Proactiveinvestors United Kingdom IXICO PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom IXICO PLC RSS feed en Tue, 19 Feb 2019 01:21:49 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - IXICO unveils appointment of UK Biobank finance director Grant Nash as its chief financial officer ]]> https://www.proactiveinvestors.co.uk/companies/news/214149/ixico-unveils-appointment-of-uk-biobank-finance-director-grant-nash-as-its-chief-financial-officer-214149.html IXICO PLC (LON:IXI) has announced the appointment of Grant Nash, currently finance director of the UK Biobank - a national and international health research data resource - as the company's chief financial officer.

The AIM-listed neuroscience data analytics company said Grant will join the company on 29 April 2019 and it is anticipated that he will join the board in due course.

READ: IXICO parts with director Susan Lowther

It added that Grant has been finance director of the UK Biobank since 2014, where he was also responsible for the UK Biocentre, which provides biomedical sample processing and archiving logistics to large-scale research studies.

Prior to his time with the UK Biobank, Grant spent 10 years with Evotec AG, latterly as senior vice president of finance, where he was responsible for the finance, IT, procurement facilities and logistics functions.

IXICO said Conor Woolfson, who assumed the role of interim head of finance in December 2018 after the departure of Susan Lowther, will continue to perform these duties prior to Grant's appointment, at which time he will then continue in his role of group financial controller, reporting to Grant.

Giulio Cerroni, IXICO’s chief executive said: "We are at an exciting stage of the Company's development, and Grant's business experience in international commercial and large-scale research and development organisations will assist the Board and management team in delivering against our strategic objectives."

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Thu, 07 Feb 2019 07:45:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214149/ixico-unveils-appointment-of-uk-biobank-finance-director-grant-nash-as-its-chief-financial-officer-214149.html
<![CDATA[RNS press release - Appointment of Chief Financial Officer ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20190207070006_13961099/ Thu, 07 Feb 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20190207070006_13961099/ <![CDATA[News - No brainer: IXICO offers enticing combination of a strong order book and a healthy pipeline ]]> https://www.proactiveinvestors.co.uk/companies/news/214099/no-brainer-ixico-offers-enticing-combination-of-a-strong-order-book-and-a-healthy-pipeline-214099.html  

What IXICO does:

IXICO PLC (LON:IXI) data analytics services are used by the global biopharmaceutical industry to interpret data from brain scans and digital biosensors to enable better trial design, site qualification, patient selection and clinical outcomes.

The company’s digital platform and Artificial Intelligence (AI) software manages and helps interpret images from MRI (magnetic resonance imaging) and PRT (positron emission tomography) scanners as well as collating and making sense of Real World data from wearable biosensors.

How is it doing:

IXICO announced several contract wins last year worth over £15mln in total, including a £9.1mln deal to provide insight from MRI data to assist in Phase III clinical trial for a drug to treat Huntington's disease.

The group also saw the scope of a current contract with a top 10 biopharmaceutical company enlarged, increasing the value by US$2.4mln, or 89% over the remaining six-year term of the agreement to US$5.1mln.

Results for the year to the end of September, published in December, saw IXICO’s revenue rise by 32% to £5.39mln from £4.10mln the year before, while gross margin improved to 58.8% from 56.4%.

The group’s full-year loss before tax narrowed to £793,000 from £1.91mln the previous year.

Net cash at the end of September totalled £7.9mln (2017: £2.4mln), reflecting an oversubscribed £5.5mln placing back in May as well as an R&D tax credit receipt of £0.4mln.

This week, IXICO announced the appointment of Grant Nash, currently finance director of the UK Biobank - a national and international health research data resource - as its chief financial officer. Grant will join the company on 29 April 2019 and the group said it is anticipated that he will join the board in due course.

The company added that Conor Woolfson, who assumed the role of interim head of finance in December 2018 after the departure of previous CFO Susan Lowther, will continue to perform those duties prior to Grant's appointment, at which time he will then continue in his role of group financial controller, reporting to Grant.

What the boss says - Giulio Cerroni:

“The combination of a strong order book and a healthy pipeline, in conjunction with senior management hires to execute our strategy, provides a solid foundation for continued growth momentum.

“With a successful capital placing to invest in new market and product development, we go into the new financial year with increased commercial traction, ambitious growth plans and a strengthened organisation focused on delivering technology-driven data analytics to our global biopharmaceutical clients." 

Blue Sky:

House broker Shore Capital said the full-year performance represented ongoing momentum from earlier reporting periods, with IXICO having now delivered more than 25% in reported revenue growth in the previous four reporting periods.

“Importantly, the revenue growth has been delivered from a strong performance across all of the business divisions, namely clinical trials services, Assessa PML, wearables projects and licensing revenue,” it added.

The broker pointed out that the contract wins in the last reporting period also highlighted the ongoing diversification of IXICO’s business as it moves away from a historical and predominant focus on Alzheimer’s disease to include several other neurological conditions, including Huntington’s disease and progressive supranuclear palsy, and the use of innovative technology for novel applications - wearable biosensors in psychiatric and neurological disorders.

At 33.50p a share currently, IXICO is valued at £15.67mln.

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Wed, 06 Feb 2019 14:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214099/no-brainer-ixico-offers-enticing-combination-of-a-strong-order-book-and-a-healthy-pipeline-214099.html
<![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20190118100600_13939641/ Fri, 18 Jan 2019 10:06:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20190118100600_13939641/ <![CDATA[News - IXICO parts with director Susan Lowther ]]> https://www.proactiveinvestors.co.uk/companies/news/210931/ixico-parts-with-director-susan-lowther-210931.html IXICO PLC (LON:IXI), the data science company delivering insights in neuroscience, has announced the resignation of chief financial officer Susan Lowther, who is leaving to pursue other business interests.

Until a successor is appointed, Conor Wolfson, who has been with the IXICO for over four years as Financial Controller, will assume the duties of interim Head of Finance.

WATCH: IXICO CEO Giulio Cerroni on reco rd revenues and significant contract extension

"On behalf of the board, I would like to thank Susan for her many contributions to the company,” said IXICO non-executive chairman Charles Spicer.

“She leaves IXICO in a strong financial position to continue executing on its commercially-led growth strategy. We wish her well in her future endeavours. The search for a replacement chief financial officer has been initiated."

 

 

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Tue, 11 Dec 2018 07:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210931/ixico-parts-with-director-susan-lowther-210931.html
<![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20181211070015_13898734/ Tue, 11 Dec 2018 07:00:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20181211070015_13898734/ <![CDATA[Media files - IXICO CEO Giulio Cerroni on record revenues and significant contract extension ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11420/ixico-ceo-giulio-cerroni-on-record-revenues-and-significant-contract-extension-11420.html Tue, 04 Dec 2018 09:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11420/ixico-ceo-giulio-cerroni-on-record-revenues-and-significant-contract-extension-11420.html <![CDATA[News - IXICO gets vote of confidence from big pharma ]]> https://www.proactiveinvestors.co.uk/companies/news/210456/ixico-gets-vote-of-confidence-from-big-pharma-210456.html IXICO PLC (LON:IXI), the data analytics company delivering insights in neuroscience, has seen the value of an existing contract almost double.

The company said the scope of a current contract with a top 10 biopharmaceutical company has been expanded, increasing the value of the contract by US$2.4mln over the remaining six-year term of the agreement to US$5.1mln.

READ IXICO trading ahead of expectations as digital tech permeates neuroscience sector

The announcement came on the same day as the publication of IXICO’s results for the year to the end of September, which showed continued strong revenue growth.

Revenue rose 32% to £5.39mln from £4.10mln the year before, while the gross margin improved to 58.8% from 56.4%.

The loss before tax narrowed to £793,000 from £1.91mln the previous year.

Operating cash outflows were reduced to around £100,000 from £1.2mln the previous year. Cash and cash equivalents at the end of the fiscal year had risen to £7.86mln from £2.41mln a year earlier.

CEO hails another year of significant progress

"2018 has been another year of significant progress in which we have delivered on our financial commitments, whilst continuing to invest in the long-term future of the company,” declared Giulio Cerroni, the chief executive officer of IXICO.

“We have reported record revenues with underlying growth of 41%, further improved gross profit performance and reduced operating losses. Consequently, operating cash outflows have been significantly reduced in the year to £0.1mln,” he noted.

“The combination of a strong order book and a healthy pipeline, in conjunction with senior management hires to execute our strategy, provides a solid foundation for continued growth momentum. With a successful capital placing to invest in new market and product development, we go into the new financial year with increased commercial traction, ambitious growth plans and a strengthened organisation focused on delivering technology-driven data analytics to our global biopharmaceutical clients," Cerroni concluded.

House broker sees acceleration along the path to profitability

House broker Shore Capital said the performance represented ongoing momentum from earlier reporting periods, with IXICO having now delivered more than 25% in reported revenue growth in the previous four reporting periods.

“Importantly, the revenue growth has been delivered from a strong performance across all of the business divisions, namely clinical trials services, Assessa PML, wearables projects and licensing revenue. We would also highlight IXICO’s performance in clinical trial services with £15m of new and expanded contracts secured in the period (including a further contract expansion announced separately today),” the broker said.

The contract wins in the reporting period also highlight the ongoing diversification of IXICO’s business as it moves away from a historical and predominant focus on Alzheimer’s disease to include several other neurological conditions, including Huntington’s disease and progressive supranuclear palsy, and the use of innovative technology for novel applications (wearable biosensors in psychiatric and neurological disorders), Shore observed.

“We remain excited by the revitalised focus on commercialisation and profitability and point to further evidence of accelerating momentum in this innovative digital health company,” the house broker concluded.

Shares in IXICO were up 4.3% at 24.5p at noon.

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Tue, 04 Dec 2018 08:13:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210456/ixico-gets-vote-of-confidence-from-big-pharma-210456.html
<![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20181204070020_13889964/ Tue, 04 Dec 2018 07:00:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20181204070020_13889964/ <![CDATA[RNS press release - Scope expanded with top 10 biopharma company ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20181204070009_13889903/ Tue, 04 Dec 2018 07:00:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20181204070009_13889903/ <![CDATA[Media files - IXICO Plc announces strong top-line growth with a number of lucrative contracts ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10867/ixico-plc-announces-strong-top-line-growth-with-a-number-of-lucrative-contracts-10867.html Tue, 16 Oct 2018 13:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10867/ixico-plc-announces-strong-top-line-growth-with-a-number-of-lucrative-contracts-10867.html <![CDATA[News - Spate of contract wins helps to drive top-line growth at IXICO ]]> https://www.proactiveinvestors.co.uk/companies/news/207052/spate-of-contract-wins-helps-to-drive-top-line-growth-at-ixico-207052.html A growing adoption of its medical imaging technology helped IXICO Plc’s (LON:IXI) top-line surge last year.

In a pre-close trading update, the AIM company revealed that revenues rose 32% to £5.4mln in the 12 months ended September 30 (2017: £4.1mln). Total income rose 25% to £6.0mln (2017: £4.8mln).

READ: IXICO trading ahead of expectations

During the year, IXICO announced several contracts worth over £15mln, including a recent £9.1mln deal to provide insight from magnetic resonance imaging (MRI) data to assist in phase III clinical trial for a drug to treat Huntington's disease.

“These new contracts and existing projects provide a foundation for future revenue growth,” read Monday’s statement.

Net cash at the end of September totalled £7.9mln (2017: £2.4mln), reflecting an oversubscribed £5.5mln placing back in May as well as an R&D tax credit receipt of £0.4mln.

The full set of results are scheduled to published on December 4.

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Mon, 15 Oct 2018 08:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207052/spate-of-contract-wins-helps-to-drive-top-line-growth-at-ixico-207052.html
<![CDATA[RNS press release - Pre-Close Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20181015070003_13827837/ Mon, 15 Oct 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20181015070003_13827837/ <![CDATA[RNS press release - Result of General Meeting - Amended ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180921164655_13800791/ Fri, 21 Sep 2018 16:46:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180921164655_13800791/ <![CDATA[RNS press release - Result of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180921110055_13800176/ Fri, 21 Sep 2018 11:00:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180921110055_13800176/ <![CDATA[News - IXICO secures medical imaging contract for Huntington’s disease Phase III clinical trial ]]> https://www.proactiveinvestors.co.uk/companies/news/204594/ixico-secures-medical-imaging-contract-for-huntingtons-disease-phase-iii-clinical-trial-204594.html IXICO PLC (LON:IXI) shares soared higher on Tuesday on news the firm has inked a contract with a top 10 pharmaceutical company to provide imagining services for a Pivotal Phase III clinical trial into Huntington’s disease.

The contract, which is to be delivered over four years and carries a value of £9.1mln, extends the company's relationship with an existing client and is its fourth new contract relating to Huntington’s disease in the current financial year.

READ: IXICO expands contract with biopharmaceutical company

Ixico also expanded its contract with another biopharmaceutical company last month to €1.3mln, which focused on the treatment of another neurodegenerative disease, Alzheimer’s.

Giulio Cerroni, chief executive of IXICO, said the new award, combined with the company’s other contract wins and extensions this year, provided a “strong foundation” for future growth, adding that Huntington’s was an area of “significant unmet medical need” as there are currently no effective marketed treatments.

In mid-morning trading, IXICO was the second biggest London market gainer board, with its shares up 29.1% at 35.50p.

 -- Adds share price --

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Tue, 11 Sep 2018 07:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204594/ixico-secures-medical-imaging-contract-for-huntingtons-disease-phase-iii-clinical-trial-204594.html
<![CDATA[RNS press release - Contract with top 10 global pharmaceutical company ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180911070005_13785507/ Tue, 11 Sep 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180911070005_13785507/ <![CDATA[News - IXICO to seek shareholders' permission for a capital reorganisation ]]> https://www.proactiveinvestors.co.uk/companies/news/204047/ixico-to-seek-shareholders-permission-for-a-capital-reorganisation-204047.html IXICO Plc (LON:IXI) is to seek shareholder approval for a reorganisation of the company's share capital.

The data science company that delivers insights in neuroscience, said shareholders with fewer than 100 shares account for more than three-quarters of the shareholders on the register, resulting in significant costs and a considerable administrative burden to the company.

READ: IXICO expands contract with biopharmaceutical company

The plan is for every 100 existing shares to be replaced by one new consolidated share; shareholders with fewer than 100 shares will receive the market value of those shares from the company unless the aggregate value is less than £3, in which case those shareholders will cease to be shareholders – the shares will be sold, with the proceeds donated to Alzheimer's Research UK. IXICO will match all donations to Alzheimer's Research UK.

Once the capital reorganisation has taken place, the consolidated shares will be divided into 100 shares, so the net impact will leave the nominal share value and the quoted share price unchanged while expunging shareholders who hold fewer than 100 shares from the register.

“For shareholders whose shares are held in the nominee accounts of UK stockbrokers, the effect of the capital reorganisation on their individual shareholdings will be administered by the stockbroker or nominee in whose account the relevant shares are held. The effect is expected to be the same as for shareholdings registered in beneficial names; however, it is the responsibility of the stockbroker or nominee to deal with fractions arising within their customer accounts, and not the responsibility of the company,” IXICO explained.

Shares in IXICO were unchanged in early deals.

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Mon, 03 Sep 2018 08:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204047/ixico-to-seek-shareholders-permission-for-a-capital-reorganisation-204047.html
<![CDATA[RNS press release - Proposed Capital Reorganisation ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180903070007_13775610/ Mon, 03 Sep 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180903070007_13775610/ <![CDATA[News - IXICO expands contract with biopharmaceutical company ]]> https://www.proactiveinvestors.co.uk/companies/news/203855/ixico-expands-contract-with-biopharmaceutical-company-203855.html IXICO PLC (LON:IXI) has expanded its contract with a biopharmaceutical company, taking the total value to €1.3mln.

The AIM-listed data science company said the change order extended the contract, which focuses on Alzheimer’s disease, from an end date of September 2020 to May 2021, as well as the addition of new clinical sites.

WATCH: IXICO full year performance expected to be 'ahead of market expectations'

The original value of the contract was €0.8mln, with the latest change order representing a 65% increase.

Giulio Cerroni, chief executive of IXICO, said: "We are delighted to announce a further extension and expansion of this project. This change order and increase in contract value, demonstrates how closely we work with our biopharmaceutical clients to expand the services we provide to their clinical development programmes."

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Thu, 30 Aug 2018 07:59:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/203855/ixico-expands-contract-with-biopharmaceutical-company-203855.html
<![CDATA[RNS press release - Contract expansion with biopharmaceutical company ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180830070003_13772181/ Thu, 30 Aug 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180830070003_13772181/ <![CDATA[Media files - IXICO full year performance expected to be 'ahead of market expectations' ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10187/ixico-full-year-performance-expected-to-be-ahead-of-market-expectations--10187.html Tue, 21 Aug 2018 12:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10187/ixico-full-year-performance-expected-to-be-ahead-of-market-expectations--10187.html <![CDATA[News - IXICO upgrades full-year expectations as revenues forecast to grow by nearly a quarter ]]> https://www.proactiveinvestors.co.uk/companies/news/203272/ixico-upgrades-full-year-expectations-as-revenues-forecast-to-grow-by-nearly-a-quarter-203272.html IXICO Plc (LON:IXI) has said its performance for the current financial year is now expected to be “ahead of market expectations” after forecasting revenue growth of nearly 25%.

The AIM-listed neuroscience data company said that reported revenue for the full year is expected to be at least £5.1mln, a 24% increase on the previous year, adding that it also expected to report a reduced operating loss for the year.

READ: IXICO signs agreement to expand scope of clinical trial study contract

The group said the revenue increase reflected previously announced contract wins, adding that it remained confident of meeting market expectations for the 2019 financial year as it “continued to invest in its commercially led growth strategy”.

IXICO recently announced that it had secured an agreement to expand the scope of an existing clinical trial study contract with a top 10 pharmaceutical company, increasing the contract’s value to £1.6mln.

Giulio Cerroni, IXICO chief executive, said the company was continuing to benefit from “increased demand for our specialist data analytics”.

The firm also said it would release a pre-close trading statement on October 16.

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Tue, 21 Aug 2018 07:26:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/203272/ixico-upgrades-full-year-expectations-as-revenues-forecast-to-grow-by-nearly-a-quarter-203272.html
<![CDATA[RNS press release - Trading Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180821070004_13762107/ Tue, 21 Aug 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180821070004_13762107/ <![CDATA[News - IXICO signs agreement to expand scope of clinical trial study contract ]]> https://www.proactiveinvestors.co.uk/companies/news/202714/ixico-signs-agreement-to-expand-scope-of-clinical-trial-study-contract-202714.html IXICO PLC (LON:IXI) has secured an agreement to expand the scope of an existing clinical trial study contract with a top 10 pharmaceutical company.

The AIM-listed data science firm, which specialises in the neuroscience field, said the additional services provided from the expansion would increase the contract's value by £600,000 to £1.6mln over its three-year term.

READ: IXICO bags a £1mln contract

The contract, originally announced on 14 May, involved IXICO providing its technology-enabled imaging services in a natural history study of people with early manifestation of Huntington's disease to observe the natural progression of the disease.

As a result of the expansion, the firm said it would provide additional analysis based on advanced imaging modalities in the study.

In lunchtime trading Monday, IXICO shares were up 1.5% at 33p.

--Adds share price--

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Mon, 13 Aug 2018 07:13:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/202714/ixico-signs-agreement-to-expand-scope-of-clinical-trial-study-contract-202714.html
<![CDATA[RNS press release - Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180813070004_13752219/ Mon, 13 Aug 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180813070004_13752219/ <![CDATA[RNS press release - Implementation of Long Term Incentive Plan ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180613090001_13677787/ Wed, 13 Jun 2018 09:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180613090001_13677787/ <![CDATA[News - IXICO says it remains on target despite Alzheimer's study setback ]]> https://www.proactiveinvestors.co.uk/companies/news/198666/ixico-says-it-remains-on-target-despite-alzheimer-s-study-setback-198666.html IXICO Plc (LON:IXI) said an unnamed pharmaceutical client has stopped screening a phase II/III Alzheimer's Disease trial in which its specialist imaging services were being used.

Last September the US$7.7mln contract was extended to 2024. A total of US$2mln in payments have been recognised in the last two years.  

IXICO said the client's decision to stop the study was not related in anyway to its own performance.  

On track to meet expectations

It added that it remains on track to meet market expectations for the current financial year by generating double-digit revenue growth with turnover set to exceed of US$6mln (£4.5mln).

Investors were also told IXICO has a strong order book, a broad pipeline of opportunities and "commercial momentum which will support the continued growth of the business beyond the current financial year".

Chief executive Giulio Cerroni added: "We continue to provide our analytical services for subjects already enrolled on this clinical trial. We are also working closely with our client to plan patient follow up and data analysis activities as the study is closed down. 

"Whilst it is disappointing that this project will not continue for the full contract term, our broad neurological focus, order book and pipeline mitigates such challenges that can arise in our client's clinical development programmes."

 

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Tue, 12 Jun 2018 07:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198666/ixico-says-it-remains-on-target-despite-alzheimer-s-study-setback-198666.html
<![CDATA[RNS press release - Notification of the cessation of a clinical trial ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180612070004_13675362/ Tue, 12 Jun 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180612070004_13675362/ <![CDATA[RNS press release - Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180607094748_13670818/ Thu, 07 Jun 2018 09:47:48 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180607094748_13670818/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180531153214_13662281/ Thu, 31 May 2018 15:32:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180531153214_13662281/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180531153004_13662274/ Thu, 31 May 2018 15:30:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180531153004_13662274/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180530114833_13659970/ Wed, 30 May 2018 11:48:33 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180530114833_13659970/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180530114558_13659965/ Wed, 30 May 2018 11:45:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180530114558_13659965/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180530093220_13659578/ Wed, 30 May 2018 09:32:20 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180530093220_13659578/ <![CDATA[RNS press release - Result of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180529120825_13658220/ Tue, 29 May 2018 12:08:25 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180529120825_13658220/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180523152945_13652782/ Wed, 23 May 2018 15:29:45 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180523152945_13652782/ <![CDATA[Media files - IXICO sees strong topline growth in interim results ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9360/ixico-sees-strong-topline-growth-in-interim-results-9360.html Wed, 23 May 2018 12:23:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9360/ixico-sees-strong-topline-growth-in-interim-results-9360.html <![CDATA[News - IXICO notches up another half of double-digit revenue growth thanks to string of new contracts ]]> https://www.proactiveinvestors.co.uk/companies/news/197517/ixico-notches-up-another-half-of-double-digit-revenue-growth-thanks-to-string-of-new-contracts-197517.html Medical imaging services specialist IXICO Plc (LON:IXI) delivered yet another six months of double-digit revenue growth in the first half of its fiscal year, driven by a string of new contract wins.

IXICO’s technology platform manages and helps interpret images from MRI and positron emission tomography as well as collating and making sense of biosensor data.

In the first half of its fiscal year, the AIM-quoted firm secured three new contracts which, along with the other wins last year, helped revenues to climb 30% to £2.9mln (H1 17: £2.3mln) in the six months ended March 31.

READ: IXICO’s contract wins reveal business is gaining commercial traction

Operating losses more than halved to £0.3mln (£0.8mln) as IXICO continues its drive towards profitability.

“In summary, our financial year has started very well and, with strong growth and improved margins, we are making excellent progress on our path to profitability,” said chief executive Giulio Cerroni.

“We are confident we will be in a position to deliver double-digit revenue growth for the financial year and meet market expectations.”

At the end of the period, IXICO had £2.7mln of cash in the bank (31 Mar 17: £2.8mln), although this was topped up earlier this month when it raised £5.5mln through an oversubscribed placing.

READ: IXICO raises £5.5mln

The firm has enjoyed a solid start to the second half of its year as well, increasing the value of three existing contracts and bagging a new £1mln contract, too.

Shares rose 1.6% to 32p at the opening bell on Wednesday.

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Wed, 23 May 2018 08:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/197517/ixico-notches-up-another-half-of-double-digit-revenue-growth-thanks-to-string-of-new-contracts-197517.html
<![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180523070006_13651275/ Wed, 23 May 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180523070006_13651275/ <![CDATA[News - IXICO bags a £1mln contract ]]> https://www.proactiveinvestors.co.uk/companies/news/196881/ixico-bags-a-1mln-contract-196881.html Medical imaging services specialist IXICO Plc (LON:IXI) has signed a new contract with a top 10 pharmaceutical company that is an existing client.

The contract value is £1.0mlm over a three-year term, with study planning and site set-up activities starting in the next few months, IXICO said.

WATCH: IXICO sees strong topline growth in interim results

IXICO will provide its technology-enabled imaging services in a natural history study of people with early manifest Huntington's disease to observe the natural progression of the disease.

IXICO will use its TrialTracker digital platform to standardise the acquisition and collection of magnetic resonance imaging (MRI) scans, including advanced functional MR imaging, from centres across Europe and North America. IXICO will also apply its proprietary image analysis algorithms, together with in-licensed algorithms from leading academic centres, to measure neurological changes in study participants.

"Today's announcement continues IXICO's successful track record in providing neuroimaging clinical trial services for Huntington's disease, representing our third new contract in this therapeutic area in the current financial year,” said Giulio Cerroni, the chief executive officer of IXICO.

“I am delighted that we continue to win new business with existing clients which I believe demonstrates the value placed by our customers on the unique combination of technologies and scientific expertise that we provide," he added.

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Mon, 14 May 2018 07:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196881/ixico-bags-a-1mln-contract-196881.html
<![CDATA[RNS press release - New contract with top 10 pharmaceutical company ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180514070008_13638979/ Mon, 14 May 2018 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180514070008_13638979/ <![CDATA[News - IXICO sees contracts' value increased by around £500,000 ]]> https://www.proactiveinvestors.co.uk/companies/news/196707/ixico-sees-contracts-value-increased-by-around-500000-196707.html IXICO Plc (LON:IXI), the digital technologies company serving neuroscience, has signed amendments to current contracts that expand the clinical trial services provided to two biopharmaceutical companies.

The change orders have increased the combined contracts’ value by £500,000 or roughly 24% to £2.35mln.

READ IXICO PLC technology to be used in Alzheimer's clinical trial​

IXICO said the changes reflect an expansion in the scope of PET and MRI neuroimaging clinical trial services, with IXICO providing additional specialist services during the contract period.

The Phase II study contracts in Alzheimer's disease and Huntington's disease were previously announced in July and September 2017, respectively.

The scope of services that IXICO provides can be expanded or extended at any time during the life of a clinical trial, so change orders can occur during the course of multi-year contracts, IXICO explained.

Giulio Cerroni, the chief executive officer of IXICO, expressed delight at the extension of the two contracts.

“This underscores the importance of working closely with our biopharmaceutical clients, particularly during the initial phase of a contract, to maximise the value our specialist technologies and services can provide," he added.  

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Thu, 10 May 2018 07:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196707/ixico-sees-contracts-value-increased-by-around-500000-196707.html
<![CDATA[RNS press release - Expansion of two biopharmaceutical contracts ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180510070007_13635491/ Thu, 10 May 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180510070007_13635491/ <![CDATA[News - IXICO to raise £5.5mln through over-subscribed placing ]]> https://www.proactiveinvestors.co.uk/companies/news/196316/ixico-to-raise-55mln-through-over-subscribed-placing-196316.html Medical imaging services specialist IXICO Plc (LON:IXI) is proposing to raise £5.5mln through a placing of shares at 28p a pop.

The £9mln-valued company said the placing has received support from existing and new institutional shareholders.

READ IXICO's digital expertise to be deployed in clinical trial as it lands US$2.7mln contract

In total, 19.64mln shares will be placed, representing 42% of the enlarged share capital of the company.

The funds raised will enable the company to scale-up its operations and expand its market presence, including an operational and commercial presence in the US.

The company will release half-year results on May 23 but gave a sneak preview, saying that revenues in the six months to the end of March rose 26% from the year before to £2.9mln, despite unhelpful exchange rate movements.

The half-year gross margin will be slightly ahead of the 61% reported in the same period a year earlier while the loss before interest, tax, depreciation and amortisation (Lbitda) will show an improvement from the Lbitda of £400,000 in the first half of fiscal 2017.

The company ended March with a positive cash balance of £2.7mln.

"We are delighted with the investment we have received from new blue-chip institutions and IP Group, an existing shareholder,” said Giulio Cerroni, the chief executive officer of IXICO.

“Over the past 12 months, we have completed a strategic and operational review and announced contracts with existing and new global pharmaceutical customers, demonstrating commercial momentum. This funding provides the platform to accelerate our commercial strategy to drive revenue growth over the medium-term and our strong financial performance indicates that we are making good progress on our path to profitability," he added.

House broker, Shore Capital, said it viewed the raising of funds as supportive of the stated growth ambitions.

"Invigorated by new leadership, CEO, Giulio Cerroni is driving renewed focus on a commercially-led growth strategy, as evidenced by the momentum in new contract wins (c. £6mln in contracted revenues awarded during H1 2018). This has reinforced our confidence in management’s ability to deliver mid-to-high teen growth whilst cost-effectively managing the business," Shore said.

"We note a strong cash balance (Mar-18: £2.7m, +£0.3m versus Sep-17) and see the opportunity to further accelerate the top-line with access to additional growth capital," it added.

The shares were trading 1.5p lower at 32p.

--- adds broker comment and share price ---

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Thu, 03 May 2018 07:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196316/ixico-to-raise-55mln-through-over-subscribed-placing-196316.html
<![CDATA[RNS press release - Notice of Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180503070004_13628130/ Thu, 03 May 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180503070004_13628130/ <![CDATA[RNS press release - Placing to raise ?5.5 million ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180503070001_13628055/ Thu, 03 May 2018 07:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180503070001_13628055/ <![CDATA[News - IXICO extends contract with major pharmaceutical company ]]> https://www.proactiveinvestors.co.uk/companies/news/194212/ixico-extends-contract-with-major-pharmaceutical-company-194212.html IXICO Plc (LON:IXI) has signed an extension to an existing agreement with a top 15 global pharmaceutical company to provide advanced imagining clinical trial services.

The AIM-listed brain disease researcher said the value of the contract had increased from US$1.2mln to US$1.95mln, with its duration extended from 2019 to early 2020.

READ: IXICO PLC contract wins reveal the business is gaining commercial traction

The company added that the contract, originally announced in October 2016, is for a Phase IIa clinical study of patients in the early stages of progressive supranuclear palsy (PSP), a rare neurodegenerative disease, to develop a first-in-class therapy that could prevent further degeneration.

IXICO is utilising its proprietary TrialTracker platform to collect and analyse MRI data from specialist imaging centres across Europe, North America and Asia.

The group said to date it has recognised US$0.3mln in revenue from the contract, with the extension reflecting an expansion of the work to be performed due to an increase in the number of trial participants, sites and countries that were not included in the original scope of work.

Giulio Cerroni, IXICO's chief executive, commented: "We have been working with this client since 2016 and are pleased to announce this project extension. This reflects our strategy to grow and expand our existing relationships with pharmaceutical clients industry and also demonstrates our capabilities in multi-centre clinical trials in rare neurodegenerative diseases."

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Wed, 04 Apr 2018 07:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/194212/ixico-extends-contract-with-major-pharmaceutical-company-194212.html
<![CDATA[RNS press release - Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180404070002_13590458/ Wed, 04 Apr 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/12538/LSE20180404070002_13590458/ <![CDATA[News - IXICO trading ahead of expectations as digital tech permeates neuroscience sector ]]> https://www.proactiveinvestors.co.uk/companies/news/190913/ixico-trading-ahead-of-expectations-as-digital-tech-permeates-neuroscience-sector-190913.html A recent run of contract wins for IXICO Plc (LON:IXI) reveals a growing adoption of digital technologies in medical imaging it uses to support clinical trials of new medicines in neuroscience.

The latest contract, in September, was worth £9.1mln to provide insight from magnetic resonance imaging (MRI) data to assist in a Phase III clinical trial for a drug to treat Huntington's disease.

Huntington’s is one of five neurological disease therapeutic areas in which it is actively supporting the hunt for breakthrough treatments, having already landed contracts from companies active in Alzheimer’s, Parkinson’s, PSP (progressive supranuclear palsy), and MS.

Focused on neuroscience

“Neurological disease represents a major unmet medical need”, says Giulio Cerroni, chief executive, adding that the company is seeing growing demand for its services.

Macro trends such as an ageing population, coupled with there being very few medicines available for these debilitating and potentially life-limiting diseases, is driving increased investment in the neuroscience drug discovery and development pipeline from big pharmaceutical and bioscience companies.

This latest contract win is IXICO’s fourth announced this year for Huntington’s – a genetic disorder which is inherited and causes brain cell death and can degrade mental and physical abilities. 

“The core of our strategy is expertise, we have to be the ‘go to’ people for analysis of medical images in the brain”, Cerroni adds.

Financial numbers have started to reflect the growing interest.

WATCH: IXICO full year performance expected to be 'ahead of market expectations'

In August, the group forecast revenue growth this year of nearly 25% or at least £5.1mln, while losses will also be significantly reduced.

What it does

IXICO’s digital platform and Artificial Intelligence (AI) software manages and helps interpret images from MRI and positron emission tomography (PET) scanners as well as collating and making sense of Real World data from wearable biosensors.

Biogen collaboration

But the IXICO business model is far subtler than simply being a digital pharma services business to clinical trials.

Its collaboration with the giant Biogen is illustrative of this.

It is providing the digital platform to connect physicians treating patients with multiple sclerosis with neuroradiology expertise to enable them to reliably detect and monitor the safety of the company’s flagship product, Tysabri.

While it is a hugely effective treatment, there is a small risk an increased incidence of infection with JC polyomavirus in the brain which can lead to progressive multifocal leukoencephalopathy or PML.

PML is a serious condition that ultimately can result in serious disability or even death.

IXICO’s technology helps spot the signs of potential PML infection early and differentiate it from signs of MS disease activity, providing the physician with a second opinion and help them determine if the patient should continue with Tysabri treatment.

For Biogen this offers a huge boon – it is a way of keeping tabs on patients and it means more people can be safely put on the MS drug than are currently receiving it.

Crossing the Rubicon

In providing such a drug safety monitoring service, IXICO has crossed the commercial Rubicon (if one can actually do that).

It has taken a useful piece of technology deployed in the clinical development of drugs and developed a companion product that will help doctors prescribe drugs more effectively.

Now, this is a hot area, one potentially worth tens of billions of pounds when it is fully developed and IXICO’s strategy is quite simple – it wants a small slither of the pie.

It is using the technology backbone from its current digital platform, TrialTracker, and transplanted it into new innovations.

First adopters

Remember, IXICO is already working with the likely first adopters of this neuroimaging technology – Biogen’s stated aim is to be a pioneer in neuroscience but the platform is likely to be of interest to other major pharmaceuticals companies active in this area.

Why are the multi-national drug giants interested in companion products and willing to shell out for them?

Well, very soon these businesses may be paid on patient outcomes – or good old-fashioned value for money to use more common parlance.

The Biogen collaboration may be in its infancy, but it provides proof positive that IXICO’s strategy has legs.

At 30p, the AIM-listed company is valued at about £14mln.

 

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Wed, 31 Jan 2018 11:32:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190913/ixico-trading-ahead-of-expectations-as-digital-tech-permeates-neuroscience-sector-190913.html