IXICO PLC (LON:IXI) shares soared higher on Tuesday on news the firm has inked a contract with a top 10 pharmaceutical company to provide imagining services for a Pivotal Phase III clinical trial into Huntington’s disease.
The contract, which is to be delivered over four years and carries a value of £9.1mln, extends the company's relationship with an existing client and is its fourth new contract relating to Huntington’s disease in the current financial year.
Ixico also expanded its contract with another biopharmaceutical company last month to €1.3mln, which focused on the treatment of another neurodegenerative disease, Alzheimer’s.
Giulio Cerroni, chief executive of IXICO, said the new award, combined with the company’s other contract wins and extensions this year, provided a “strong foundation” for future growth, adding that Huntington’s was an area of “significant unmet medical need” as there are currently no effective marketed treatments.
In mid-morning trading, IXICO was the second biggest London market gainer board, with its shares up 29.1% at 35.50p.
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