Physiomics receives Innovate UK funding grant

Computational biology firm Physiomics said on Friday that it had been awarded a grant by Innovate UK and the Office for Life Sciences as part of the UK Government's Advancing Precision Medicine programme.

Physiomics said the grant-funded project was called "PREDICT-ONC: Precision Risk Evaluation and G-CSF Dosing for Chemotherapy-Induced Neutropenia Tool" and will be carried out in partnership with Beyond Blood Diagnostics and Blackpool Teaching Hospitals NHS Foundation Trust.

The AIM-listed group noted the project's total costs, shared between the three partners, were expected to be £570,651, of which Physiomics' costs were expected to be £196,251. The project costs will be 70% funded by the grant, meaning Physiomics will receive £137,376 over the course of the project, which will start immediately and was expected to run until October 2025.

Chief executive Dr Jim Millen said: "We are delighted to have won our fourth Innovate UK award, which we believe is a testimony to the innovative culture of our company. This grant gives us a unique opportunity to capitalise on previous grant-funded work in the personalised oncology space, as well as foster our collaboration with Beyond Blood Diagnostics Ltd, and we are looking forward to working with new partner, Blackpool Teaching Hospitals NHS Foundation Trust."

As of 1055 GMT, Physiomics shares were down 3.03% at 1.60p.

Reporting by Iain Gilbert at Sharecast.com