Cambridge Cognition Holdings PLC (AIM:COG) told investors it has secured two contracts totalling £2.1mln to provide its CANTAB cognitive assessments and electronic Clinical Outcome Assessments (eCOA) for two pivotal trials involving patients with rare diseases.
The contracts, awarded by a new customer, are expected to generate revenues over the next five years, the company said in a stock market statement.
It said the trials will allow it to gain further insights into the use of digital cognitive assessments and eCOA solutions in rare disease trials and their effectiveness in long-term studies.
"Over the past five years, we have developed a unique offering for clinical trials of leading cognitive assessments (CANTAB) and electronic questionnaires (eCOA) in a single, easy-to-use platform,” said chief executive Matthew Stork.
“This, combined with our reputation for outstanding customer service and cutting-edge science, has enabled us to secure two large contracts with a new customer.
“These contracts will strengthen our presence in the rare disease field and showcase how our cognitive assessments can be used effectively in the development of symptom modifying treatments."
Cambridge Cognition’s proprietary cognitive assessments (CANTAB) are sensitive to the specific neural pathways impacted by disorders and improved by therapeutics, the company’s literature explains, which it says makes its solutions invaluable to pharmaceutical firms developing new drugs for rare diseases that could enhance patients' cognitive function.
The company says it provides a seamless experience for patients and trial sites by combining eCOA and cognitive assessments in a single, user-friendly platform.
In London, Cambridge Cognition shares advanced 5.4p or 5.6% in Wednesday morning’s deals to trade at 101.9p, valuing the company at over £35mln.