Physiomics (LON:PYC) said that trading conditions were difficult in the six months ended 31 December 2010, but it believes it is in a better place to exploit the market when it recovers.
The company provides ‘computational systems biology services’, which basically means it creates computer based simulations that help support decision making in the drug discovery process.
In this morning’s interim results statement it reported a significant fall in revenues to £14,088, compared to £116,892 in same period of last year. Consequently losses increased to £360,034 compared to a £113,070 loss in corresponding period.
It said that the difficult conditions were due to uncertainty in the pharmaceutical sector. In particular it said that the sector has seen some key players review their research strategies, which has meant that drug discovery activities were put on hold in some cases.
But Physiomic believes that it is now better placed to exploit the market, when it recovers.
Looking ahead it told investors that interest from big pharmaceutical company’s technology is picking up pace, with a number of companies interested in its services.
It highlighted that it recently signed confidentiality agreements with two potential customers - both are large pharmaceutical companies – so that they can discuss the potential application of Physiomics' technology to their projects.
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