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Cambridge Cognition expects 'significant' revenue from new contract
Cambridge Cognition has been awarded a major pharmaceutical clinical trial contract and a digital health catalyst grant from Innovate UK, collectively bringing a further £2.3m to the digital neuroscience company.
The new clinical trial contract, originally expected in the last quarter of 2017, was seen as "significant contract" win for Cambridge Cognition. The multi-nation phase four clinical study is with an unnamed "leading pharmaceutical company" and is set to make a "material impact" on the company's 2018 and 2019 revenues.
Cambridge Cognition will deliver the study's cognitive assessments, patient-reported outcomes and clinician-reported outcomes to its client via its CANTAB Connect cloud software.
Separately, the Innovate UK grant will be used by Cambridge Cognition to fund a "pioneering new programme to develop a non-invasive digital biomarker to better predict who will benefit from a new type of personalised medication in schizophrenia."
In developing a new digital biomarker, the Cambridge Cognition aims to demonstrate the ability to identify schizophrenia patients who will benefit from personalised medicines targeting a particular aspect of brain function and find people in the general population who are at risk, in order to help prevent schizophrenia cases in future.
Schizophrenia affects more than 21m people worldwide and is associated with health and societal costs in the vicinity of £12bn per year in the UK and $60bn per year in the US.
Chief executive officer Dr Steven Powell said the grant will enable the company to "work even closer with our partners in the pharmaceutical industry to enhance their drug development pipelines and provide first in class personalised medicines" and that the clinical contract was expected to benefit future revenues "significantly".
As of 0850 GMT, shares had gained 16.40% to 116.40p.