The chairman of Physiomics plc has been accused of ‘personally derailing’ a boardroom coup and putting himself before the needs of the company.
Physiomics is a mathematical modelling, data science and biometrics company which supports the development of new therapeutics and personalised medicine solutions.
Non-executive chair Dr Jim Millen (pictured) is set to become executive chair ‘for as long as is needed’ when CEO Dr Peter Sargent departs on 29th May 2026.
Dr Millen was formerly the CEO of the Oxfordshire company from 2016 to 2024, during which time he grew the business from total income of under £300k to a peak of over £900k, as well as securing a major contract with long-term client Merck KGaA and kicking off the company’s personalised medicine initiative.
However last month Physiomics was forced to cancel a share placing and retail offer when an activist shareholder group – led by Michael Whitlow – sought to replace its entire board and accused corporate leadership of “severe erosion of shareholder value” via dilution.
A revised placing and retail offer was then announced. An insider told BusinessCloud that the dissident group has confidence in the operational team – but trust had been eroded in the corporate leadership.
Now sources have informed us of what they call a “disheartening sequence of events”.
The proposal to replace the board is said to have progressed through constructive negotiation, with Dr Millen assuring them that shareholders’ interests were paramount.
Yet, when it came time to finalise the move, Dr Millen is accused of “personally derailing” it – rejecting the terms for replacement directors and “throwing his fellow directors under the bus at every opportunity to cling to control”.
An insider – who said major shareholders had each written to Dr Millen demanding his resignation – said he had agreed for every director other than himself to go, but that Whitlow could not join the board. The deal was agreed – but Dr Millen subsequently changed his mind.
“Notably, advisers had pre-approved these proposed replacement directors, conducting due diligence with no objections,” said the source. “The issue wasn’t their suitability – it was Millen’s personal vendetta against the requisitioner.
“Millen would rather fight a losing battle – ‘die on this hill’ – than accept what’s right for the company.”
The board has to submit a response to the requisition by 3rd April 2026 – Good Friday (tomorrow).
Physiomics’ most recently reported half-year income – to the end of the 2025 calendar year – was £528,000, up from £354k, and included £30k in grant funding.
Operating losses were £327k, up from £249k, while cash and equivalents were £257k at 31st December 2025 (31st December 2024: £269k).
The insider said the requisitioners continue to support the operational team and wish to suitably align them with success-based options in addition to existing remuneration awards.
Sources close to the dissident group say it has a number of key personnel and opportunities available to it which would significantly move the needle, should it effectively take control of the board.
“This is a direct challenge to the failed board. Accountability is overdue,” the source said, adding: “The company is a good little business with an exceptionally poor board.”
BusinessCloud has contacted Physiomics for comment.