8th Oct 2018 09:55
LONDON (Alliance News) - Medical prediction software developer Physiomics PLC said Monday its full year loss halved as revenue doubled amid a "renewed" momentum at the firm.
For the year ended June, pretax loss narrowed to GBP260,401 from GBP530,399 the year prior. This was after revenue rose to GBP428,277 from GBP219,647 the year before.
"The company made considerable progress last year and there is a renewed sense of momentum in the business," Physiomics Chairman Paul Harper said.
"Following the deal with Merck KGaA, the team led by Jim Millen secured further contracts in the second half of the year," Harper added. "This success is underpinned by acceptance of the use of modelling and simulation in the research & development process and the evolution of our Virtual Tumour technology to take advantage of this."
"This performance has continued into the new financial year with a healthy pipeline of new opportunities underpinned by existing contracts", Harper concluded.
Shares in Physiomics were 4.9% lower at 3.90 pence on Monday.
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