IXICO's Half Yearly Report to 31 March 2015

May 18, 2015
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IXICO plc (AIM: IXI), the brain health company, announces its unaudited interim results for the six months ended 31 March 2015.

Period Highlights

  • Extension of two clinical trials in Huntington’s Disease, valued at approximately £2.5m over three years

  • VirtualScopics alliance delivering commercial value

  • Won first joint project for top 15 pharmaceutical company
  • License of TrialTracker™ proprietary image data and query management platform
  • Partner in the European Prevention of Alzheimer’s dementia Initiative (EPAD)

  • Strengthened capabilities, technology and IP on healthcare data analytics

  • Financial performance underpinned by strong revenue growth of 36% to £1.6m

  • Total income (revenue plus other income) up 40% to £2.0m
  • Loss reduced by 58% to £0.6m despite increased investment in R&D; Loss per share 4.1p (2014 loss per share 10.5p)
  • Cash of £1.95m at 31 March 2015 with second half cash inflows to include committed grant funding

Post-Period Highlights

  • Third contract award in Huntington’s Disease within 12 months

  • Launch of the Project Cygnus digital platform to support patients with the diseases that cause dementia 

  • IXICO is the lead partner working alongside The Northern Health Science Alliance Network, several NHS Trusts in the North of England and MRC Technology
  • UK Government funded project to support accurate differential diagnosis of CNS diseases

 

Derek Hill, Chief Executive Officer of IXICO, said:

“We have delivered strong growth in our business and made good progress in executing important strategic developments during the period. Our digital technology platforms are opening up new, high value commercial opportunities with existing and new customers in dementia and increasingly, other diseases.  The marked top-line growth we have reported arises from both expansion of our clinical trials business and initial contracts from the pharmaceutical sector for our digital healthcare platform.  We expect to maintain this momentum and to grow our digital healthcare revenue moving forward.

We look forward to building on this progress to take IXICO into the next phase of its corporate development.  We continue to explore opportunities to build critical mass through further partnerships, product licencing and potential merger and acquisition activities.”  

Enquiries:

IXICO plc

Derek Hill, CEO

Susan Lowther, CFO

Charles Spicer, VP Corporate Development

+44 20 3763 7499

Peel Hunt LLP (Nominated Adviser and Broker)

James Steel

Clare Terlouw

+44 20 7418 8900

Daniel Stewart & Company (Joint Broker)

Martin Lampshire

David Coffman

+44 207 776 6550

FTI Consulting Limited (Investor Relations)

Simon Conway

Mo Noonan

Matthew Moss

+44 20 3727 1000

 

For more information and to view the full press release please download the attached PDF.