The new corporate leadership team at Physiomics plc has painted a positive picture after ousting the previous board.
Physiomics is a mathematical modelling, data science and biometrics company which supports the development of new therapeutics and personalised medicine solutions.
Activist investor Mike Whitlow, now executive director of the listed firm, praised the professionalism of the wider team during its review of operations.
The firm also praised the professionalism of CEO Dr Peter Sargent, who was among those removed from the board, and said he had been “accommodating and supportive throughout the transition process”.
It added that discussions are ongoing regarding the extension of his contract with the company, which runs out later this month.
More than three-quarters of shareholders who voted agreed to remove former chair Dr Jim Millen, Dr Sargent, Shalabh Kumar and Dr Tim Corn, and to appoint Whitlow, Ian Bagnall and Nicholas Tulloch in their place.
Bagnall is moving to an executive role as finance director and company secretary with immediate effect, Physiomics said.
The fight for control of Physiomics plc turned nasty in recent weeks. Dr Millen was accused of “personally derailing” a boardroom coup led by Whitlow – who accused the corporate leadership of value erosion for shareholders – and of “throwing his fellow directors under the bus at every opportunity to cling to control”.
Dr Millen, meanwhile, issued a stinging letter to attack the credibility of the proposed new directors and went to great lengths to persuade shareholders to vote against the requisitioners’ proposals – ultimately unsuccessfully.
Dr Millen was formerly the CEO of the Oxfordshire company from 2016 to 2024, and had looked set to return to the position after Dr Sargent’s planned departure on 29th May 2026.
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This morning, Physiomics stated: “The board believes the company possesses a number of underappreciated strengths, including an established scientific platform, respected industry relationships, and what appears to be a robust and dependable commercial pipeline with significant scope for growth.
“As part of the review process, immediate emphasis is being placed on disciplined capital allocation and strict cost control measures throughout the business. In alignment with shareholders, all of the new directors have agreed to receive a portion of their remuneration in ordinary shares in the company. Such ordinary shares are expected to be issued once annually by reference to the prevailing mid-market share price.
“Taking account of the combined cash and share proportions of the new directors’ remuneration, the aggregate cash cost of the company’s board remuneration arrangements and finance function is expected to remain broadly unchanged.
“The board has already identified a number of additional commercial opportunities and strategic targets which it believes can be pursued within existing budgetary frameworks and which may materially enhance the company’s medium-term prospects.
“The board are also considering further board appointments, as appropriate, to enhance both operational capability and the company’s independent governance.”
It rejected “recent unfounded market speculation concerning alleged substantial exit packages payable to former personnel”, adding: “The board confirms unequivocally that the company has made no payments outside of contractual entitlements to former directors or employees.”
There is a sufficient cash runway into 2027, it said.
Whitlow commented: “We have always believed that Physiomics possesses significant potential and, following our initial review, we are increasingly encouraged by both the quality of the company’s scientific capabilities and the strength of its commercial pipeline.
“The board sees a clear opportunity to introduce stronger commercial focus, tighter operational discipline and a more dynamic growth strategy, while maintaining the high scientific standards for which Physiomics is recognised.
“We have been particularly encouraged by the support and professionalism shown by the wider team during the transition period and believe the foundations are in place to build a leaner, more commercially effective business capable of delivering meaningful long-term shareholder value.
“The board is highly motivated by the opportunity ahead and looks forward to updating the market regularly as progress is made.”
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).