Physiomics (AIM:PYC) said its newly appointed Board has commenced an extensive review of the business with a clear focus on operational optimisation, commercial execution and shareholder value creation.
Physiomics, a mathematical modelling, data science and biostatistics firm supporting drug development and personalised medicine, said the Board believes the company has underappreciated strengths in its scientific platform, industry relationships and a commercial pipeline with significant growth scope.
Immediate priorities include disciplined capital allocation and strict cost controls, and the new Directors have agreed to receive a portion of their remuneration in shares to align with shareholders.
The company said such shares are expected to be issued once annually by reference to the prevailing mid-market share price, and that taking cash and share elements together the aggregate cash cost of Board remuneration and the finance function is expected to remain broadly unchanged.
CEO Peter Sargent has been supportive during the transition and discussions are ongoing about extending his contract while Ian Bagnall moves to an executive role as Finance Director and Company Secretary with immediate effect.
The Board has identified additional commercial opportunities and strategic targets that it believes can be pursued within existing budgetary frameworks and is considering further Board appointments to strengthen capability and governance.
The Board also denied recent market speculation about large exit payments, saying the Company has made no payments outside contractual entitlements to former directors or employees.
The Board’s initial assessment is that there is sufficient cash runway into 2027 and scope to enhance operations while maintaining scientific credibility.
"We see a clear opportunity to introduce stronger commercial focus, tighter operational discipline and a more dynamic growth strategy," Mike Whitlow said.
The Company intends to maintain regular engagement with shareholders and will provide further updates on operational progress, commercial developments and team changes in due course.
