Shares in Physiomics PLC (PYC.LN) soared on Thursday, prompting the company to clarify the value of its recently announced contract with Merck KGaA (MRK.XE).
On Nov. 28, Physiomics said that it had entered into a multi-year services agreement with Merck--a deal that is worth a minimum of 500,000 euros ($592,542) in the first 12 months.
Following the movement in its share price, Physiomics said it would like to confirm that this represents the expected value of the contract in the first twelve months, adding that there is no guarantee that it will be higher than this.
Physiomics said it would also like to confirm that the contract envisages a multi-year agreement with no specific term and that the annual value of services provided under the contract after the first year is not guaranteed.
Shares at 1352 GMT were up 12.13 pence, at 21.63 pence.
Write to Oliver Griffin at firstname.lastname@example.org
(END) Dow Jones Newswires
November 30, 2017 09:16 ET (14:16 GMT)