Physiomics anticipates 'materially reduced' loss

Physiomics told investors on Thursday that it was trading "ahead of market expectations" for its current financial year.

Physiomics confirmed that, based on its current unaudited accounts at 20 June, the firm was anticipating total income for the year ended 30 June to be greater than £495,000 and that its anticipated loss would be "materially reduced" compared to current market expectations.

The AIM-listed company provides technology that aims to predict the effects of cancer treatment regimens for the biopharma industry. Last month it raised £0.5m in a placing to service its increased level of actual and potential new business, having won deal with Merck in November and three further clients in the first four months of 2018.

Chief executive Jim Millen said on Thursday, "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."

As of 0850 BST, Physiomics shares had grown 2.56% to 4.41p.