Completion of Placing & WRAP Retail Offer Launch
3 July 2024
Physiomics plc
("Physiomics" or the "Company")
Physiomics completes Placing to fund growth opportunities
Launch of WRAP Retail Offer
Physiomics plc (AIM: PYC), a leading mathematical modelling and data science company supporting the development of new therapeutics and personalised medicine solutions, is pleased to announce that it has completed a placing, conditional on Admission, of, in aggregate, approximately £381,417 (gross) from the issue of 63,569,573 new ordinary shares of £0.004 each (the "Placing Shares") at an issue price of £0.006 per Placing Share (the "Placing Price") through the Company's broker, Hybridan LLP (the "Placing"). The Placing Price represents a discount of approximately 50 per cent. to the mid-market closing price of an ordinary share on 2 July 2024 (being the latest practicable date prior to this announcement).
The Company will also shortly be launching a retail offering to the Company's existing shareholders to raise up to an additional maximum of £25,000 by way of the issue of a further 4,166,667 new ordinary shares of £0.004 each (the "WRAP Retail Offer Shares") at the Placing Price of £0.006 per WRAP Retail Offer Share.
The Company has made significant progress since its last placing in June 2023, including:
· Dr Peter Sargent being appointed CEO in January 2024 and restructuring of the Board and operating staff to better position the business for growth.
· Increased investment in business development and marketing, culminating in a peak pipeline value at over £1.5m (unweighted) as announced on 7 March 2024, a record year (FY2023/24) for total value of new contracts won, and over £500k of revenue already contracted for next year (FYE 2025), with additional revenue contracted into the following two years (FYE 2026 and 2027).
· Continued diversification of the pipeline and service offering, supporting clients upstream in discovery with data science services and in therapeutic areas outside oncology.
· Internal biostatistics capability build through organic means and exploration of acquisition opportunities.
· Award of an Innovate UK grant ("Innovate") (total project value £570k; Physiomics share £196k of which £137k funded by Innovate) to further develop personalised dosing tools.
· Agreement with US partner DoseMeRx to implement Physiomics' tool on their newly launched platform and setup of a trial across US sites to further develop the tool.
In order to further develop its business and accelerate growth, the Company is raising funds to carry out activities including:
· Recruitment of a Head of Mathematical Modelling Service Line to accelerate conversion of the pipeline and drive operational excellence.
· Further investment in Business Development and Marketing to build and strengthen the pipeline, expand into new therapeutic areas, develop its data science offering and launch its biostatistics offering.
· Build a biostatistics capability, including team expansion, development of processes, acquisition of necessary tools and exploration of strategic options.
· Implementation of the personalised dosing tool on the DoseMeRx Platform, enabling it to be available to clinicians across the US and deliver on a study in partnership with DoseMeRx to further develop the tools H-CSF functionality.
Retail Offering:
The Company is pleased to announce that a retail offer to existing shareholders will be shortly launched via the Winterford Retail Access Platform ("WRAP"), to raise up to an additional maximum of £25,000 (the "WRAP Retail Offer"), through the issue of up to 4,166,667 new Ordinary Shares, at a price of £0.006 per WRAP Retail Offer Share.
The proceeds of the WRAP Retail Offer will be utilised in the same way as the proceeds of the Placing. For the avoidance of doubt, the WRAP Retail Offer is not part of the Placing. Completion of the WRAP Retail Offer is conditional, inter alia, upon the completion of the Placing, but completion of the Placing is not conditional on the completion of the WRAP Retail Offer. The WRAP Retail Offer is conditional on the WRAP Retail Offer Shares being admitted to trading.
The Company values its shareholder base and believes that it is appropriate to provide its existing retail shareholders in the United Kingdom the opportunity to participate in its fundraising.
The WRAP Retail Offer is expected to close at 4:30 p.m. on 4 July 2024.
Admission and Total Voting Rights
Application will be made for the Placing Shares to be issued pursuant to the Placing and the WRAP Retail Offer Shares pursuant to the WRAP Retail Offer to be admitted to trading on AIM and dealing is expected to commence on or around 9 July 2024 ("Admission"). A further announcement regarding the enlarged issued share capital for the purposes of the Financial Services Authority's Disclosure Guidance and Transparency Rules will be made following completion of the Placing and the WRAP Retail Offer.
Dr Peter Sargent, CEO, commented:
"I am pleased with the response we have had to this latest fundraising and hope that our existing shareholders will also consider participating through the WRAP Retail Offer. I believe Physiomics has made significant changes over this last year which now positions the business for growth. FY2023/24 was a record year for the company for the highest ever total value of new contracts won. As we start our new financial year, that momentum is continuing with the highest level of revenue already contracted. This latest round of capital will provide us with the foundations to execute on that pipeline and allow for further revenue growth".
Enquiries:
Physiomics plc
Dr Peter Sargent, CEO
+44 (0)1235 841575
Hybridan LLP (Broker)
Claire Louise Noyce
+44 (0) 203 764 2341
Strand Hanson Ltd (NOMAD)
James Dance & James Bellman
+44 (0)20 7409 3494
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
Notes to Editor
About Physiomics
Physiomics plc combines cutting edge PKPD and QSP modelling and data science techniques, along with deep biology expertise, to help biotech and pharma companies streamline their drug development journeys.
Our approach is to derive insight from all relevant data in order to de-risk decision making and optimise design research across discovery, pre-clinical and clinical studies.
Through use of bespoke models and our proprietary Virtual Tumour technology, the Physiomics team has informed the development of over 100 commercial projects, over 50 targets and 75 drugs. Clients include Merck KGaA, Astellas, Bicycle Therapeutics, Numab Therapeutics & CRUK.
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