Shares at London-listed oncology consulting company Physiomics PLC declined dramatically on Tuesday, following the revelation that its income for the upcoming fiscal year of 2023 is expected to drop from its previous year’s total. The loss of expected revenue is attributed to the macroeconomic conditions squeezing biomedical funding, as well as a streamlining of U.S. operations from key client Merck KGaA.
In spite of the expected losses, Physiomics asserted its commitment to a diversification program. This program of expanding into adjacent consulting areas allows for the company to move away from dependence on any single customer. Even with these plans in place, two large projects valued at more than £200,000 have been delayed, requiring additional measures.
Executive Chairman and CEO of Physiomics PLC, Jim Millen, commented on the situation saying they are looking for short and medium-term savings and are exploring a variety of strategic initiatives to include personalized medicine and other adjacent areas. He stated the company’s commitment to value creation within the upcoming fiscal year “from fiscal 2024 onwards”.
Jim Millen is the Executive Chairman and Chief Executive of Physiomics PLC, a London-based oncology consulting company. He has been in the position since September 2020, where he brings his expertise in enterprise software, digital transformation, data science, and an ability to drive growth. Millen previously held positions such as Chief Operating Officer for Startups.com and Chief Technology Officer for Index Exchange.
Physiomics PLC is a leading oncology consulting company based in London, providing their expertise to help pharmaceutical, biotechnology and medical device companies to understand and better respond to challenges arising in drug development. With strong expertise in bioinformatics, predictive and patient-specific models, they strive to bring impact to the healthcare industry by providing leading-edge capabilities that drive innovation. Furthermore, they are actively pursuing strategic initiatives to diversify their services, helping increase their revenue in upcoming years.
