IXICO plc Trading Statement (0775U)
October 19 2017 - 4:14AM
UK Regulatory
TIDMIXI
RNS Number : 0775U
IXICO plc
19 October 2017
19 October 2017
IXICO plc
("IXICO" or the "Company")
Pre-Close Trading Update
Double-digit revenue growth
Three new contracts signed in September, including first
wearables contract
IXICO plc (AIM: IXI), the digital technologies company serving
neuroscience, today provides the following pre-close trading update
ahead of its preliminary results for the year ended 30 September
2017.
The Company is pleased to report revenue for the year of GBP3.7
million (2016: GBP3.1 million). The GBP0.6 million increase, or
c.20% growth over the prior year, reflects traction in the
Company's commercially led organic growth strategy focused on the
global biopharma market. As a result the Company expects to be
ahead of expectations for EBITDA and operating losses for the
current financial year.
This strong performance highlights the increasing adoption by
global biopharma of IXICO's technology enabled specialty services
for clinical trials in a broad range of neurodegenerative diseases
such as Alzheimer's Disease, Parkinson's Disease, PSP and
Huntington's Disease. New multi-year contracts signed in the year
include an Alzheimer's Disease clinical trial announced in July and
two new contracts in Huntington's Disease announced in September.
These new agreements, combined with existing projects, further
strengthen the Company's order book and provide a foundation of
future revenue over the multi-year term of each clinical trial.
Revenue in the year also reflected an expansion and extension of
the commercial collaboration pilot of the Assessa(R) PML platform
with Biogen to include pharmacovigilance reporting (monitoring the
effects of medical drugs in order to identify and evaluate
previously unreported adverse reactions). Work on this pilot will
continue in the financial year ahead.
Reflecting previous development investments in innovation, the
Company announced on 29 September that it had signed its first
commercial agreement to deploy new wearable and advanced algorithm
analytics in a Phase II clinical trial. This places IXICO at the
forefront of biopharma's adoption of digital biosensor technologies
in clinical trials and represents an exciting new area of
growth.
Other income of GBP0.6 million (2016: GBP0.7 million) reflected
lower grant income of GBP0.5 million (2016: GBP0.6 million) as
resources were focused on customer projects. Total income increased
to GBP4.3 million (2016: GBP3.8 million).
Net cash at 30 September 2017 was GBP2.4 million (2016: GBP3.1
million) which was a modest reduction from the net cash figure of
GBP2.8 million at 31 March 2017. Second half cash flows included
grant reimbursement and R&D tax credits.
The Company anticipates that its preliminary results to 30
September 2017 will be announced in December 2017.
For further information please contact:
IXICO plc
Giulio Cerroni, Chief Executive Tel: +44 20
Officer 3763 7499
Susan Lowther, Chief Financial Officer
Shore Capital (Nomad and Broker) Tel: +44 20
Edward Mansfield/Anita Ghanekar 7408 4090
FTI Consulting Limited (Investor Tel: +44 20
Relations) 3727 1000
Simon Conway/Mo Noonan
About IXICO
IXICO is the digital technologies company serving neuroscience.
Our mission is to transform the pursuit of improving brain health
through the application of digital technologies to neuroscience.
IXICO's specialist data analytics services are used by the global
pharmaceutical industry to select participants for clinical trials,
assess the safety and efficacy of new drugs in development and in
post marketing surveillance. Our neurological disease focus
includes Alzheimer's disease, Huntington's disease, Multiple
Sclerosis, Parkinson's disease and our integrated digital platform
encompasses the entire drug development lifecycle. It is a scalable
and secure infrastructure for the capture and analysis of
regulatory compliant clinical data to enable sponsors to make
rapid, better informed decisions. IXICO is also collaborating with
partners to develop new companion digital health products targeted
at improving patient outcomes.
More information is available on www.IXICO.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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October 19, 2017 05:14 ET (09:14 GMT)
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