Physiomics (AIM:PYC), an AIM-listed computational biology and oncology modelling company, says its commercial pipeline is the largest in the company's history, following a period of significant management change that saw former directors removed at a general meeting in April.
One-off costs were incurred ahead of that meeting, and the board acknowledged disappointment at their scale, but said identified cost savings would in aggregate exceed those exceptional expenses, with the majority of savings falling into the next financial year.
An independent review of the business by consultant Stewart Williams highlighted several development areas, and the board said most of the recommended actions have already been addressed, with a subsequent IT and operational systems assessment confirming the infrastructure can support larger and more complex client projects.
Director Ian Bagnall said: "We have identified a robust financial strategy that we believe will support the Company in targeting a path towards breakeven... the foundations are being established for a more sustainable and financially resilient business."
Pete Sargent, described as a continuing supporter through the transition, will remain available to the company at reduced hours until the end of August as responsibilities are transferred.
The company said it expects to update the market on further contract wins and commercial developments in due course.
