Physionomics (PYC) said it has been awarded a further contract worth £0.27m by its existing client Merck KGaA, which is expected to be completed ‘over the next two to three months.’
The London-listed consultancy, which uses mathematical models to support the development of drug treatment regimens and personalised medicine, said the new contract follows on from, and is additional to, the initial tranche of projects with Merck unveiled back in December 2020.
The projects, which altogether have an aggregate value of £270,000, are expected to be completed during the first six to eight months of the next calendar year and will span a range of drug targets and treatment types in both pre-clinical and clinical settings, the Group said.
The Group said these initial contracts for 2021 offer “a great base upon which to build”. Meanwhile, it added that it expects further projects to be signed over the course of the full year.
"We're delighted that we'll be continuing our long-term program of work with Merck to provide predictive modelling services using our continuously evolving Virtual Tumour technology and with a particular focus on clinical translation,” said CEO Dr Jim Millen, back in December.
He added that, “These initial contracts for 2021, provide a great base upon which to build and we expect further projects to be signed over the course of the full year."
As has been its practice since 2019, Merck has awarded contracts to Physiomics in November or December to cover the first two to three quarters of the following calendar year and then extended these or awarded new contracts during the course of the year, it noted.
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