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IXICO says it remains on target despite Alzheimer's study setback

The company is on track to meet market expectations, which means revenues are likely to grow by double digits
scientist at microscope
An unnamed client has stopped screening patients in the phase II/III study

IXICO Plc (LON:IXI) said an unnamed pharmaceutical client has stopped screening a phase II/III Alzheimer's Disease trial in which its specialist imaging services were being used.

Last September the US$7.7mln contract was extended to 2024. A total of US$2mln in payments have been recognised in the last two years.  

IXICO said the client's decision to stop the study was not related in anyway to its own performance.  

On track to meet expectations

It added that it remains on track to meet market expectations for the current financial year by generating double-digit revenue growth with turnover set to exceed of US$6mln (£4.5mln).

Investors were also told IXICO has a strong order book, a broad pipeline of opportunities and "commercial momentum which will support the continued growth of the business beyond the current financial year".

Chief executive Giulio Cerroni added: "We continue to provide our analytical services for subjects already enrolled on this clinical trial. We are also working closely with our client to plan patient follow up and data analysis activities as the study is closed down. 

"Whilst it is disappointing that this project will not continue for the full contract term, our broad neurological focus, order book and pipeline mitigates such challenges that can arise in our client's clinical development programmes."

 

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