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Physiomics’ annual revenue doubles thanks to lucrative Merck KGaA contract win

On top of the Merck KGaA win, Physiomics inked deals with several other pharma and biotech groups last year
cancer cell
It may not be that Merck, but the German firm is still value at more than €10bn

Physiomics Plc (LON:PYC) saw revenues almost double last year, bolstered by the signing of a lucrative contract with German firm Merck KGaA.

The company, whose technology can help to predict the effect of a drug on cancer, saw its total income jump 90% to £513,000 in the year ended June 30 (2017: £270,500).

WATCH: Physiomics reports record year of income with significant contract wins

The growth translated to the bottom line, with the loss after tax more than halving to £183,341 (2017: £400,500).

As part of the multi-year, £440,000 agreement with Merck KGaA (not that Merck), Physiomics will provide various consulting services.

During the period, the company also signed contracts with two other “large” pharmas worth just over £100,000, while it struck deals with a couple of biotechs worth a similar amount.

Off to a good start in new year

“The company made considerable progress last year and there is a renewed sense of momentum in the business,” said chairman Paul Harper.

“This success is underpinned by acceptance of the use of modelling and simulation in the R&D process and the evolution of our Virtual Tumour technology to take advantage of this.

He added: “This performance has continued into the new financial year with a healthy pipeline of new opportunities underpinned by existing contracts.”

A placing back in May and a second grant from Innovate UK have helped to top up the company’s coffers, with Physiomics holding cash and cash equivalents of £572,000 (2017: £210,000) at the end of the period.

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