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Posted: November 28, 2017
RNS Number : 6248X
Physiomics PLC
28 November 2017
Physiomics plc
("Physiomics") or ("the Company")
Completion of VT Clinical Project with Merck and announcement of Master Services Agreement
Physiomics plc (AIM: PYC) is pleased to announce that the human Virtual Tumour ("VT") project with Merck, a leading science and technology company, first announced in March 2015, has now been successfully completed and that it has today entered into a Master Services Agreement ("Agreement") with Merck. The Agreement envisages a multi-year relationship and its minimum value to Physiomics in the first twelve months will be €500,000. Physiomics believes this Agreement represents a significant milestone in the relationship between the two companies and reflects the value that it has been able to add over five years of working with this key client.
Physiomics can now confirm that it has been working with Merck since March 2012, during which time it has completed twelve projects involving pre-clinical and more recently clinical predictions, with other projects in progress.
Physiomics believes that the Agreement represents a significant external validation of its Virtual Tumour technology by Merck. The Company believes that its ability to successfully model the combination effect of treatments having different mechanisms of action at the cellular level and its ability to scale this up to allow meaningful predictions of overall tumour growth has provided unique and valuable insights.
Dr Jim Millen, CEO Physiomics said: "We are very proud to be working with Merck, one of the world's top pharmaceutical companies, in an area as important and rapidly growing as oncology. We believe this Agreement marks the beginning of a new longer term relationship with this important client".