Physiomics hails progress despite one-off costs to replace board
Physiomics PLC on Friday said it ‘continues to make strong operational progress’ but noted one-off costs from the dismissal of its previous board after a shareholder vote.
The Oxford, England-based mathematical modelling company, which focuses on medical drug development, said it is currently building the largest commercial pipeline in its history, which it said will provide a ‘strong platform for future growth’.
‘The board of directors remain encouraged by the level of engagement across both existing and prospective clients and looks forward to updating the market on further contract wins and commercial developments in due course,’ it added.
Physiomics said it has incurred one-off costs after its board was replaced.
Back in April, shareholders at its general meeting agreed to replace the board. Michael Whitlow, who requisitioned the GM, was appointed as an executive director.
Nicholas Tulloch replaced Jim Millen as the company’s non-executive chair, while Ian Bagnall was appointed to the board as a non-executive director.
Chief Executive Officer Peter Sargent was removed from the board, along with Non-Executive Directors Shalabh Kumar and Tim Corn.
On Friday, Physiomics said: ‘The current board has been disappointed with both the level and nature of some of these costs but, more positively, has identified several cost savings, the aggregate effect of which will exceed the exceptional general meeting related expenses, albeit will predominantly be realised in the next financial year.’
The company said a review by a consultant has highlighted areas for development. In response to the recommendations, the firm has undertaken a review of its IT infrastructure and operational systems.
Looking ahead, Physiomics said ‘significant progress’ has been made to improve the position of the company.
‘With an expanding pipeline, improved systems and processes, and a clear strategic direction, Physiomics is well positioned to capitalise on future opportunities,’ it added.
Director Ian Bagnall said: ‘We have identified a robust financial strategy that we believe will support the company in targeting a path towards breakeven. Whilst the company has incurred certain one-off costs associated with the previous management structure, the new board has acted swiftly to implement meaningful operational and financial changes.’
Shares in Physiomics were down 2.3% to 0.46 pence on Friday morning in London.
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