Conversion of Debt into Equit

RNS Number : 0362X

Physiomics PLC

06 August 2009

 



Physiomics plc
The Magdalen Centre
The Oxford Science Park
Robert Robinson Avenue
Oxford
OX4 4GA
UK

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6 August 2009            

Physiomics plc 

('Physiomics' or 'the Company')

Conversion of Debt into Equity

The directors of Physiomics (AIM: PYC) today announce that they have issued and allotted 24,556,640 ordinary shares of 0.04p each in the capital of the Company ('Ordinary Shares') at a price of 0.1p per ordinary share to Neil Andrew Bennett, liquidator for and on behalf of EiRx Pharma Limited (the 'Creditor'). The Ordinary Shares were issued in respect of the conversion of £24,556.64 of loan note principal and accrued interest held by the Creditor into equity. 

The £24,556.64 represents the remaining balance and accrued interest of a £100,000 loan note issued to the Creditor on 24 October 2006 (the 'Loan Note') £86,500 of the Loan Note was previously converted into equity on 12 December 2008.  

Application has been made for the Ordinary Shares to be admitted to trading on AIM, and admission in the Ordinary Shares is expected to commence on or around 12 August 2009.

As a result of the issue of these Ordinary Shares, Physiomics will have 649,195,699 Ordinary Shares in issue with voting rights and EiRx Pharma Limited will hold 130,915,825 Ordinary Shares equating to 20.17% of the issued share capital of the Company.

Enquiries:

Physiomics plc 

Dr Christophe Chassagnole, COO 

[phone]

WH Ireland Limited

Katy Mitchell

[phone]

About Physiomics plc

Physiomics (AIM:PYC) is a computational systems biology services company applying simulations of cell 
behaviour to drug development to reduce the high attrition rates of clinical trials. As 80-90 per cent of
all clinical drug candidates fail to reach the market, estimates1 show that an overall ten per 

cent. improvement in success rates could reduce the cost of one drug's development by as much as $242 million, from the current estimate of around $800 million.

Physiomics develops computational systems biology models to predict and understand cancer drug efficacy from pre-clinical research to clinical development. Physiomics has created detailed mathematical models incorporating most important molecular events taking place during the human cell cycle and apoptosis processes. Physiomics developed SystemCell® technology, a multi-cellular environment software, which enables the simulation of population of 'virtual cells'.

Physiomics, based in Oxford, UK, was founded in 2001, and floated on AIM in 2004. For further information, please visit www.physiomics-plc.com

SystemCell® is a registered trademark of Physiomics plc

1Tufts Centre Impact Report 2002

 

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