Physiomics raises £555,000 after shelving BioMoti acquisition

Physiomics, which develops software to help drug companies predict and understand cancer drug efficacy from pre-clinical research through to clinical development, has placed 2.22m shares at a price 0.025p per share through broker Hybridian.

The new shares will begin trading on AIM on 28 September and increase its total number of shares to over 5.7m, plus another 2.4m deferred shares that are not quoted and have no voting rights.

Proceeds of the funds raised will be used to accelerate business development for its modelling and simulation business, in particular the clinical version of its 'virtual tumour' technology, which enables predictions to be made on the outcome of human trials based on pre-clinical and other data.

The Oxford-based company said it decided not to buy BioMoti, which had been announced in March, as shareholders were more supportive of the company focusing on growing revenues and becoming profitable in the modelling and simulation business, although it remains open to other acquisitions in the future.

Shares in Physiomics were down 16.92% to 0.0270p at 1038 BST.