IXICO's Financial Results for 2015
IXICO plc (AIM: IXI) (“IXICO” or the “Company”), the brain health company, today announces its final results for the year ended 30 September 2015.
- Long term contract award of Phase II/III global study in neurodegenerative disease
o Contract from leading global pharmaceutical company
o Highlights growing position in neuroscience clinical trial market
o Expected to run over at least seven years with a revenue value of c. $1 million per year
o Utilising TrialTracker™ and Assessa® digital technology platforms
- Huntington’s disease is a growing specialism
o Two existing contracts significantly expanded to c.£2.5 million
o Third contract awarded in April 2015
- VirtualScopics Inc. alliance achieving commercial traction
o Two new contract awards in the year using TrialTrackerTM
o Implementation of TrialTracker™ into VirtualScopics platform completed
- Financial performance underpinned by strong revenue growth*
o Revenues increased in the year to £3.1 million
o Other income increased to £1.1 million (2014: £1.0 million) giving a combined total income of £4.2 million
o Loss after tax reduced to £1.2 million (2014: £2.3 million) and loss per share reduced to 7.9p/share (2014: 10.4p/share)
o Cash of £1.9 million at 30 September 2015
*2014 figures refer to the 16 months ended 30 September 2014
Post year end highlights
Strategic collaboration with a leading pharmaceutical company to develop and pilot Assessa® for the clinical management of Multiple Sclerosis
Acquisition of Optimal Medicine Limited and placing of £2.7m before expenses
Derek Hill, IXICO’s CEO, said:
"I am delighted to report growth in our clinical trials service business and excellent progress in developing strategic partnerships with pharmaceutical companies using our digital technology platform, generating new and larger contracts.
We believe that our digital technologies are aligned with the aims of healthcare providers and payors to improve patient outcomes and the pharmaceutical industry’s focus on demonstrating the broader health and pharmoeconomic benefit of its treatment.
Our experience of working in the regulatory environment in which a pharmaceutical company operates, combined with our relationships and products developed to support both clinical trials and clinical practice, represents a significant growth opportunity moving forward. The acquisition of Optimal Medicine is part of our strategy to be a leader in digital healthcare, to take initial steps into the US digital healthcare market, and is in line with the Company's stated strategy to broaden IXICO's product offering through acquisition.
We believe that the commercial opportunity for the enlarged group is gathering momentum that will take us forward in the year ahead. We will continue to work closely with our customers, collaborators and business partners to realise our vision and would like to thank them as well as all our staff, shareholders and advisers for their continued commitment, enthusiasm and support.”
IXICO also announces that its Annual Report has now been posted to shareholders and is also available online at www.ixico.com. Additionally, the Company announces that its AGM will be held on 29 January 2016. The AGM will take place from 09:30am at the offices of FTI Consulting, 200 Aldersgate Street, London EC1A 4HD.
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, informed decisions targeted at improving patient outcomes. IXICO has significant experience working with global pharmaceutical and biotechnology companies supporting clinical studies in the field of neuro-degenerative disorders including dementia, Alzheimer's disease, 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 (0) 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