Physiomics soars on winning multi-year Merck services agreement
Systems provider Physiomics announced on Monday that after the successful completion of its Virtual Tumour (VT) project, it had inked a new multi-year master services agreement with American pharmaceutical group Merck.
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Physiomics, which had been working with Merck on pre-clinical and clinical predictions since 2012, was set to earn a minimum of €500,000 over the first twelve months of the deal.
The Oxford-based group highlighted the "significant external validation" of its VT technology, saying that its ability to model the combined effects of different treatments at a cellular level and its ability to scale up to allow meaningful predictions of overall tumour growth had provided "valuable insights".
Dr Jim Millen, chief executive of Physiomics, said, "We are very proud to be working with Merck, one of the world's top pharmaceutical companies, in an area as important and rapidly growing as oncology."
"We believe this agreement marks the beginning of a new longer term relationship with this important client," he added.
As of 0840 GMT, shares had rocketed 64.10% to 1.60p.