IXICO plc (AIM: IXI), the data analytics company delivering insights in neuroscience, announces grants under its Long Term Incentive Plan ("LTIP"), approved by Shareholders on 29 May 2018, to Giulio Cerroni, Chief Executive Officer, Grant Nash, Chief Financial Officer, Alison Howie, Chief Product Officer and Marcus Thornton, Chief Operating Officer (together the "Executives").
The Company today grants the Executives, in aggregate, 1,540,000 options (the "2019 Award") as follows:
Number of options
Exercise price (£)
The 2019 Award is subject to share price performance as compared to 32p per share, measured across the twenty-day volume weighted average price of the Company's ordinary shares in the twenty days following the third anniversary from today, being the date of grant. 25% of the 2019 Award will vest if the twenty-day volume weighted share price shows 12.5% compound growth across 3 years, increasing on a straight-line basis such that the full 2019 Award will vest if the twenty-day volume weighted share price shows 25% compound growth across 3 years (the "Performance Conditions"). The share price baseline of 32p reflects the Company's share price in the period following the announcement of its 2019 interim results in May 2019.
The 2019 Award is subject to an additional performance condition that a cumulative annual growth rate in revenues of 10% is achieved by revenues over the three financial years to 30 September 2022. 50% of the 2019 Award will vest after 3 years from the date of award, with the remaining 50% of the 2019 Award vesting after 4 years, each subject to the Performance Conditions being met. The Award is subject to continued employment, malus and clawback provisions.
The Company also confirms that the conditions associated with LTIP awards issued on 13 June 2018 have been adjusted to align with those associated with today's 2019 Award by:
i) Removing the minimum floor price of 50p per Ordinary Share before any award can vest.
ii) Aligning the vesting and holding periods to that of the 2019 Award as outlined above.
The Company consulted its major shareholders on the new awards and the changes to the 2018 awards in advance of making these awards.
For further information please contact:
+44 (0) 20 3763 7498
Giulio Cerroni, Chief Executive Officer
Grant Nash, Chief Financial Officer
Cenkos Securities PLC (Nominated adviser and sole broker)
IXICO's mission is to advance medicine and human health in neuroscience and rare diseases by turning data into clinically meaningful information, providing valuable new insights. We achieve this by developing, validating and deploying novel Artificial Intelligence (AI) technology in clinical trials to improve the success and efficiency of the development pathway in Precision Medicine.
Our goal is to be a leading proponent in the use of AI in clinical development, to improve biopharma ROI and R&D productivity through the adoption of breakthrough data analytics in precision medicine. Through the deployment of novel AI algorithms, we analyse and interpret brain scans and digital biosensor data to enable better trial design, patient selection and clinical outcomes across all phases of clinical evaluation. Our data analytics services are deployed on some of the most important clinical trials in neuroscience and rare diseases today, providing detailed insights to disease progression and patient safety, enabling our clients to make better informed decisions earlier in the clinical development pathway.
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