15th Nov 2013 13:09
LONDON (Alliance News) - Physiomics PLC Friday said its pretax loss narrowed in the year ended June 30, as revenues more than doubled due to customer wins, including securing the first customer for its flagship Virtual Tumour Clinical technology platform,
Physiomics posted a pretax loss of GBP548,342, compared with GBP577,922 in the previous year, as revenue rose to GBP240,000, from GBP135,306.
The company increased its pipeline of products, winning its first customers for its VTC platform and newly launched cardio toxicology platform.
The VTC platform is technology that uses a mathematical model used to predict the growth of tumours. Advances in the treatment of cancer have bolstered Physiomics confidence as it sees an emerging market for the platform.
The company is looking to deepen its relationship with large pharmaceutical companies with hopes of eventually leading to a licensing and subscription model for its products, it said.
Shares in the biotechnology company were trading down 2.1% at 0.162 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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