Physiomics plc has won multiple contracts following a boardroom coup.
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 (pictured) was appointed executive director of the listed firm recently after more than three-quarters of shareholders voted to remove former chair Dr Jim Millen as part of a wholesale replacement of the board.
The fight for control of Physiomics had turned nasty, with Dr Millen accused of “personally derailing” the 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”.
Now matters are somewhat calmer after it secured multiple new contract awards this month with a combined value of over £345,000.
The awards comprise a combination of new and follow-on engagements with respected UK and international biotechnology and oncology-focused organisations, Physiomics said, including a NASDAQ-listed clinical-stage biotechnology company, clinical-stage therapeutics developers, and leading cancer research groups.
Dr Peter Sargent – who has remained as CEO despite the upheaval, and was praised by Whitlow – said they were “delighted”.
“They reflect our continued investment in business development and marketing, as well as the team’s success in expanding and diversifying our pipeline,” he said. “These opportunities further strengthen our order book and improve revenue visibility across the business.
“Our broader pipeline remains strong and we’re excited about a number of additional opportunities that we hope to be able to announce soon”.
Hayley Close, head of business development, added: “We are very pleased to have been awarded these new contracts which include both new and existing clients.
“The continued expansion of our client network, including engagement with larger international companies, reflects the strengthening of our scientific reputation, development of successful long-term relationships and growing awareness of Physiomics within the BioTech and pharmaceutical sectors.”
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