IXICO PLC (LSE:IXI, OTC:PHYOF, FRA:PYPB), a specialist in neuroscience imaging and biomarker analytics for clinical drug trials, said it expects to deliver at least 15% revenue growth for the full year as it advances plans to open new income streams from its AI-driven platform.
Chief executive Bram Goorden said a £10 million capital raise completed in April would allow the company to accelerate a "TechBio" strategy focused on integrating its IXI platform with third-party clinical trial systems and healthcare providers, stressing the funds were not needed to sustain current operations.
The company reported interim results for the six months to 31 March, showing revenue up 23% to £3.9 million, driven by new contract wins, extensions and a higher volume of biomarker analyses.
The order book, representing signed but undelivered contracts, grew 38% year on year to £18.1 million, up from £13.1 million, providing strong visibility over future revenues.
Gross margin improved to 53% from 50%, while the EBITDA loss narrowed to £0.5 million from £0.7 million as increased revenues began to offset investment in the company's growth strategy.
A significant commercial milestone came with the signing of a partnership with Medidata, a Dassault Systèmes subsidiary whose clinical trials technology platform is used in 80% of FDA novel drug approvals, with IXICO's platform set to augment its capabilities.
The company also expanded its operational imaging support into the US and Asia time zones, appointed Tanya Voloshen as US-based chief commercial officer, and won projects across new therapeutic areas, including rare central nervous system disorders.
IXICO's technology roadmap progressed with advances in Alzheimer's and Parkinson's disease biomarkers, while the latest version of its platform was deployed after the period end, increasing data upload and analysis speeds.
Cash stood at £1.7 million at the half-year, down from £5 million a year earlier, before the post-period placing raised a further £9.4 million net of fees.
In the second half, the company plans to adapt the IXI platform for integration with third-party systems while expanding commercial partnership resources, alongside continued investment in biomarker innovation.
CEO Goorden said the first half had validated the strategic direction set since his arrival and that IXICO was now in a "more stable and resilient position" to deliver sustainable value.