Physiomics narrows interim loss as revenue leaps
By Duncan Ferris
Date: Thursday 21 Feb 2019
(Sharecast News) - Physiomics on Thursday reported a narrowed interim loss after the cancer monitoring technology provider more than doubled its revenue over the period.
For the six months ended 31 December the company recorded a loss before tax of £0.11m, down from £0.22m, as revenue increased to £0.32m from £0.07m due to the signing of a number of new contracts.
Contracts won during the first half included one expected to be worth approximately £55,000 with a new European biotech client, while a £48,000 grant from Innovate UK, the UK government's innovation agency, also boosted the company's performance.
"We are close to completing our most recent Innovate UK grant funded project focused on the personalised treatment of prostate cancer. This feasibility project involves the use of artificial intelligence techniques (such as neural networks and other machine learning techniques) to develop an online tool that could, if approved, be used in hospitals and clinics to support personalised dosing of the commonly used chemotherapy drug docetaxel," said a statement from the company.
Furthermore, the company reported that Merck had signed contracts for services to the value of £0.44m expected to be completed during calendar year 2019, extending a long-standing agreement between the two businesses.
At the end of the period Physiomics had cash and cash equivalents of £0.55m, up from £0.17m at the same point the year before.
"Building on the momentum generated by existing and new contracts as well as success in attracting grant funding in calendar year 2018, we are looking forward to what the Directors believe will be a strong second half, underpinned by contracts already secured, and look forward to providing further updates on business activities to the market going forwards," said s statement from Physiomics.
Physiomics' shares were down 5.14% at 3.32p at 1233 GMT.
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