IXICO Plc (LON:IXI) has signed an extension to an existing agreement with a top 15 global pharmaceutical company to provide advanced imagining clinical trial services.
The AIM-listed brain disease researcher said the value of the contract had increased from US$1.2mln to US$1.95mln, with its duration extended from 2019 to early 2020.
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The company added that the contract, originally announced in October 2016, is for a Phase IIa clinical study of patients in the early stages of progressive supranuclear palsy (PSP), a rare neurodegenerative disease, to develop a first-in-class therapy that could prevent further degeneration.
IXICO is utilising its proprietary TrialTracker platform to collect and analyse MRI data from specialist imaging centres across Europe, North America and Asia.
The group said to date it has recognised US$0.3mln in revenue from the contract, with the extension reflecting an expansion of the work to be performed due to an increase in the number of trial participants, sites and countries that were not included in the original scope of work.
Giulio Cerroni, IXICO's chief executive, commented: "We have been working with this client since 2016 and are pleased to announce this project extension. This reflects our strategy to grow and expand our existing relationships with pharmaceutical clients industry and also demonstrates our capabilities in multi-centre clinical trials in rare neurodegenerative diseases."