REG - Physiomics PLC - Board Change

PhysiomicsAnnouncement

31/05/2024 14:00

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RNS Number : 6989Q  Physiomics PLC  31 May 2024

31 May 2024

 

Physiomics plc

("Physiomics" or the "Company")

 

Board Change

 

Physiomics plc (AIM: PYC), a leading mathematical modelling and data science
company supporting the development of new therapeutics and personalised
medicine solutions, would like to update the market on a change to the
composition of its board.

 

Dr Christophe Chassagnole will step down as a Director of the Company and as
Chief Scientific Officer (CSO), effective 31 May 2024, to pursue other career
opportunities.  Dr Chassagnole has worked for Physiomics since 2004 and has
been a Director and board member since 2007, most recently as CSO.

 

It is not intended that the Company will recruit a replacement for the role of
CSO as the Company continues to focus on expenditure directly linked to
revenue generating positions.

 

In his time at the Company, Dr Chassagnole has made important contributions in
the development of the Company's client offering, the publication of thought
leadership and the securing of grants.

 

In order to ensure a smooth transition, the Company will enter into a
consulting agreement with Dr Chassagnole that would enable it to continue to
take advantage of his scientific expertise and experience as required
following the end of his formal employment.  In addition, the Company has
entered into an IP Licensing Agreement with Dr Chassagnole under which certain
systems biology models and  software, no longer used or commercialised by the
Company, and unrelated to the Company's Virtual Tumour software, will be
licensed on a non-exclusive basis to a company set up and owned by Dr
Chassagnole.  Under this agreement, the Company will receive a 2-5% royalty
on any gross sales that may be derived from this IP up to a maximum amount of
£75k per annum.

 

Related Party Transaction

The IP Licensing Agreement, as set out above, constitutes a related party
transaction pursuant to Rule 13 of the AIM Rules for Companies, by virtue
of Dr Chassagnole being a former director of the Company within the last 12
months.

 

The Directors of the Company, which, following his resignation, does not
include Dr Chassagnole, consider, having consulted with the Company's
Nominated Adviser, Strand Hanson Limited, that the terms of the IP Licensing
Agreement are fair and reasonable insofar as the Company's shareholders are
concerned.

 

 

Dr Jim Millen, Chairman, commented: "I have worked with Christophe for over
seven years and in that time he has been a valued and highly professional
member of the team.  Everyone at Physiomics, and I in particular, wish him
every success going forwards".

 

Enquiries:

 

Physiomics plc

Dr Peter Sargent, CEO

+44 (0)1235 841575

 

Hybridan LLP (Broker)

Claire Louise Noyce

+44 (0) 203 764 2341

 

Strand Hanson Ltd (NOMAD)

James Dance & James Bellman

+44 (0)20 7409 3494

 

 

 

Notes to Editor

 

About Physiomics

 

Physiomics plc combines cutting edge PKPD and QSP modelling and data science
techniques, along with deep biology expertise, to help biotech and pharma
companies streamline their drug development journeys.

Our approach is to derive insight from all relevant data in order to de-risk
decision making and optimise design research across discovery, pre-clinical
and clinical studies.

Through use of bespoke models and our proprietary Virtual Tumour technology,
the Physiomics team has informed the development of over 100 commercial
projects, over 50 targets and 75 drugs. Clients include Merck KGaA, Astellas,
Bicycle Therapeutics, Numab Therapeutics & CRUK.

 

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