Business
Drawdown pursuant to SEDA Arrngmnt/Issue of Equity
Drawdown pursuant to SEDA Arrngmnt/Issue of Equity.
About this update from Physiomics Plc
[{"type":"text","content":"\n \nRNS Number : 2012Q Physiomics PLC 10 October 2013 \n \n\nPhysiomics plc\n(\"Physiomics\") or (\"the Company\") \nDrawdown pursuant to SEDA Arrangement\nIssue of Equity\nPhysiomics plc (AIM: PYC), the Oxford, UK based systems biology company, is pleased to announce that it has drawn down a total of £240,287 under its Standby Equity Distribution Agreement (\"SEDA\") with YA Global Master SPV Ltd (\"YA\"). \nIn accordance with the terms of the SEDA, which were announced on 22 January 2013, following receipt of these funds Physiomics has today issued 160,191,333 Ordinary Shares (equating to 9.38% of the enlarged issued share capital of the Company) at an average price of 0.15p per Ordinary Share. \nApplication has been made for the new Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 16 October 2013.\nFollowing this issue of Ordinary Shares, the total number of shares in issue will increase to 1,707,729,350.\nThe proceeds of the draw down were utilised in part to repay the balance of £39,000 of a loan it had drawn down from YA which was announced on 1 July 2013. The net proceeds of the draw down amounting to a total of approximately £196,000, have now been received by the Company.\n \nEnquiries:\nPhysiomics plc \nMark Chadwick \n+44 (0)1865 784980\nWH Ireland Limited\nKaty Mitchell\n+44 (0) 161 832 2174\n \nAbout Physiomics plc\n \nPhysiomics (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.\n \nPhysiomics develops computational systems biology models to predict and understand cancer drug efficacy from pre-clinical research to clinical development. Physiomics has create...