Typically this involves spinning out private companies, with a stake retained by the institution. However the University of York and HealthTech have evolved a very different model.

“We are wholly owned by the University of York,” PCMIS co-founder and CEO Byron George tells �Ͼ�Ʒ��Cloud. “It puts us in a unique position. We are able to tap into some of the world’s most experienced mental health researchers to help build, test and deploy cutting-edge algorithms to improve patient care.

“It’s a very collaborative and collegial approach… the more innovation we develop, the more sales and revenue are generated from that.

“But we’re not a full-out commercial company, and that puts us in the fantastic position of being able to Gift Aid any profits back to the university to advance further mental health research.”

PCMIS develops evidence-based digital case management tools for mental health. It has over 20 years’ experience supporting large-scale healthcare services and mental health programmes such as NHS Talking Therapies.

Able to provide detailed reports into waiting times, treatment outcomes, operational efficiency and more, the firm – which featured on our HealthTech 50 ranking last year – has a dedicated team of just over 20 staff, but its huge network means it can scale rapidly when necessary. 

“Depending on what we need to do at any given moment, we can be 3,000-strong – or 20 experts delivering business as usual!” says Byron.

As well as mental health researchers, the extended team might take in experts in finance, marketing comms, innovation, tendering, proposals or wider collaboration with other universities.

“We’re very much positioning our business to be collaborative for the greater good,” says Byron.

Data-rich

Recognised as an exemplar in mental health case management, PCMIS is designed in collaboration with mental health experts through evidence-based research to increase patient recovery and reduce treatment costs.

It is widely adopted within the NHS, with tens of thousands of clinicians and healthcare professionals utilising its electronic patient record (EPR) system on a daily basis. However the tech is also utilised across the globe.

PCMIS – innovative, evidence-based case management tools for mental health

“We arguably hold one of the world’s largest, most complete and data-rich mental health patient systems to date,” Byron explains. “We have 99.6% data completeness, which is incredible.

“That allows us to deliver services which drive true clinical insight… and develop algorithms to be a predictor in terms of patient care.

“[Under a traditional model] a HealthTech might conduct a research trial; capture some data; do seven years of evaluation; create a novel product; and then go to market. In a fast-paced digital environment, seven years doesn’t cut it. 

“We’ve overcome that by having this deep, embedded relationship with our researchers and leading experts in the entire field of mental health – that means we can develop things, evidence-based, with real-time input from patients.”

A billion problems

It’s reported that one in four adults at some point in a given year will need mental health support. 

“If you scale that up, that’s about a billion people across the world currently living with mental health conditions such as anxiety and depression,” says Byron. “So we wanted to develop something that was clinically proven, evidence-based, that would help track, manage and improve the lives of people suffering with their mental health.”

For example, PCMIS’s outcome feedback technology is able to predict in real-time when patients are not on track with their treatment and inform clinicians that they are at risk of dropping out.

“Based on the research, we can reduce deterioration by 73%,” says Byron. “One of the biggest risks is when a patient is receiving treatments but drops out and doesn’t complete; then there’s a risk, if they are referred back in, that it’s going to be harder to achieve reliable recovery or improvement in health.”

One of PCMIS’s collaborations, with the University of Oxford, aims to identify new ways of supporting patients in between CBT (cognitive behavioural therapy) sessions. 

“We know that routinely 20% of patients will drop out between the initial assessment stage and in treatment; there is a bit of attrition. We’re working with them to identify and analyse that activity to improve the fidelity of the treatment.

“We can help therapists to identify where patients need extra support, and to guide the patient in being able to overcome potential obstacles that may be a barrier to improving their recovery. So it’s very much enhancing that relationship between the therapist and the patient.”

In the last decade, PCMIS has also empowered patients to submit routine outcome measures and questionnaires, freeing up valuable time for a clinician to deliver care to patients.

“We’re currently processing over five million outcome measures for services, and that alone is saving close to £400,000 in cost savings,” adds Byron. “We routinely have over 80% of patients completing the forms in advance. 

“There’s nothing worse and more frustrating than having an appointment and seeing a healthcare professional having to fill in paperwork rather than delivering care.”

Infected blood scandal

Late last year, PCMIS and NHS England launched a new Infected Blood Psychological Service (IBPS) digital pathway to facilitate dedicated psychological support to those infected or affected by the national infected blood scandal.

The new digital pathway, live across England, is part of the, which delivers specialised, trauma-informed psychological and psychosocial care on behalf of the NHS. It ensures that anyone infected or affected, regardless of location, can securely self-refer online and access the support they need through a streamlined, secure digital pathway.

“It was arguably the largest and most complex mental health deployment in recent years,” says Byron. “It was deployed to 16 Trusts: the NHS very rarely does such a large-scale national deployment of such a sensitive and confidential programme. 

“So we were really proud to be recognised and chosen as the supplier of choice for that.”

Talking Therapies

PCMIS is also the provider for the largest NHS Talking Therapies service in the country in Greater Manchester. “They see over 40,000 patients every year just within that one service: it’s four times bigger than the average.

“It’s important for them to optimise their workforce and delivery service, so we weren’t there just as a supplier: it was a truly valued partnership that we built with them to help understand their challenges and how we could deliver support in terms of consolidating multiple complex services into one streamlined system.”

Byron adds: “One of the key areas of NHS Talking Therapies is to empower patients in the ability to retain employment or to move back into employment. We are now providing Talking Therapies across Australia, Ireland and Hong Kong, for example, where they’ve adopted a similar model.”

Off-piste

Perhaps unsurprisingly, Byron is an advocate of physical activity and sport, with a personal passion for off-piste winter sports. “There’s a lot of evidence to show that a healthy body is a healthy mind. 

“It’s definitely been a saviour for me, when I’ve needed a little bit of clear thinking, to go away and do something quite intensive physically over the weekends and come back with my batteries recharged for Monday.”

So what is it that gets him and the team out of bed on the weekday mornings?

“We aren’t financially driven: making a real difference in patient care is what drives us.”

Standard Life announces £2bn acquisition of Aegon UK

The post Why ‘unique’ HealthTech is at cutting edge of mental health support appeared first on �Ͼ�Ʒ��Cloud.

Last week the firm’s chairman Dr Jim Millen (pictured) was accused of “personally derailing” a boardroom coup led by activist investor Michael Whitlow, and of “throwing his fellow directors under the bus at every opportunity to cling to control”.

Towards the end of the week, Physiomics agreed to requisition a general meeting allowing shareholders to vote on whether to remove its entire board and replace it with new directors including Whitlow.

However the requisition notice included a stinging letter from Dr Millen which he used to attack the credibility of the proposed new directors.

Physiomics is a mathematical modelling, data science and biometrics company which supports the development of new therapeutics and personalised medicine solutions. Dr Millen was formerly the CEO of the Oxfordshire company from 2016 to 2024, and looked set to return to the position when CEO Dr Peter Sargent departs on 29th May 2026.

However last month Physiomics was forced to cancel a share placing and retail offer when an activist shareholder group – led by Whitlow – sought to replace its entire board and accused corporate leadership of “severe erosion of shareholder value” via dilution.

A revised placing and retail offer was then announced. An insider told �Ͼ�Ʒ��Cloud that the dissident group has confidence in the operational team – but trust had been eroded in the corporate leadership.

Whitlow holds approximately 12.35% of the company’s share capital. He has removed one of his potential appointees to the board, Martin Gouldstone, from the proposals.

In a long and targeted letter to shareholders last week, Dr Millen describing the requisition as “premature and potentially disruptive”.

He continued: “The board offered substantial representation in the form of two non-executive directors to replace two of the existing non-executive directors as well as a right for Mr Whitlow to recommend a further director.

“There were, however, a number of items on which the parties could not agree and, in particular, the remuneration packages proposed for the two incoming directors (comprising cash, shares, and options) were substantially higher than current remuneration for non-executives of the company.

“The board felt it could not, abiding with its fiduciary duties, grant these unusually high remuneration packages without approval by shareholders. A lesser offer was proposed but this, and a number of other items remained disputed, and negotiations were discontinued on 28th March 2026.”

Dr Millen continued: “The subsequent removal of Martin Gouldstone… materially weakens the credibility of the original proposal. Publicly available information indicated that Mr Gouldstone was the only proposed director with clearly identifiable recent life sciences listed company experience, including roles at ValiRx plc, Open Orphan, and Oncimmune Holdings plc.

“His withdrawal therefore does more than reduce the number of proposed appointees; it underscores the impression that the requisition was assembled in haste and without sufficient diligence as to availability and commitment. The board considers that this is not consistent with the degree of preparation shareholders should expect from a group seeking immediate control of an AIM-quoted life sciences services business.”

Dr Millen then outlined concerns regarding the remaining potential replacement directors Whitlow, Nick Tulloch and Ian Bagnall.

“Mr Whitlow is best known publicly as an activist investor with extensive social media engagement and as a director and former managing director of ECR Minerals plc… the board is therefore not persuaded that activism in quoted companies with small market capitalisations, without a developed sector-specific operating plan, is an adequate basis on which to hand immediate control of the company to Mr Whitlow.

“Mr Tulloch worked with Mr Whitlow at ECR Minerals plc… as chairman. The board has not identified from the public information reviewed any material operating background for Mr Tulloch in life sciences services. His recent listed-company profile appears instead to be centred on cannabis (CBD) and natural resources-related businesses rather than specialist scientific services.

“Mr Bagnall, whilst having accounting background, has no listed companies board experience nor as a senior executive in life sciences or scientific services businesses.

“The proposed new board lacks a coherent plan for Physiomics and has not demonstrated sufficient knowledge of the business.”

Mercia Ventures named latest sponsor of Founder 250 list

Dr Millen also questioned the independence of the trio, adding: “Based on publicly available information as at the date of this document, since Mr Tulloch and Mr Whitlow joined ECR Minerals in September 2023 its share price has remained flat and it has executed several dilutive fundraises. The share price of Mendell Helium, founded by Nick Tulloch, has declined by over 85% since 2021.”

The response from Whitlow, sent to shareholders, was damning.

He said: “Let us be clear: this requisition has not arisen in a vacuum. It is the product of prolonged underperformance, weak market credibility, and a failure at board level to convert a capable operational business into meaningful returns for shareholders.

“The board would prefer to describe this situation as ‘premature’ and ‘disruptive’. In reality, what is truly disruptive is a decade of erosion in shareholder value. What is premature is the board’s attempt to dismiss legitimate shareholder concerns without first addressing the facts.

“Shareholders should focus on outcomes, not narrative. The company has consistently failed to deliver meaningful shareholder returns, market confidence remains weak, and the valuation does not reflect the underlying potential of the business.

“Yet the board is asking investors to support continuity. Continuity of what, exactly? Continuity of underperformance, continuity of poor market perception, and continuity of the same outcomes that have already damaged shareholder value.

“The circular [including Dr Millen’s letter] relies on three familiar tactics: deflection away from performance, mischaracterisation of the proposed new board members, and personalised criticism of individuals that is both unnecessary and unhelpful.  

“There are multiple factual inaccuracies about the proposed new board members throughout the circular suggesting not only has the company failed to do its research properly but, worse, it has focused on negatives – specifically trying to find holes in our proposal rather than putting forward a coherent plan of their own.

“None of these tactics addresses the central issue, which is accountability. The suggestion that this process was rushed is false. Engagement did take place, proposals were made, and a balanced solution was offered. The board chose not to act.

“We requested fair and proportionate board representation. This was not a demand for control, but a proposal intended to stabilise governance and strengthen oversight at a critical time.

“The board’s claim that the proposed directors would operate beyond standard non-executive roles is categorically denied. If such assertions are to be made publicly, they should be properly substantiated rather than implied.

“The board has attempted to portray the proposed remuneration structure as excessive, but that characterisation is misleading. The proposed structure was in line with market standards, designed to reduce reliance on costly external advisers, and focused on delivering better value for shareholders.  

“Most importantly, the proposed remuneration structure was weighted towards share-based payments, rather than wholly in cash.  And, furthermore, the proposed remuneration was less than members of the current board have paid themselves in the past. That is not excess. That is alignment with shareholders.

On credibility and track record, he said: “The board has selectively presented public information in an effort to undermine the requisition, but the facts tell a different story. Capital has been raised at premiums across multiple transactions, share price performance has improved following refinancing events, and in several instances valuations have remained above initial entry levels.

“Contrary to what the Board has asserted, ECR Minerals plc has seen share price gains in the period since Nick Tulloch and I joined that company.  From a business that had severe financial issues, ECR now has a strong balance sheet and several promising projects.

“Likewise, Mendell Helium plc, where Nick is CEO and I have supported on investor relations. Even a cursory glance at the share price would show that it has doubled in two years – not the negative performance falsely claimed in the circular.

“The simple facts are that the proposed directors have professional qualifications, several decades of public market experience each and a track record of creating value, eradicating waste and repositioning companies strategically.

“This is not theory; it is execution. By contrast, the current board offers shareholders a long-term record of value erosion.”

I had it all and then I got divorced

On sector expertise, he said: “The board attempts to shelter behind life sciences credentials, but this is not fundamentally a scientific problem. It is a public markets problem. The company already has capable technical staff; what it lacks is capital markets credibility, strategic clarity, investor engagement, and effective governance. Those are board-level failures.

“The board’s argument regarding independence is weak. In small-cap markets, directors are often introduced through shareholder networks, and independence is measured by conduct, not acquaintance.  And surely it is better that the company’s new board has an established and long standing track record of working together? 

“To suggest that it would be better if we had no such association, which is the implication in the circular, is ludicrous.

“The more important question is this: how independent can a board truly be if it has presided over long-term value destruction without making meaningful change?

“The claim that no plan exists is incorrect. We have engaged with experienced city professionals, initiated discussions to support an orderly transition, and focused on stabilising and strengthening the existing business.

“We are not proposing disruption. We are proposing disciplined change… this is not about personalities. It is about outcomes.”

Physiomics’ most recently reported half-year income – to the end of the 2025 calendar year – was £528,000, up from £354k, and included £30k in grant funding. 

Operating losses were £327k, up from £249k, while cash and equivalents were £257k at 31st December 2025 (31st December 2024: £269k).

The requisitioned general meeting will be held on 29th April 2026.

According to Dr Millen, CEO Dr Sargent has expressed his willingness to extend his tenure by up to two months on the condition that Whitlow’s proposals are not passed.

My biggest founder mistake (and what it taught me)

The post Battle for control of Physiomics plc turns nasty appeared first on �Ͼ�Ʒ��Cloud.

Physiomics is a mathematical modelling, data science and biometrics company which supports the development of new therapeutics and personalised medicine solutions.

Non-executive chair Dr Jim Millen (pictured) is set to become executive chair ‘for as long as is needed’ when CEO Dr Peter Sargent departs on 29th May 2026.

Dr Millen was formerly the CEO of the Oxfordshire company from 2016 to 2024, during which time he grew the business from total income of under £300k to a peak of over £900k, as well as securing a major contract with long-term client Merck KGaA and kicking off the company’s personalised medicine initiative.

However last month Physiomics was forced to cancel a share placing and retail offer when an activist shareholder group – led by Michael Whitlow – sought to replace its entire board and accused corporate leadership of “severe erosion of shareholder value” via dilution.

A revised placing and retail offer was then announced. An insider told �Ͼ�Ʒ��Cloud that the dissident group has confidence in the operational team – but trust had been eroded in the corporate leadership.

Now sources have informed us of what they call a “disheartening sequence of events”. 

The proposal to replace the board is said to have progressed through constructive negotiation, with Dr Millen assuring them that shareholders’ interests were paramount. 

Yet, when it came time to finalise the move, Dr Millen is accused of “personally derailing” it – rejecting the terms for replacement directors and “throwing his fellow directors under the bus at every opportunity to cling to control”.

An insider – who said major shareholders had each written to Dr Millen demanding his resignation – said he had agreed for every director other than himself to go, but that Whitlow could not join the board.  The deal was agreed – but Dr Millen subsequently changed his mind.

“Notably, advisers had pre-approved these proposed replacement directors, conducting due diligence with no objections,” said the source. “The issue wasn’t their suitability – it was Millen’s personal vendetta against the requisitioner. 

“Millen would rather fight a losing battle – ‘die on this hill’ – than accept what’s right for the company.”

FTSE 100: IG Group, BAE, Sage & Vodafone gain value

The board has to submit a response to the requisition by 3rd April 2026 – Good Friday (tomorrow).

Physiomics’ most recently reported half-year income – to the end of the 2025 calendar year – was £528,000, up from £354k, and included £30k in grant funding. 

Operating losses were £327k, up from £249k, while cash and equivalents were £257k at 31st December 2025 (31st December 2024: £269k).

The insider said the requisitioners continue to support the operational team and wish to suitably align them with success-based options in addition to existing remuneration awards.

Sources close to the dissident group say it has a number of key personnel and opportunities available to it which would significantly move the needle, should it effectively take control of the board.

“This is a direct challenge to the failed board. Accountability is overdue,” the source said, adding: “The company is a good little business with an exceptionally poor board.”

�Ͼ�Ʒ��Cloud has contacted Physiomics for comment.

FTSE 250: Trustpilot, Raspberry Pi & Trainline shares fly

The post Chair ‘would rather die on this hill than see Physiomics succeed’ appeared first on �Ͼ�Ʒ��Cloud.

The saying goes that a week is a long time in politics – but the same is true in business.

By Friday that retail offer, massively oversubscribed, had raised £223,000. But the real headline-grabber came on Monday, when the company was forced to notify the London Stock Exchange that a shareholder revolt was seeking to remove its entire board.

This morning the Oxfordshire company effectively replaced the previously announced placing with a revised deal. Its share price has dropped more than 12% today (as of 2.45pm), although it remains 46% up in the year to date. 

So how did we get here?

The company

Physiomics is a mathematical modelling, data science and biometrics company which supports the development of new therapeutics and personalised medicine solutions.

Founded in 2001 and listed since 2024, it claims to be a trusted partner to industry leaders such as Merck KGaA, Astellas, Bicycle Therapeutics, Numab Therapeutics and CRUK.

In December Physiomics said CEO Dr Peter Sargent (pictured) would be leaving the company with effect from 29th May 2026 and had commenced a search for his replacement. It said non-executive chair Dr Jim Millen would be available to resume the position of executive chairman from the date of Dr Sargent’s departure, for as long as required.

Dr Millen was formerly the CEO of the company from 2016 to 2024, during which time he grew the business from total income of under £300k to a peak of over £900k, as well as securing a major contract with long-term client Merck KGaA and kicking off the company’s personalised medicine initiative.

However its most recently reported half-year income – to the end of the 2025 calendar year – was £528,000, up from £354k, and included £30k in grant funding. Operating losses were £327k, up from £249k, while cash and equivalents were £257k at 31st December 2025 (31st December 2024: £269k).

The revolt

On Friday Physiomics’ directors received a request requiring the board to convene a shareholder meeting from Michael Whitlow, who holds approximately 13.68% of its shares.

Whitlow proposed the appointment of himself, Nicholas Tulloch, Ian Bagnall and Martin Gouldstone as directors; and also the removal of chair Dr Millen, Shalabh Kumar, Dr Tim Corn and Dr Sargent as directors, each of which was conditional on at least two of the aforementioned appointment resolutions being passed.

A shareholder insider told us that despite growing revenues and confidence in the operational team, trust in the corporate governance of the company has been massively eroded.

“Since Jim Millen took the helm in 2016, the company has experienced substantial dilution, with shares outstanding rising from approximately 32 million to over 300 million today — a near tenfold increase,” they said. 

“Over the same period, shareholder value has been severely eroded, with the share price falling sharply while the company’s market capitalisation has remained broadly stagnant in the £1–2 million range… this reflects a persistent failure in capital allocation and corporate strategy.

“In contrast, the operational side of the business, led by Dr Peter Sargent and the wider scientific team, is widely viewed as performing well. Revenues have been building, and the company’s core modelling capabilities continue to attract interest.”

This divergence between improving operations and poor shareholder returns lies at the heart of the current conflict, the insider said.

“A key point of contention is alignment. Board members collectively hold only a low single-digit percentage of the company, with Millen himself owning roughly 1–1.5%. For many shareholders, this limited ownership raises concerns about incentives and accountability, particularly given the scale of dilution undertaken.”

Revised offer

The ‘institutional’ placing announced last week was at a discount of approximately 33.33% to the mid-market closing price of an existing ordinary share on 9th March 2026 – the previous day – and sought to issue 150m new ordinary shares at a price of £0.003 apiece. 

The revised placing announced this morning was for 122.5m shares, at a price of £0.004, and is planned to raise £490,000. This represented a discount of approximately 14% to the closing price yesterday.

The insider said that demand for the company’s equity may be stronger than previously indicated – as evidenced by the massively oversubscribed retail offer last week.

“That contrasted with earlier, smaller raises that struggled to generate interest,” they said.

“This demonstrates that alternative funding routes – less dilutive and better priced – were available but not pursued without external pressure.”

Activist investor

Whitlow’s arrival as a major shareholder has seen him build a position of approximately 41.5 million shares, equating to around 13.7% of the company – expected to settle above 9% post-dilution. 

Alongside Bagnall, Whitlow has publicly stated an intention to continue acquiring shares with the explicit aim of voting out the existing board at a requisitioned general meeting.

“Since this stake was established, shareholders note a marked improvement in liquidity, market interest, and perceived strategic opportunities for Physiomics,” said the insider. 

“However, relations between the board and this emerging shareholder bloc have deteriorated sharply. The board is accused of resisting suggested strategic changes and pursuing further dilution at low prices, actions [seen as] an attempt to entrench existing control.”

The revised retail offering will look to raise an additional £110,000 via the issuance of 27.5m shares at the same placing price as the ‘institutional’ offer.

Physiomics stated this morning: “The company values its retail shareholder base and believes that it is appropriate to provide its existing retail shareholders in the United Kingdom the opportunity to participate in its fundraising on the same terms as the participants of the placing.”

Dramatic rise in AI visibility drives huge Trustpilot profit growth

Robust changes?

The dissident group has emphasised that its proposed board changes are professionally robust and more than adequate to support the existing management team. 

“Their position is that operational leadership should remain intact, and no material disruption to the business is intended,” said the insider. “The focus of their dissatisfaction is directed squarely at the board, not the underlying business or its delivery.

“Voting dynamics will be critical. Historical turnout at general meetings has been low, typically around 4–5% (roughly 15m votes), rising to approximately 9% (28m votes) last year. 

“If similar participation levels persist, the outcome of any requisitioned vote may hinge on a relatively small proportion of the register — raising the possibility that the incumbent board could retain control despite growing dissent.”

Sources have also indicated that a significant number of long-standing shareholders have contacted the board directly to express no confidence in its leadership. 

While the scale of this correspondence is unclear, it serves to underscore the depth of frustration among parts of the investor base.

The dissident group is now calling for immediate change, warning that failure to act could result in a more public and prolonged campaign against the current leadership, said the insider.

“Physiomics thus finds itself at a crossroads: operational momentum appears to be building, yet confidence in corporate stewardship is weakening. 

“Whether the board can restore trust — or whether shareholders will force a reset — is likely to be decided in the months ahead.”

�Ͼ�Ʒ��Cloud has contacted Physiomics for comment.

DSW Capital blames Iran war for deals stalling

The post Behind the scenes of shareholder revolt at Physiomics plc appeared first on �Ͼ�Ʒ��Cloud.

Physiomics is a mathematical modelling, data science and biometrics company which supports the development of new therapeutics and personalised medicine solutions.

On Friday the Oxfordshire company’s directors received a request requiring the board to convene a shareholder meeting from Michael Whitlow, who holds approximately 13.68% of its shares.

He is proposing the appointment of himself, Nicholas Tulloch, Ian Bagnall and Martin Gouldstone as directors.

He is also proposing the removal of Dr Jim Millen, Shalabh Kumar, Dr Tim Corn and Dr Peter Sargent as directors, each of which is conditional on at least two of the aforementioned appointment resolutions being passed. 

In December Physiomics said CEO Dr Sargent would be leaving the company with effect from 29th May 2026 and had commenced a search for his replacement.

It said Dr Millen, currently non-executive chairman, would be available to resume the position of executive chairman from the date of Dr Sargent’s departure, for as long as required.

Dr Millen was formerly the CEO of the company from 2016 to 2024, during which time he grew the business from total income of under £300k to a peak of over £900k, as well as securing a major contract with long-term client Merck KGaA and kicking off the company’s personalised medicine initiative.

GTSE – from £150 Magento 1 site to 3,000 orders a day

In a statement to the London Stock Exchange this morning, Physiomics said its board is currently taking legal advice to confirm that the request complies with formal requirements.

Should this be confirmed, it will be required to give notice of a general meeting within 21 days of receipt of the request – by no later than 3rd April 2026.

The company’s directors had been in dialogue with Whitlow at the time the request was received. 

“The directors are considering the GM request carefully, however are united in their view that the wholesale replacement of the current board would be highly detrimental to the company and its shareholders,” it stated.

Meet ‘The Relentless Fox’ – the former NCC CIO now building Relentica

The post Shareholder revolt looks to oust Physiomics board appeared first on �Ͼ�Ʒ��Cloud.

BSF Enterprise PLC’s subsidiaries include lab-grown leather, corneal repair and cell-culture media supplements. It also has operations in Hong Kong.

The proposed £15m equity raise, backed by Blackstone Mercantile Group, was to accelerate commercialisation plans.

It was intended to support the launch of Elemental X, a platform for bio-engineered leather. Just last week it announced the successful production of a fully tanned, scaffold-free skin, reaching A4 sheet size and approaching 2mm thickness.

The company said last week it was now in a position to extend its engagement with luxury goods manufacturers, material distributors, and brand partners on the basis of a tangible, scalable and demonstrable product. That is now thrown into doubt.

Meanwhile BSF subsidiary Kerato intended to use £500,000 to fund 55% of a veterinary trial of its liquid cornea this year, with the rest funded by a Canadian government grant.

This novel dropwise treatment for corneal damage aims to regenerate the tissue. It had targeted commercial launch of LiQD Cornea Animal Health in Canada in Q1 2027, with first revenues anticipated thereafter.

Human trials of the treatment were planned for 2027. Over 13m people worldwide are currently waiting for a corneal transplant, with demand far exceeding donor availability. A successful engineered treatment could reduce corneal blindness.

Meanwhile, subsidiary 3D Bio-Tissues – a Newcastle University spinout – was to use the new funding to expand sales of its CytoBoost range, which is designed to improve the recovery of cells after deep-freeze storage.

In December 3DBT signed a head of terms with SeaWith, a South Korean cultivated-meat company, on a £300k deal to deliver commercial supplies of City-Mix, the company’s premium macromolecular crowder for cell culture, to help reduce the cost and scale production of its cultivated beef product.

However this morning BSF stated to the London Stock Exchange: “The equity fundraise for £15m and proposed capital reorganisation has been mutually terminated between the parties and each party will seek to terminate all relevant agreements that formed part of the transaction.”

On The Beach tanks as annual profit forecast suspended

It added that a CLN (credit-linked note) of £300,000 would continue on the same terms and be extended for 12 months, and then repaid in cash – or the CLN noteholders would have a right to convert over that period at the next BSF capital raise price.

BSF said it will seek alternative fundraising options and it has entered discussions with other parties to raise funds both at group level and subsidiary level for Lab-grown Leather Ltd and Kerato Ltd in the next few weeks.

In its most recent annual accounts – ended 30th September 2025 – BSF had a net loss of around £1m (2024: £1.7m loss). The narrowed losses reflected careful cost control and increased grant income, the firm said.

Last August chairwoman Min Yang resigned from BSF and was replaced by Geoff Baker.

Shares fly as TP ICAP reveals record results

The post Shares crash in tissue engineering firm as £15m deal falls through appeared first on �Ͼ�Ʒ��Cloud.

Francis Van Parys (pictured) is now leading the FTSE 250 MedTech, which is eyeing profitability after reporting its results for 2025 last week. He has taken over from founder Gordon Sanghera.

Oxford Nanopore reported revenues of £223.9 million, up 22.2% year-on-year, while adjusted EBITDA losses shrank 31.2% to £86.7m. Actual losses shrank 1% to £145.2m.

The firm reaffirmed its commitment to reach adjusted EBITDA breakeven in FY27 and become cash flow positive in FY28.

This morning the DNA sequencing specialist also announced a collaboration with ViruSure, an Asahi Kasei company and global leader in pathogen safety testing for biopharmaceuticals.

They have together launched the world’s first GMP-validated adventitious viral agent detection test based on Oxford Nanopore sequencing. Designed for use in regulated biopharmaceutical quality control environments, this process is designed to ensure biologics medicines are free from viral contamination.

At 119p – writing at 3.30pm – shares in Oxford Nanopore remain up 1.5% today.

Oxford Nanopore floated in 2021 with a price of 615p and topped 700p before a gradual decline. They have lost a third of their value in the last six months and 7% in the year to date despite a brief rise to 172p in January.

Van Parys, who joined from Danaher-owned diagnostics firm Radiometer, brings more than 20 years of senior life sciences leadership experience, while Sanghera will remain in an advisory role through to early 2027 to support the transition. 

Sanghera has led the University of Oxford spinout since its founding in 2005, overseeing its IPO, entry into the FTSE 250 and growth to a market capitalisation of around £1.2 billion today.

The group remains well capitalised with £302.8m in cash, cash equivalents and other liquid investments as at 31st December 2025 (FY24: £403.8m).

Embryo continues acquisitions with deal for Serotonin

Oxford Nanopore featured in more than 4,000 peer-reviewed papers published in 2025 – making it 20,000 to date – which it says demonstrates the utility of its benefits and traction in scientific research, spanning cancer, human genetics and infectious disease.

Last year the group launched patent proceedings against MGI Australia: it says MGI has conceded that its Cyclone SEQ WT02 infringes four of Oxford Nanopore’s Australian patents. 

A trial has been set for 2027 at which MGI’s remaining defences will be adjudicated. 

Separately, in the UK Oxford Nanopore has issued proceedings in the High Court alleging trade secrets infringement, breach of confidence and breach of contract against MGI/ BGI entities.

Bytes share price drops as MD departs after two decades

The post Oxford Nanopore shares rise under new CEO after company update appeared first on �Ͼ�Ʒ��Cloud.

The round was led by Soulmates Ventures with participation from Innovation Investment Capital, DOMiNO Ventures and existing investors DBW, Kadmos Capital and i&i Biotech Fund.

The Series A funding brings Antiverse’s total capital raised to over $20m and will enable the Cardiff company to scale its discovery platform for pharmaceutical and foundation partners through collaborative programmes. 

Antiverse has entered into a research agreement with the Cystic Fibrosis Foundation to design novel antibodies targeting the extracellular region of the cystic fibrosis transmembrane conductance regulator (CFTR) protein, a historically difficult target in cystic fibrosis research. 

The investment will also support expansion of its internal drug pipeline and advance lead antibody programmes toward in vivo efficacy studies.

Backed by a team with expertise across AI and laboratory research, Antiverse uses machine learning to generate therapeutic antibody candidates for a given disease target, which are then built and tested in its own labs. 

These antibodies are tested on proprietary cell models that show the target protein as it appears in the human body, helping researchers see which ones work in realistic conditions. The finished, therapeutic-strength antibodies are then readied for clinical testing.

New CEO as Oxford Nanopore eyes profitability amid legal action

“Many biologically important targets have remained difficult to drug using conventional antibody discovery methods,” said Murat Tunaboylu, co-founder and CEO of Antiverse. 

“This Series A financing enables us to scale our generative antibody design platform, accelerate our internal pipeline, and expand strategic collaborations such as our work with the Cystic Fibrosis Foundation, where our technology is applied to explore challenging targets like extracellular CFTR. 

“Together, these efforts help inform future research efforts and allow Antiverse to continue advancing our own therapeutic programs for patients.”

Antiverse has secured partnership agreements with multiple top-20 global pharmaceutical companies, including Nxera. 

The company is now looking to progress its first wholly owned candidates into later-stage preclinical development by 2027, while continuing to support pharmaceutical partners with antibody discovery programmes.

Manchester dentist launches ‘smile-based’ emotional wellbeing app

The post Antiverse raises £7m & inks Cystic Fibrosis research agreement appeared first on �Ͼ�Ʒ��Cloud.

Rachel Parsonage, who currently runs her own advisory consultancy, has agreed to take the role on a temporary basis after former CEO Stuart Ashman resigned recently.

Alyson Levett, who only joined the company’s board and as chair of its audit committee in January, is overseeing a ‘forensic’ investigation into the actions of Ashman.

The Newcastle firm’s share price fell from 19.5 pence to almost 5p after the news broke of the potential misrepresentation and Ashman’s immediate resignation.

However it has since recovered to 9p at the time of writing (1.30pm), helped by a 12.5% jump today following news of Parsonage’s appointment.

Parsonage, of Alera Advisory, has over 25 years’ experience leading consumer beauty and wellness businesses through growth and change. She has held CEO and transformational level leadership roles across owned and licensed brand portfolios in both domestic and international markets. 

Parsonage has been involved in financial and business model management, operations and inventory management, and the strengthening of corporate governance. She has also worked closely with boards, founders, lenders and partners to navigate periods of transition.

Before founding Alera, she was at KMI Brands for over 16 years, rising from managing director to chief executive, where she scaled and stabilised a portfolio of owned and licensed beauty brands. 

Before then, she was MD at This Works, a premium British aromatherapy and skincare brand with UK and US focus, and previously, she was owner of Vita Management, an independent consultancy. 

She has also served as general manager at Pacific Direct, a global hotel manufacturing amenity company providing brand development for hotels working with luxury brands, Elemis, Penhaligons and White Company.

Ashman (above), who joined in 2024, was briefly suspended by the listed Newcastle firm and he resigned soon afterwards. He is accused of inflating accrued royalty income recorded in the audited accounts for the year ended 30th June 2025.

This amounted to £770,000 and is now expected to be removed from the FY25 accounts, subject to confirmation by auditors, when they are restated.

FY25 revenue will become £3.87 million from the reported figure of £4.64m, while adjusted EBITDA for FY25 will be restated to a loss of £1.17m from the reported loss figure of £410,000, with an operating loss of £1.47m.

The board now anticipates that the results for the year ended 30th June 2026 will be significantly below current market expectations.

New CEO as Oxford Nanopore eyes profitability amid legal action

Martin Hunt, who temporarily moved from non-executive to exec chairman following the news, said: “In the past few weeks, our aim has been to take decisive action to stabilise the business, including the search for a new interim CEO, while we undertake a thorough investigation to resolve the current issues. 

“We are therefore delighted to welcome Rachel to the team as interim CEO. Her background matches our immediate requirements exactly; she has over 32 years in total in the consumer and wellness sector, with a clear track record of stabilising brands and companies, managing stakeholders including partners, and driving sales and IP commercialisation.

“This appointment is one part of our plan to resolve the current issues as quickly as possible. With respect to the forensic investigation, we are balancing the thoroughness of an investigation within a clear cost-benefit framework, to remove any uncertainty around the business’ future. 

“We want SkinBioTherapeutics to get back on track, move forward and focus on accelerating its growth again.”

Ashman was appointed in 2024, succeeding Professor Cath O’Neill, with over two decades of commercial healthcare experience – primarily in the medical devices industry.

Since 2014, he had served as CEO of Onbone, a Finnish private equity-backed medical device company. Prior to that, Ashman was president and CEO of Andover Healthcare, a US-based wound management manufacturer and president and CEO of TI Group, a UK-based medical/engineering company.

Last year the company welcomed a new COO and board member in Simon Hewitson, a former CEO of Polar Krush Group.

Emily Bertram was also appointed as the group’s finance director in a non-board capacity following the departure of Manprit Randhawa.

Rise Report exposes funding barriers to female entrepreneurship

The post SkinBioTherapeutics shares bounce back on CEO announcement appeared first on �Ͼ�Ʒ��Cloud.

Francis Van Parys (pictured) will now lead the FTSE 250 MedTech, which is eyeing profitability after also reporting its results for 2025.

The DNA sequencing specialist reported revenues of £223.9 million, up 22.2% year-on-year, while adjusted EBITDA losses shrank 31.2% to £86.7m. Actual losses shrank 1% to £145.2m.

The firm reaffirmed its commitment to reach adjusted EBITDA breakeven in FY27 and become cash flow positive in FY28.

There was growth across all regions and end markets, with particularly strong performances in clinical (+60%) and BioPharma (+30%) revenues. 

Van Parys, who joins from Danaher-owned diagnostics firm Radiometer, brings more than 20 years of senior life sciences leadership experience, while Sanghera will remain in an advisory role through to early 2027 to support the transition. 

Sanghera has led the University of Oxford spinout since its founding in 2005, overseeing its 2021 IPO, entry into the FTSE 250 and growth to a market capitalisation of around £1.2 billion today.

The group remains well capitalised with £302.8m in cash, cash equivalents and other liquid investments as at 31st December 2025 (FY24: £403.8m).

“Leading Oxford Nanopore for more than two decades has been an extraordinary privilege,” said Dr Sanghera. “From an idea that single-molecule sensing could be done differently, we’ve built a company that created a new category of multi-omic analysis, with a differentiated platform and expanding global customer base. 

“I’m confident Francis will build on these strong foundations of innovation and growth to lead Oxford Nanopore into its next chapter.”

Fusari wins Havas Boost �Ͼ�Ʒ�� contest and £150k prize

Oxford Nanopore featured in more than 4,000 peer-reviewed papers published in 2025 – making it 20,000 to date – which it says demonstrates the utility of its benefits and traction in scientific research, spanning cancer, human genetics and infectious disease.

“I’m excited to join Oxford Nanopore today at such an important stage in its development,” said Van Parys. “The company is delivering strong growth and making progress on its path to profitability, underpinned by its differentiated sensing platform and expanding global customer base. 

“With a substantial market opportunity ahead, I look forward to building on the strong foundations established under Gordon’s leadership, enhancing commercial and operational execution, and driving innovation to deliver value for the company and for all our stakeholders.”

Last year the group launched patent proceedings against MGI Australia: it says MGI has conceded that its Cyclone SEQ WT02 infringes four of Oxford Nanopore’s Australian patents. 

A trial has been set for 2027 at which MGI’s remaining defences will be adjudicated. 

Separately, in the UK Oxford Nanopore has issued proceedings in the High Court alleging trade secrets infringement, breach of confidence and breach of contract against MGI/ BGI entities.

What are the key steps to growing internationally?

The post New CEO as Oxford Nanopore eyes profitability amid legal action appeared first on �Ͼ�Ʒ��Cloud.