IXICO plc Trading Statement (0775U)

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

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October 19, 2017 05:14 ET (09:14 GMT)