Physiomics surges amid deepened Merck collaboration
Shares of Physiomics leapt on Friday after it signed up to a £250,000 tranche of projects with pharmaceutical giant Merck and said trading was in line with expectations.
The AIM-traded company said it expected the projects to be completed in the first six to eight months of next year, adding that they will span a range of drug targets and treatment types in both pre-clinical and clinical settings.
A master services agreement signed by the two parties on 28 November 2017 remains in place, though a new deal allows the duo greater operational flexibility as projects will no longer have to be planned a full calendar year in advance.
The oncology consultancy said it expects further contracts to be signed over the course of the new year, but that the value of these contracts is not yet known with certainty.
Chief executive Jim Millen said: "We're delighted that we'll be continuing our long-term program of work with Merck to provide pre-clinical and clinical predictive modelling services using our continuously evolving Virtual Tumour technology.
"These initial contracts for 2020 provide a great base upon which to build and we expect further projects to be signed over the course of the full year."
Physiomics shares were up by 25.10% at 3.19p at 1059 GMT.