Oxford's Physiomics announces discounted placing to fund growth
Oxford-based data science firm Physiomics plc said it had raised £381,417 from issuing new shares at a discounted price of £0.006 a share.
The company, which uses mathematical models to advance cancer treatment, said the placing price represented a discount of around 50 per cent to the mid-market closing share price on July 2.
READ MORE: Physiomics plc wins Innovate UK grant
It added that it will be shortly be launching a retail offer to existing shareholders via the Winterford Retail Access Platform (WRAP) to raise up to a further £25,000.
That offer will see the issue of a further 4,166,667 new shares, also at £0.006 each.
"I believe Physiomics has made significant changes over this last year which now positions the business for growth," said Dr Peter Sargent, CEO.
"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".
It is planned the raised funds will go towards building a biostatistics capability and to recruit a Head of Mathematical Modelling Service Line to accelerate conversion of the pipeline.
The aim is to also implement 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.
Since the last placing in June, 2023, the firm said there had been a restructuring of the board and Dr Sargent was appointed CEO in January.
It was also awarded a grant by Innovate UK and The Office for Life Sciences as part of the UK Government's Advancing Precision Medicine programme. Physiomics share was £196,000, of which £137,000 was funded by Innovate to further develop personalised dosing tools.
Shares in Physiomics dropped around 45% in London on July 3.
