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Physiomics zips higher with trading ahead of expectations

The AIM-quoted firm expects revenues to almost double from last year, while losses should be “materially” lower than current market forecasts
doctors looking at x-ray
Physiomics’ technology can predict what effect a drug might have on a tumour

Physiomics Plc (LON:PYC) surged at the opening bell on Thursday after telling investors it is trading ahead of expectations as it approaches the end of its year.

The company, whose technology can predict the effect a drug might have on a cancer, expects full-year income to be greater than £495,000 – almost double the £270,500 it generated in 2017.

READ: Physiomics ready to build on Merck Serono landmark

A multi-year, £440,000 contract signed with German Firm Merck KgaA (not that Merck) back in November has been key to the outperformance.

The growth will translate into a healthier bottom line as well, with Physiomics adding that losses should be “materially” lower than current forecasts.

“We are pleased that as a result of the hard work of the team, the company continues to show progress not only in attracting new clients but in translating this into bookable revenue which is moving us closer to profitability,” said chief executive Jim Millen.

Shares zipped 11% higher to 4.7p in early deals in London.

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