5th Jun 2014 09:34
LONDON (Alliance News) - Cambridge Cognition Holdings PLC said Thursday that it has signed a contract for a global multi-year study in which its Cantab Solutions technology will be used to assess the cognitive safety of a new medicine under development for cardiovascular disease.
The contract is with an unnamed biopharmaceutical company, and is worth GBP1.6 million to Cambridge Cognition, with GBP0.8 million revenue expected to be recognised in the 2014 financial year, said the firm.
Cambridge Cognition specialises in computerised neuropsychological tests including those enabling the early detection of dementia.
"From the perspective of our pharmaceutical and biotech clients, they can use our Cantab Solutions technology, to provide an objective and scientifically rigorous measurement of the cognitive properties of investigational drugs rapidly and at scale in a cost-efficient manner. These assessments are increasingly a routine component of drug development programmes both in CNS conditions but also in other disorder groups such as cardiovascular, metabolic and oncology, where the cognitive safety of these key drugs are paramount," said Cambridge's Chief Executive, Nick Kerton.
Looking ahead, the value of the contract has given the directors confidence in achieving full-year expectations, said Cambridge Cognition.
Shares in the company were trading 6.40% higher at 66.497 pence per share Thursday morning.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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