Clinical trial services group IXICO Plc (LON:IXI) expects to beat trading expectations this year after a strong order tailwind at the end of the period. Revenues in the year to September will be about 20% higher that a year ago at £3.7mln (£3.1mln), while underlying profits [EBITDA] and operating losses will both be better than predicted.
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IXICO's imaging technology, which assists doctors to assess brain-related disorders, has been used in a number of clinical trials across a broad range of neurodegenerative diseases such as Alzheimer's, Parkinson's, PSP and Huntington's. Three new contracts were signed in September, including a first wearables contract for a phase II clinical trial and two new contracts in Huntington's Disease. An Alzheimer's Disease clinical trial was announced in July. Revenue in the year also reflected an expansion and extension of the Assessa PML platform pilot with Biogen to include pharmacovigilance reporting or the monitoring of drugs for unexpected adverse reactions.
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The wearables contract signed recently meanwhile was a pioneering agreement for digital biosensor technologies in clinical trials and represents an exciting new area of growth said IXICO. Total income for the year including grants increased to £4.3mln (2016:£3.8mln). Net cash at the year end was £2.4 mln.