14th Mar 2018 12:42
LONDON (Alliance News) - Physiomics PLC said Wednesday it has been awarded a new Innovate UK Grant worth GBP68,000 for a prostate cancer project.
Physiomics - a medical prediction software firm - said the "Prostate Cancer Chemotherapy Precision Dosing" project would cost around GBP97,000 of which the majority was related to staff costs. Of this, Innovate UK will contribute GBP68,000.
For the year to the end of June 2017, Physiomics generated a GBP530,399 loss on revenue - including grant income - of GBP270,465.
The project will start in April with Innovate UK making contributions over a nine month period.
"Focusing on prostate cancer in this feasibility study," Physiomics said in a statement, "our goal is to develop an algorithm and demonstrator tool to optimise the individual patient dosing of a drug commonly used to treat prostate cancer."
Physiomics Chief Executive Officer Jim Millen said: "Having recently completed our last Innovate UK funded project, we're very pleased to be able to announce this further award. The new project is in line with our strategic objectives as set out in our last annual report. It supports our evolving capability in the precision/ personalised medicine space which can be applied in the short term to commercial R&D projects and, with further development, could be used in real-world clinical situations."
On Monday, Physiomics reported it had successfully completed an Innovate UK grant oesophageal cancer treatment project, receiving GBP131,000 in funding over the course of the project
Shares in Physiomics were 4.3% lower at 5.60 pence on Wednesday.
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