TIDMPYC
RNS Number : 9704D
Physiomics PLC
27 June 2023
27 June 2023
Physiomics plc
("Physiomics" or "the Company")
Physiomics completes fundraise to fund growth opportunities
Physiomics plc (AIM: PYC), a leading mathematical modelling
company supporting oncology drug development and personalised
medicine solutions , is pleased to announce that it has completed a
fundraise, conditional on Admission, of in aggregate GBP335,000
(gross) from the issue of 33,500,000 new ordinary shares of 0.4
pence each (" Ordinary Shares ") at an issue price of 1 penny per
Ordinary Share (the " Fundraise ").
The Fundraise will comprise the issue of 32,500,000 new Ordinary
Shares via a placing through the Company's broker, Hybridan LLP
(the " Placing "), and 1,000,000 new Ordinary Shares expected to be
issued via a direct subscription to certain Directors of the
Company (the " Subscription "). The Company will also shortly be
launching a retail offering to the Company's existing shareholders,
to raise up to an additional maximum number of 15,000,000 shares or
GBP150,000 at the Placing price of 1 penny per new Ordinary
Share.
The Company has made significant progress since its last placing
in May 2020, including:
-- New clients including: Numab Tx, Ankyra Tx, Ducentis
BioTherapeutics, Servier, Aleta Biotherapeutics/ CRUK, and Arjuna
Therapeutics;
-- Hiring of team members: Creation of Business Development
function and recruitment of a Head of Business Development,
recruitment of three new scientific team members and the addition
of two Independent Non-Executive Directors;
-- Collaboration Agreements: Completion of PARTNER Study,
re-engagement with DoseMeRx and engagement with Inaphaea Biolabs
Ltd;
-- Less Concentration Risk: Significant diversification of the
pipeline away from single large client; 48% compound annual growth
of non-Merck revenues between financial years ended 30 June 2019
and 2022; and
-- Pipeline: Discussions ongoing with over 25 largely new
potential clients regarding projects with an estimated total value
of over GBP1.5m which could be commenced in financial year
2024.
In order to further develop its business and accelerate growth,
the Company is raising funds to carry out activities including:
-- Further expansion and diversification of its client base;
-- Expansion of its consulting business into the adjacent area
of pharmaceutical biostatistics services; and
-- Exploration of opportunities around its personalised oncology software offering.
Director Subscriptions
Dr Jim Millen (Executive Chairman and CEO) and Dr Christophe
Chassagnole (COO) intend to participate in the Fundraise via direct
subscriptions of GBP5,000 each at the Placing price and,
accordingly, are expected to be issued 500,000 new Ordinary Shares
each. A further announcement will be made in due course following
completion of the intended Subscription.
Retail Offering
The Company is also pleased to announce that a retail offer to
existing shareholders will be shortly launched via the Winterflood
Retail Access Platform ("WRAP"), to raise up to a maximum of
GBP150,000 (the "WRAP Retail Offer"), through the issue of up to
15,000,000 new Ordinary Shares, at a price of 1 penny per new
Ordinary 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 or
Subscription. 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 any shares
subscribed for under the WRAP Retail Offer (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 the WRAP Retail
Offer.
The WRAP Retail Offer is expected to close at 4.30 p.m. on 28
June 2023.
Admission and Total Voting Rights
Application will be made for the new Ordinary Shares to be
issued pursuant to the Fundraise and the WRAP Retail Offer Shares
to be admitted to trading on AIM and dealing is expected to
commence on 3 July 2023 (" 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 WRAP Retail Offer
and the Subscription.
Dr Jim Millen, Executive Chairman and 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 scheme. I believe
Physiomics remains well positioned to expand its current consulting
business and I'm excited at both the opportunity to expand into
adjacent fields of pharmaceutical consulting and the possibilities
in the personalised medicine space."
Enquiries:
Physiomics plc
Dr Jim Millen, CEO
+44 (0)1865 784 980
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 (AIM: PYC) is an oncology consultancy using
mathematical models to support the development of cancer treatment
regimens and personalised medicine solutions. The Company's Virtual
Tumour(TM) technology uses computer modelling to predict the
effects of cancer drugs and treatments to improve the success rate
of drug discovery and development projects while reducing time and
cost. The predictive capability of Physiomics' technologies have
been confirmed by over 100 projects, involving over 50 targets and
75 drugs, and has worked with clients such as Merck KGaA, Astellas,
Merck & Co and Bicycle Therapeutics.
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END
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