Cambridge Cognition Holdings PLC (LON:COG) announced it won a £1mln contract to carry out cognitive assessments at a late phase cancer trial.
The brain health solutions developer said it is the second contract for a top ten pharmaceutical company with a strong pipeline of oncology products, which will implement the AIM-listed firm’s CANTAB technology across all 150 trial sites.
Oncology is the leading therapeutic area for drug development and accounted for nearly a third of clinical trials in 2020.
Cancer survival has doubled in the last 40 years in the UK and, with patients now living longer, there is a greater focus on limiting potentially detrimental long-term side effects of both diagnosis and treatment.
One key area is cognitive impairment, for which deficits have been reported in 90% of patients with brain tumours and an estimated 30% of patients following chemotherapy.
Cognitive decline associated with cancer most notably affects attention, memory, and executive function.
The revenue from the contract is expected to be recognised over the next six years.
“This pharmaceutical client has a long-standing commitment to improving outcomes for cancer patients and we are delighted to be supporting their efforts,” said chief executive Matthew Stork in a release.
“We expect that this could become a considerable growth area for Cambridge Cognition in the future."
Shares rose 6% to 174.99p on Friday morning.