Interim Results

Physiomics PLC 16 March 2007 PHYSIOMICS PLC (the 'Company') Results for the period ended 31st December 2006 Chairman's Statement The six months to December has been one of re-structuring our business, consolidating the changes, pressing ahead with development of our cell cycle technology and pursuing a number of commercial opportunities that presented themselves before and during this period. Our business development programme has regained momentum and Physiomics has now come to the attention of global pharmaceutical industry companies. We have signed new contracts and a major EU research collaboration has begun. In addition, we have filed a new patent application in respect of new developments in the Company's SystemCell(R) technology under patent application number 0602031.7. The programme with Cyclacel, Inc. continued through this period. The EU sponsored TEMPO grant aided programme began in October and the first tranche of funding has been received. The Company signed a seven month contract with ValiRx plc to use our SystemCell(R) technology to help optimise the process for discovery of anti cancer drugs using their proprietary technology. We also entered into discussions with a number of global drug companies that have shown an interest in our SystemCell(R) technology as a means of optimising their oncology drug discovery programmes. These discussions are at a very early stage and it is not possible to assess likely outcomes at this point in time. Physiomics has continued to develop its technology to the point where more powerful computer facilities are required. The Company is currently working with the University of Swansea Institute of Life Sciences (the Institute') to access their newly installed supercomputer. This will be one of the UKs most powerful computers and is the result of a collaboration between the University and computer giant IBM. The Centre is partly funded through the Welsh Assembly Government and EU funding, its purpose is to facilitate innovative research from the University's new School of Medicine. The team has already run some pilot studies using the supercomputer and have demonstrated its potential to reduce tasks that would take many weeks to complete, to just a few hours. We are in discussion with the Institute to establish collaborative programmes. This increased business activity has led to a series of new appointments. Dr Christophe Chassagnole now leads the team under the direction of Professor David Fell. We have recently appointed three new research scientists to the team to help develop further the Company's technology platform. Dr Eric Fernandez who trained in Molecular Biology at Paris University and in Computing Sciences at Imperial College. Eric comes to us from the European Bioinformatics Institute and his particular combination of skills means that he is well suited to work on the development of our technology platform. Eric is mainly involved in the TEMPO project. Dr Adam Hardy joins from Bristol University with a strong background in pharmacokinetics and expertise in signal transduction pathways. Adam established a company to market the products of his own research prior to joining Physiomics. Adam, due to his combination of skills, has been assigned to the Cronos project since his arrival at Physiomics. Dr David Orrell takes up his post in March. David is an Oxford-trained applied mathematician who has specialised in mathematical modelling physical and biological systems and software development. His book, 'Apollo's Arrow: the Science of Prediction and the Future of Everything' was in Amazon Canada's top twenty best-sellers list. David will develop new mathematical algorithms and will coordinate our virtual tumour project. We have now put together the nucleus of a balanced, experienced, and highly capable team which will be augmented as new contract programmes are introduced. We are now looking forward to a period of growth and development during which we develop and exploit our cell cycle technology platform. John Pool Chairman 15th March 2007 Unaudited Profit and Loss Account for the six months ended 31 December 2006 6 Months to 31 6 Months to 31 Year to 30 June December 2006 December 2005 2006 (Audited) £'000s £'000s £'000s Turnover 48 91 113 Administrative Expenses ( 202) ( 279) ( 599) ______ ______ ______ Operating Loss ( 154) ( 188) ( 486) Net Finance income - 4 6 ______ ______ ______ Loss on Ordinary activities before taxation ( 154) ( 184) ( 480) Taxation - - - ______ ______ ______ Loss on Ordinary activities after taxation ( 154) ( 184) ( 480) Dividends - - - ______ ______ ______ Retained Loss ( 154) ( 184) ( 480) ===== ===== ===== Earnings(loss)per share in pence (0.04p) (0.08p) (0.21p) ====== ====== ====== Unaudited Balance Sheet as at 31 December 2006 31 December 2006 31 December 2005 30 June 2006 (Audited) £'000s £'000s £'000s FIXED ASSETS Tangible Fixed Assets 10 19 15 Intangible Fixed Assets 46 51 49 56 70 64 _____ _____ _____ CURRENT ASSETS Debtors 56 78 56 Cash at Bank 263 137 26 319 215 82 CURRENT LIABILITIES Creditors falling due within one year (149) ( 56) (212) NET CURRENT ASSETS 170 159 (130) NET ASSETS before long term liabilities 226 229 ( 66) LIABILITIES falling due after one year (100) - - NET ASSETS 126 229 ( 66) ===== ===== ===== CAPITAL AND RESERVES Called up Share Capital 151 93 93 Share Premium Account 1,617 1,329 1,329 Profit and Loss Account (1,642) (1,193) (1,488) TOTAL SHAREHOLDERS' FUNDS/(DEFICIT) 126 229 ( 66) ===== ===== ===== Unaudited Cash Flow Statement for the six months ended 31 December 2006 Six Months ended 31 Six Months ended 31 December 2006 December 2005 £'000s £'000s Net Cash Flow from Operating Activities ( 210) ( 198) Returns on Investment Servicing Finance Interest Received - 4 Taxation - - 36 40 Net Cash Flow from Operating Activities and Returns on Investment and Servicing of Finance ( 210) ( 158) Capital Expenditure Disposal of fixed assets 1 - Net Cash flow from Capital Equipment 1 - Net Cash Flow before financing ( 209) ( 158) Financing Issue of equity share capital 57 - Share premium received on share capital issued 372 - Less Expenses ( 83) - 289 - Long term loan 100 - Net Cash Inflow from financing 446 - Increase/(Decrease) in Cash 237 (158) ===== ===== Unaudited Cash Flow Statement for the six months ended 31 December 2006 continued Reconciliation of Operating Loss to Net Cash Flow from Operating Activities Six Months ended 31 Six Months ended 31 December 2006 December 2005 £'000s £'000s Operating Loss for the period ( 154) ( 188) Depreciation 5 6 Amortisation of Intangible Fixed Assets 2 2 (Increase)Decrease in debtors - 40 Increase(Decrease) in creditors ( 63) ( 58) ______ ______ Net Cash (Outflow) from Operating Activities ( 210) ( 198) ===== ===== Notes to the Unaudited Results for the six months ended 31 December 2006 1. Financial Information The results for the six months ended 31 December 2006 are unaudited and do not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The 30 June 2006 Annual Report and Accounts are available from the Physiomics plc web site, www.Physiomics-plc.net. 2. Basis of Accounting They have been drawn up using the same accounting policies and principles as are detailed in the Company's 30 June 2006 Annual report and Accounts. 3. Taxation No liability arises for Corporation Tax for the period ended 31 December 2006. 4. Dividends The directors do not propose the payment of a dividend in respect of the six months ended 31 December 2006. 5. Loss per Share Basic and diluted loss per share 0.04p (2005: 0.08p) The basic loss per ordinary share is based on the Group's loss for the six months of £154,000 (2005: £184,000) divided by the weighted average number of shares in issue. The weighted average number of shares in issue during the period was 374,972,639 (2005: 232,025,599). 6. Deferred Income Deferred income has increased during the half year. Deferred income arises when sales invoices have been issued to clients but the work covered by the invoices has not been completed at the end of the accounting period. Deferred income will be credited to turnover once the invoiced work is complete. 7. Share Issues During the half year 142,947,040 ordinary shares of 0.04 pence were issued in September 2006. This information is provided by RNS The company news service from the London Stock Exchange

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