number of key approaches to cancer therapy,
including immuno-oncology, radiotherapy and DNA damage/repair
agents. In parallel with ensuring repeat business, the Company is
highly focused on identifying new clients and, to this end, it has
made, and will continue to make, significant investments in
marketing, including:
-- Attendance at key industry conferences;
-- Additional external business development support to
complement internal capabilities/capacity;
-- Digital marketing via targeted advertisements on the widely
used business platform, LinkedIn;
-- Subscription to databases allowing the Company to track
potential oncology clients as they attract funding and progress
their programs to stages of development where we can support them;
and
-- Direct marketing telephone campaigns targeted at relevant potential clients.
The Company is also in the final stages of securing a further
grant in respect of its personalised oncology offering. A further
announcement will be made in due course, as and when
appropriate.
Outlook
We are looking forward to a solid second half underpinned by
significant contracted revenues from Merck, Bicycle Therapeutics
and CellCentric, as well as other potential projects with existing
and new clients.
Enquiries:
Physiomics plc
Dr Jim Millen, CEO
+44 (0)1865 784 980
Strand Hanson Ltd (NOMAD)
Richard Tulloch & James Dance
+44 (0)20 7409 3494
Hybridan LLP (Broker)
Claire Louise Noyce
+44 (0)20 3764 2341
Notes to Editor
About Physiomics
Physiomics(R) is an oncology consultancy which uses mathematical
PKPD models as well as its proprietary Virtual Tumour(TM)
technology to predict the effects of cancer drugs and treatments
and improve the success rate of drug discovery and development
projects. The predictive capability of Virtual Tumour has been
confirmed by 55 projects, involving over 25 targets and 60 drugs,
and has worked with clients such as Merck, Merck & Co, Bayer
and Lilly.
Based in Oxford UK, the Company works with clients worldwide to
support their pre-clinical and clinical oncology development
programs. Its team of scientists and computer modelling experts
provide bespoke solutions encompassing data, analytics and insight.
Physiomics senior management has academic and commercial expertise,
including over 90 years collectively of working in oncology and/or
computational biology and over 100 publications in peer reviewed
journals.
For more information please visit:
www.physiomics-plc.com
www.twitter.com/Physiomics
www.linkedin.com/company/physiomics-plc/
Physiomics Plc
Unaudited Statement of Comprehensive Income for the half year ended 31 December 2019
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-19 31-Dec-18 30-Jun-19
GBP'000 GBP'000 GBP'000
Revenue 343 324 719
Other operating income - 48 64
Total income 343 372 783
Operating expenses before exceptional costs (461) (485) (984)
Operating loss and loss before taxation (118) (113) (201)
UK corporation tax 36 49 97
Loss for the period attributable to equity shareholders (82) (64) (104)
--------------- --------------- -----------
Loss per share (pence)
Basic and diluted (0.11) p (0.09) p (0.14) p
Physiomics Plc
Unaudited Statement of financial position as at 31 December 2019
Unaudited Unaudited Audited
As at As at As at
31-Dec-19 31-Dec-18 30-Jun-19
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 4 - 1
Property, plant and equipment 14 19 19
18 19 20
Current assets
Trade and other receivables 152 269 269
Cash and cash equivalents 434 552 405
586 821 674
Total assets 604 840 694
------------ ---------- -----------
Current liabilities
Trade and other payables (72) (61) (85)
Deferred revenue - (140) (1)
------------ ---------- -----------
Total liabilities (72) (201) (86)
------------ ---------- -----------
Net assets 532 639 608
------------ ---------- -----------
Capital and reserves
Share capital 1,181 1,181 1,181
Capital reserves 5,426 5,411 5,420
Profit & loss account (6,075) (5,953) (5,993)
Equity shareholders' funds 532 639 608
------------ ---------- -----------
Physiomics Plc
Unaudited Statement of changes in equity for the half year ended 31 December 2019
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 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
Transfer to other reserves - - 9 - 9
Loss for the period - - - (40) (40)
At 30 June 2019 1,181 5,228 192 (5,993) 608
Transfer to other reserves - - 6 - 6
Loss for the period - - - (82) (82)
At 31 December 2019 1,181 5,228 198 (6,075) 532
Physiomics Plc
Unaudited Cash Flow Statement for the half year ended 31 December 2019
Unaudited Unaudited Audited
Half year to Half year to Year ended
31-Dec-19 31-Dec-18 30-Jun-19
GBP'000 GBP'000 GBP'000
Cash flows from operating activities:
Operating loss (118) (113) (201)
Amortisation and depreciation 5 3 8
Share-based compensation 7 13 22
(Increase) decrease in receivables 57 (30) (13)
Increase / (decrease) in payables (12) 5 25
Increase / (decrease) in deferred revenue (1) 72 (67)
Cash generated from operations (62) (50) (226)
UK corporation tax received 95 47 82
Net cash generated from operating activities 33 (3) (144)
Cash flows from investing activities:
Purchase of non-current assets, net of grants received (4) (17) (23)
Net cash used by investing activities (4) (17) (23)
------------- ------------- -----------
Net (decrease) / increase in cash and cash equivalents 29 (20) (167)
Cash and cash equivalents at beginning of period 405 572 572
Cash and cash equivalents at end of period 434 552 405
------------- ------------- -----------
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 2019, 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 2019, 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 2019. 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 0.11p (H1 2018: loss per share 0.09p).
The basic loss per ordinary share is calculated by dividing the
loss of GBP82,148 (H1 2018: loss GBP63,935) by 71,910,394 (H1 2018:
71,910,394), 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
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END
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