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Physiomics plc announced Dr Christophe Chassagnole stepped down as a Director and Chief Scientific Officer, effective 31 May 2024. The company will enter a consulting agreement with Dr Chassagnole and has entered an IP Licensing Agreement with a company he owns. Under this agreement, Physiomics plc will receive a 2-5% royalty on gross sales derived from the IP, up to a maximum of £75,000 per annum.
| Date | 31 May 2024 |
| Time | 14:00:00 |
| Category | Board changes |
| ID | 6989Q |
31 May 2024
Physiomics plc
("Physiomics" or the "Company")
Board Change
Physiomics plc (AIM: PYC), a leading mathematical modelling and data science company supporting the development of new therapeutics and personalised medicine solutions, would like to update the market on a change to the composition of its board.
Dr Christophe Chassagnole will step down as a Director of the Company and as Chief Scientific Officer (CSO), effective 31 May 2024, to pursue other career opportunities. Dr Chassagnole has worked for Physiomics since 2004 and has been a Director and board member since 2007, most recently as CSO.
It is not intended that the Company will recruit a replacement for the role of CSO as the Company continues to focus on expenditure directly linked to revenue generating positions.
In his time at the Company, Dr Chassagnole has made important contributions in the development of the Company's client offering, the publication of thought leadership and the securing of grants.
In order to ensure a smooth transition, the Company will enter into a consulting agreement with Dr Chassagnole that would enable it to continue to take advantage of his scientific expertise and experience as required following the end of his formal employment. In addition, the Company has entered into an IP Licensing Agreement with Dr Chassagnole under which certain systems biology models and software, no longer used or commercialised by the Company, and unrelated to the Company's Virtual Tumour software, will be licensed on a non-exclusive basis to a company set up and owned by Dr Chassagnole. Under this agreement, the Company will receive a 2-5% royalty on any gross sales that may be derived from this IP up to a maximum amount of £75k per annum.
Related Party Transaction
The IP Licensing Agreement, as set out above, constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies, by virtue of Dr Chassagnole being a former director of the Company within the last 12 months.
The Directors of the Company, which, following his resignation, does not include Dr Chassagnole, consider, having consulted with the Company's Nominated Adviser, Strand Hanson Limited, that the terms of the IP Licensing Agreement are fair and reasonable insofar as the Company's shareholders are concerned.
Dr Jim Millen, Chairman, commented: "I have worked with Christophe for over seven years and in that time he has been a valued and highly professional member of the team. Everyone at Physiomics, and I in particular, wish him every success going forwards".
Enquiries:
Physiomics plc
Dr Peter Sargent, CEO
+44 (0)1235 841575
Hybridan LLP (Broker)
Claire Louise Noyce
+44 (0) 203 764 2341
Strand Hanson Ltd (NOMAD)
James Dance & James Bellman
+44 (0)20 7409 3494
Notes to Editor
About Physiomics
Physiomics plc combines cutting edge PKPD and QSP modelling and data science techniques, along with deep biology expertise, to help biotech and pharma companies streamline their drug development journeys.
Our approach is to derive insight from all relevant data in order to de-risk decision making and optimise design research across discovery, pre-clinical and clinical studies.
Through use of bespoke models and our proprietary Virtual Tumour technology, the Physiomics team has informed the development of over 100 commercial projects, over 50 targets and 75 drugs. Clients include Merck KGaA, Astellas, Bicycle Therapeutics, Numab Therapeutics & CRUK.