Cambridge Cognition Holdings PLC (AIM:COG) shares gained around 8% on Thursday after it told investors it has been awarded two Phase 3 clinical trial contracts by a major pharmaceutical company.
The AIM-quoted company, which has developed ‘brain health’ software that supports clinical research, said the studies in these new contracts are focused on adolescents with Major Depressive Disorder.
Together the contracts will be worth £1.2 million. They will see Cambridge Cognition's digital cognitive and speech analytics platform used to enhance data precision and reduce participant burden, it added.
"This strategically important contract win highlights the value of our integrated speech and cognitive platform that not only delivers robust and reliable results for the pharmaceutical company but also reduces trial costs and patient burden,” chief operating officer Rob Baker said.
Baker added: “we see significant future demand for our unique platform, and we remain confident in our ambitions to significantly grow sales in the high-impact, late-stage CNS trials market over the coming years."
One trail is slated to run until 2027 whilst the other is scheduled through to 2029.
Up 3p or 8.3% to 39p on AIM, Cambridge Cognition has a market value of just over £15.2 million.