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Cambridge Cognition's move to the cloud hits 2015 numbers

Published: 08:39 25 Apr 2016 BST

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The firm makes computer tests to detect neuropsycological disorders like dementia

Shares in health testing group Cambridge Cognition Holdings PLC (LON: COG) eased as it reported a widened loss for 2015 and a discounted share placing to raise £1.25mln to advance the business.

The firm makes computer tests to detect neuropsycological disorders like dementia and said numbers were largely hit by the migration of its software products onto the Cloud.

Customers need no longer buy a touch screen computer from the firm as it can be downloaded onto their own tablets.

Therefore, hardware revenues reduced by £0.75mln to £0.33mln , compared to revenue of £1.08mln in 2014. Total group revenue was £5.04mln, down from £5.8mln a year earlier.

The loss before tax was £867,000 compared to a loss of £295,000 a year earlier.

Steven Powell, chief executive, said the year gone had seen significant change, with an unforced change of management.

"In 2016 we intend to accelerate revenue growth in both the academic research and pharmaceutical clinical trials business by investing further in commercial infrastructure and introducing new products and services in conjunction with pharmaceutical partners," he said.

"With growing revenues and increased adoption of our products in our core markets, we will then turn to promoting our new, point of care technologies in the broader healthcare markets."

Money from the placing will be used for investment, including in sales infrastructure and adding corporate partners to access growing private and occupational health markets, and to advance FDA and CE approvals.

The cash call was oversubscribed and saw the firm issue over 3.3mln shares at 37p - a 9.75% discount on yesterday's close.

Cambridge shares were down 4.88% to 39p at the time of writing.

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