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Oxford, UK – Further to the announcement of 31 March 2016, the Company confirms that Dr James Simon Millen, aged 47 is to be appointed Chief Executive Officer of the Company with effect from today (18th April 2016). Dr James Millen, known also as Jim, has experience of drug development and of licensing deals in global pharma companies. The Company also confirms that Dr Mark Chadwick will step down as Chief Executive Officer today, but as previously announced will remain on the Board of Physiomics as a NED for the foreseeable future.
Jim is currently a director of LifeScience Advisors Limited, Oval Medical Technologies Limited, Opticin Limited, HBM Biocapital II Management Limited and is a partner of Treehill Advisors LLP. He is not and has not been a director or partner of any other company or partnership in the last five years.
Dr Millen qualified as a medical doctor at Cambridge University and London and Barts Medical School, he also holds an MBA from INSEAD. He held senior business development and commercial roles at GSK and Allergan before leaving to pursue an ambition to work for smaller lifescience companies which he has realised though a number of executive and non-executive roles in companies in the UK and beyond. He has completed an array of deals spanning licencing, acquisition, divestment, development and commercialisation, which the directors believe should serve to support the Company’s efforts to build a portfolio of products. The Company will continue to be supported by its experienced Scientific Advisory Board with particular expertise in the oncology field.
Chairman, Paul Harper commented “I believe Mark has done an excellent job of directing the development of the Company’s core competency of modelling and simulation applied to drug development. Under his guidance, I believe the Company has become a leader in modelling and simulation with a number of global pharmaceutical companies as clients. We look forward to continuing to work with Mark as a Non-Executive Director whilst he pursues other interests. We are excited about the future of the Company with Jim at the helm, particularly as we look to progress our potential acquisition of BioMoti Limited announced a few weeks ago.”
There is no further information required to be disclosed pursuant to AIM Rule 17 or Schedule 2, paragraph (g) of the AIM Rules for Companies in relation to this appointment.
Dr Jim Millen, CEO
+44 (0)1865 784 980
WH Ireland Limited (broker/nomad)
+44 (0) 161 832 2174
About Physiomics plc
Physiomics (AIM:PYC) is a computational systems biology services company applying simulations of cell behaviour to drug development to reduce the high attrition rates of clinical trials. 80-90 per cent of all clinical drug candidates fail to reach the market and estimates show that an overall ten per cent improvement in success rates could reduce the cost of one drug’s development by as much as $242 million, from the current estimate of around $800 million1.
Physiomics develops computational systems biology models to predict and understand cancer drug efficacy from pre-clinical research to clinical development. Physiomics has created detailed mathematical models incorporating the most important molecular events taking place during the human cell cycle and apoptosis processes. The company’s SystemCell® technology enables the simulation of populations of “virtual cells”. The company has also developed a “Virtual Tumour” model to simulate the effect of anti-cancer drugs on tumour growth. The models are used to optimise compound design and to design drug schedules and combination therapies.
Physiomics, based in Oxford, UK, was founded in 2001, and floated on AIM in 2004. For further information, please visit www.physiomics-plc.com
SystemCell® is a registered trademark of Physiomics plc
1Tufts Centre Impact Report 2002