Physiomics Plc (LON:PYC) shares traded positively on Monday, after announcing it had been awarded a follow-on contract by an existing UK-based client.
The new agreement relates to continued support for a phase-two clinical study of a small molecule therapeutic targeting rheumatoid arthritis, the company said in a statement.
It follows Physiomics’ earlier work developing a population pharmacokinetic model to inform the design of the phase-two trial.
As the client prepares to initiate the study, the company said the new contract reflects an ongoing commitment to support execution of the trial.
Due to patient recruitment timelines and data generation, the project is not expected to commence until 2027. Once initiated, it is expected to run for around six months and has a contract value of between £116k and £169k, depending on the final scope of work.
Dr Peter Sargent, chief executive officer of Physiomics, said: “We are thrilled to have been awarded this new contract and to have the opportunity to continue supporting our client through their Phase two trial.”
In London, Physiomics shares were up 10.5% changing hands at 0.29p.