27th Jun 2023 10:49
(Alliance News) - Physiomics PLC on Tuesday said it had completed a fundraise, conditional on admission, of GBP335,000 through a placing with Hybridan LLP, and announced a retail offer from Winterflood retail access platform to raise a maximum of GPB150,000.
Physiomics, a London-based mathematical modelling company that supports oncology drug development, said it had issued 33.5 million shares at 1 pence each.
Shares in Physiomics were down 50% at 1.03 pence per share in London on Tuesday morning.
The company completed the placing of 32.5 million shares through its broker Hybridan LLP, with the remaining 1.0 million shares issued via a direct subscription to certain company directors.
Hybridan is a London-based small cap brokers and adviser that is dedicated to fund raising.
Chair & Chief Executive Officer Jim Millen and Chief Operating Officer Christophe Chassagnole have said they intend to participate in the fundraise through subscriptions of GBP5,000 each at the placing price, and are expected to be issued 500,000 shares each.
Physiomics also announced its Winterflood retail offer will make 15.0 million shares available at 1 pence per share.
Winterflood Securities, a specialist business to business platform provider, is a wholly-owned subsidiary of Close Brothers Group PLC.
The retail offer from Winterflood is expected to close on the afternoon of June 28.
Physiomics said it was raising funds to expand and diversify its client base, expand its consulting business of pharmaceutical biostatistics services, and explore opportunities around its personalised oncology software offering.
Physiomics clarified that the Winterflood retail offer is not part of the placing but a separate agreement.
"Completion of the Winterflood retail offer is conditional, upon the completion of the placing but completion of the placing is not conditional on the completion of the Winterflood retail offer," Physionimcs said.
Chair and CEO Millen said: "I believe Physiomics remains well positioned to expand its current consulting business and I'm excited at both the opportunity to expand into adjacent fields of pharmaceutical consulting and the possibilities in the personalised medicine space."
By Will Neill, Alliance News reporter
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