Physiomics PLC Placing and Update on Acquisition (3841K)
September 21 2016 - 2:01AM
UK Regulatory
TIDMPYC
RNS Number : 3841K
Physiomics PLC
21 September 2016
21(st) September 2016
Physiomics plc
("Physiomics" or the "Company")
Placing and Update on Acquisition
The Company announces that it has completed a placing,
conditional only on Admission, to raise GBP555,000.00 from the
issue of 2,220,000,000 new ordinary shares of 0.004p each
("Ordinary Shares") at a price of 0.025p per share, through
Hybridan LLP (the "Placing"). Application has been made for the new
Ordinary Shares to be admitted to trading on AIM and dealing is
expected to commence on 28(th) September 2016.
There was strong investor interest in the new Company management
and in the clinical version of the Company's Virtual Tumour
technology. Based on investor discussions, we decided not to
proceed with the acquisition of BioMoti Limited which was announced
by previous management on 31(st) March 2016. Our shareholders were
more supportive of management focusing 100% of their efforts on
growing the revenues and creating a path to profitability in our
core modelling and simulation business at this point. There may be
opportunities in the future to engage with BioMoti and other
companies with interesting pipelines that Physiomics can optimize,
and the Company remains committed to exploring these options. In
the meantime, the proceeds of the placing will be used to conduct
and accelerate business development activities related to the
Company's core modelling and simulation business, in particular the
clinical version of its Virtual Tumour technology which enables
predictions to be made of the outcome of human trials based on
pre-clinical and other data.
Following the Placing, the number of Ordinary Shares in issue
will increase to 5,701,657,918. The Company's share capital
additionally comprises 2,481,657,918 Deferred Shares of 0.036p each
which are not quoted and to which no voting rights attach.
For the purposes of the Financial Services Authority's
Disclosure and Transparency Rules ("DTRs"), the issued ordinary
share capital of the Company following this allotment consists of
5,701,657,918 Ordinary Shares with voting rights attached (one vote
per Share). There are no Shares held in treasury. This total voting
rights figure may be used by shareholders as the denominator for
the calculations by which they will determine whether they are
required to notify their interests in, or a change to their
interest in, Physiomics under the DTRs.
Enquiries:
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
About Physiomics plc
Physiomics (AIM:PYC) is a computational systems biology services
company applying simulations of cell behaviour to drug development
to reduce the high attrition rates of clinical trials. 80-90 per
cent of all clinical drug candidates fail to reach the market and
estimates show that an overall ten per cent improvement in success
rates could reduce the cost of one drug's development by as much as
$242 million, from the current estimate of around $800 million(1)
.
Physiomics develops computational systems biology models to
predict and understand cancer drug efficacy from pre-clinical
research to clinical development. Physiomics has created detailed
mathematical models incorporating the most important molecular
events taking place during the human cell cycle and apoptosis
processes. The company's technology enables the simulation of
populations of "virtual cells". The company has also developed a
"Virtual Tumour" model to simulate the effect of anti-cancer drugs
on tumour growth. The models are used to optimise compound design
and to design drug schedules and combination therapies.
Physiomics, based in Oxford, UK, was founded in 2001, and
floated on AIM in 2004. For further information, please visit
www.physiomics-plc.com
(1) Tufts Centre Impact Report 2002
This information is provided by RNS
The company news service from the London Stock Exchange
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