IXICO's Financial Results for 2014
IXICO plc (Ticker: IXI) ("IXICO" or the "Company"), the brain health company, today announces its final results for the sixteen month period ended 30 September 2014.
During the period IXICO became a public company and continued its evolution in the emerging and fast moving digital healthcare market with a focus on brain health
Contracts signed with four significant new customers in a range of disease indications
o IXICO has now been awarded contracts by nine of the top 15 global pharmaceutical companies
New opportunities in Huntington's disease specialisation
o IXICO was awarded contracts for two separate clinical trials in Huntington's disease with two top 15 pharmaceutical companies
o In November 2014, these two contracts were extended and significantly increased
o Good sales pipeline of further opportunities in Huntington's disease
International commercial alliance with VirtualScopics Inc. signed in July enhances IXICO's ability to provide clinical trial industry with global operational capabilities
o Joint office opened in New Hope Pennsylvania, close to pharmaceutical customers
o In December 2014 the alliance was awarded its first joint project by a global top 15 pharmaceutical company
IXICO selected as industry partner in Dementias Platform UK
o In June 2014 IXICO appointed as imaging partner and one of only six industry partners within DPUK, a public-private partnership to accelerate progress in research into various dementias
o New opportunities already identified for further collaboration with pharmaceutical companies
Significant investment in digital health
o IXICO's digital health technology now encompasses three linked and complementary product platforms
o Significant levels of interest from pharmaceutical companies in using Assessa® for patient selection
o Implementation of TrialTracker™ by VirtualScopics
o IXICO was awarded funding to develop digital health application MyBrainBook, designed to support dementia patients post-diagnosis
Financial performance in line with market and board expectations
o Reported revenues of £3.4 million from services to pharmaceutical customers and other income of £0.9million from grants and RDEC
o As planned, losses after tax and non-recurring administrative expenses increased to £2.3 million due to investments in infrastructure and headcount
o Total cash and cash equivalents of £3.3 million as at 30 September 2014
Derek Hill, IXICO's CEO said:
"I am delighted to report a transformational sixteen month period for IXICO in which its shares became publicly listed and we continued our evolution in the emerging and fast moving digital healthcare market with a focus on brain health.
We are seeing growth in our order book for our clinical trials services business and the potential for more strategic partnerships with pharmaceutical companies using our digital technology platform. Our technologies under development are focused on the opportunity to improve the care of patients by supporting faster and more accurate diagnosis and, critically, the post-diagnosis management of those patients.
We are also evaluating accretive technologies and business services which together with the development of existing and new business initiatives will create shareholder value and we remain excited about the future prospects for the Company."
IXICO, the brain health company, uses its innovative and proprietary digital platform technologies to help those involved in researching and treating serious diseases to make rapid decisions and improve patient outcomes. Established since 2004, IXICO has significant experience in working with global pharmaceutical and biotechnology companies in dementia clinical studies and other neuro-degenerative disorders including Huntington's disease and Multiple Sclerosis.
More information is available on www.ixico.com
Derek Hill, CEO
Susan Lowther, CFO
Charles Spicer, VP Corporate Development
+44 20 3763 7499
Peel Hunt LLP (Nominated Adviser and Broker)
+44 20 7418 8900
Daniel Stewart & Company (Joint Broker)
+44 20 7776 6550
FTI Consulting Limited (Investor and Public Relations)
+44 20 3727 1000
For more information and to view the full press release please download the attached PDF. To view the full 2014 Annual Report please click here.