Physiomics secures follow-on contract with existing client

(Sharecast News) - Data science and biostatistics company Physiomics has secured a follow on contract worth up to �169,000 with an existing UK-based client.

Physiomics said the new project builds on a contract award announced on 9 May, under which it assisted its client in developing a population Pharmacokinetic model to inform the design of a Phase II clinical study.

As the client prepares to initiate their clinical trial, Physiomics said the latest contract reflected "a continued commitment to support the project throughout the execution of the Phase II study". Due to timelines associated with patient recruitment and data generation, this project was not anticipated to commence until 2027.

The AIM-listed firm noted that the extended period between contract signature and project commencement was attributable to the client's desire to secure key service providers before initiating the trial. Upon initiation, the project was expected to run for approximately six months and due to flexibility in the scope of work has a value between �116,000 and �169,000.

Chief executive Dr Peter Sargent said: "We are thrilled to have been awarded this new contract and to have the opportunity to continue supporting our client through their Phase 2 trial.

"This offers Physiomics an excellent chance to provide valuable insights that could guide the development of this Rheumatoid Arthritis asset, while also allowing us to begin expanding our project pipeline for the next financial year."

As of 0945 GMT, Physiomics shares were up 10.57% at 0.29p.

Reporting by Iain Gilbert at Sharecast.com