(Bloomberg) -- Shares of a tiny biotech firm with six employees in a business park in Oxford, England, have risen about 2,000 percent in three days.
Physiomics Plc's rally began on Tuesday after the company, founded in 2001, announced an agreement with Merck KGaA that will see the German pharmaceutical giant use its virtual tumor platform that simulates the effect of anti-cancer drugs.
After the stock's surge showed no sign of abating Thursday, the company cautioned that there is no guarantee the value of the twelve-month pact will rise beyond the initial 500,000 euros ($595,000) already announced.
It did, however, say that the contract “envisages” a multi-year agreement being reached in future.
The stock, which listed in London in 2004, pared its intraday gain Thursday to a mere 113 percent as of 3:25 p.m., giving it a market capitalization of about 11 million pounds ($15 million).
To contact the reporter on this story: Joe Easton in London at jeaston7@bloomberg.net.
To contact the editors responsible for this story: Simon Lee at slee936@bloomberg.net, Adveith Nair, John Viljoen
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