Shares of oncology drug development consultancy Physiomics (LON: PYC) are rallying on Friday after the company revealed it has been awarded a further contract by existing client Merck KGaA.
The company expects to complete the contract over the next two to three months. It is a follow-on and adds to the initial tranche of projects with Merck announced on the 17th of December 2020, with a value of £270k, intended to be completed in the first six to eight months of 2021.
Since 2019, Merck has awarded contracts to Physiomics in November or December to cover the first two to three quarters of the following calendar year and then extended these or awarded new contracts during the year.
Today's contract announcement by Physiomics represents the first extension, and the AIM company stated that others will be announced as and when they are agreed.
Physiomics share price jumped over 10% at the open on Friday. It is currently priced at 6.58p, up 9.65% from Thursday's close. However, for the year to date, the AIM stocks share price is down 10.49%.
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