A shareholder revolt is aiming to oust the entire board of Physiomics plc.
Physiomics is a mathematical modelling, data science and biometrics company which supports the development of new therapeutics and personalised medicine solutions.
On Friday the Oxfordshire company’s directors received a request requiring the board to convene a shareholder meeting from Michael Whitlow, who holds approximately 13.68% of its shares.
He is proposing the appointment of himself, Nicholas Tulloch, Ian Bagnall and Martin Gouldstone as directors.
He is also proposing the removal of Dr Jim Millen, Shalabh Kumar, Dr Tim Corn and Dr Peter Sargent as directors, each of which is conditional on at least two of the aforementioned appointment resolutions being passed.
In December Physiomics said CEO Dr Sargent would be leaving the company with effect from 29th May 2026 and had commenced a search for his replacement
It said Dr Millen, currently non-executive chairman, would be available to resume the position of executive chairman from the date of Dr Sargent’s departure, for as long as required.
Dr Millen was formerly the CEO of the 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.
In a statement to the London Stock Exchange this morning, Physiomics said its board is currently taking legal advice to confirm that the request complies with formal requirements.
Should this be confirmed, it will be required to give notice of a general meeting within 21 days of receipt of the request – by no later than 3rd April 2026.
The company’s directors had been in dialogue with Whitlow at the time the request was received.
“The directors are considering the GM request carefully, however are united in their view that the wholesale replacement of the current board would be highly detrimental to the company and its shareholders,” it stated.
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