Physiomics shares jump on new contract wins

Shares in Physiomics surged on Thursday after the mathematical modelling company was awarded two contracts, one of which was with a new client.

The group, which supports the development of oncology drugs and personalised medicine solutions, has won its first contract with a new unnamed biotech client in the UK. The contract, worth £125,000, relates to a project in the immune-oncology field, is expected to be completed within this calendar year.

Separately, Physiomics also announced it had won a further contract with existing client Merck for an undisclosed amount. The work, which should complete over the next three months, involves "pre-clinical and clinical modelling and simulation of anti-cancer regimens involving combinations of DNA damage/ repair agents", the company said.

Physiomics has now announced four contract awards in August alone.

The stock was up 21% at 1.18p in afternoon trade.