The AIM-listed company, which uses artificial intelligence to enhance brain scans and help pharma companies treat illnesses such as Alzheimer’s, says it has signed a start-up agreement with a new client, valued initially at £400,000, for a multi-study into Progressive Supranuclear Palsy, an uncommon brain disorder that causes problems with walking, balance and eye movements.
The study will take place over 12 months but is expected to lead to a “larger programme of work” in early 2020.
Another new contract with a US biotech firm, lasting two years and valued at £450,000, has also been agreed for IXICO providing imaging analytics to support a phase IV trial exploring a new application for a mental health drug.
The company has also expanded a study with an existing customer to add a significant cohort of patients in China, which is expected to earn the group £350,000.
Meanwhile, IXICO has appointed Lammert Albers as CBO to execute its global business development strategy, particularly driving growth in the North American and Asian markets.
Albers, who joined IXICO from brain health firm Cogstate, has 20 years of commercial experience in clinical research organisations, as well as expertise in the market for Alzheimer’s trials.
Giulio Cerroni, IXICO’s chief executive, said the new contracts demonstrated the company’s “core technology and ability to unlock insights on a broad range of neurological disorders and across the full spectrum of clinical development”.
He added that Lammert had a “strong record of delivering revenue growth” and would provide “deep knowledge of the global [central nervous system] clinical trials market”.
Analysts at Shore Capital said the contract wins were “very encouraging” and demonstrated IXICO’s ability to “secure both new client wins and derive further value from existing client contracts”.
“In addition, the use of IXICO’s technology in a Phase IV trial demonstrates the utility of the company’s technology across all phases of drug development, which we see as particularly relevant in this example given real world data will become increasingly important in drug development”, they added.
The broker also said that following the company’s trading update on 15 October, which highlighted 40% revenue growth for its 2019 financial year, the announcement was “further evidence of robust, ongoing momentum”.
IXICO’s shares were 3.8% higher at 72.2p in early deals on Monday.
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