Digital neuroscience company Cambridge Cognition Holdings PLC (LON:COG) was one of the day’s top risers on the back of a contract win and funding award.
The £25mln-valued company bagged a new contract worth £2.3mln for a multinational phase IV clinical study with a leading pharmaceutical company.
Cambridge Cognition said the contract would have a material impact on its revenues in 2018 and 2019.
Meanwhile, the company has received a digital health catalyst grant from Innovate UK to fund a pioneering new programme to develop a non-invasive digital biomarker to better predict people who will benefit from a new type of personalised medication in schizophrenia.
In developing a new digital biomarker, the company aims to demonstrate the ability to identify schizophrenia patients who will benefit from personalised medicines targeting a particular aspect of brain function and find people in the general population who are at risk, in order to help prevent schizophrenia cases in future.
“We are delighted to have been awarded this substantial clinical contract by our pharmaceutical partner to work with them to deliver this new study and we expect it to benefit our future revenues significantly,” said Dr Steven Powell, the chief executive officer of Cambridge Cognition.
“We are also delighted to be awarded the Innovate UK grant which will enable us to work even closer with our partners in the pharmaceutical industry to enhance their drug development pipelines and provide first in class personalised medicines for major health conditions like schizophrenia," he added.
Shares in Cambridge Cognition were up 20% at 119.95p.