Trading Update

RNS Number : 1982S

Cambridge Cognition Holdings PLC

16 March 2016

 

Cambridge Cognition Holdings Plc

('Cambridge Cognition' or the 'Company')

Trading Update

Cambridge Cognition Holdings plc, (AIM: COG), the specialist developer of computerised tests for detection and monitoring of neuropsychological disorders, announces a trading update.

In November 2015 the Company announced that it expected to end the financial year to 31^st December 2015 by announcing three new major pharmaceutical clinical trial contracts totaling US$4.5m with upfront payments and revenues to be recognised through to 2017.  During 2015 the Company secured an increased number of clinical trial contracts in both the pharmaceutical and academic businesses whilst also making an increased investment in sales and marketing operations.

The pharmaceutical partner for one of the three large studies announced in November has informed the Company of delays in initiating the planned clinical study due to regulatory reviews.  This has resulted in the trial initiation revenue for this study shifting from 2015 to 2016. 

In addition, the Company incurred one-off costs in late 2015 related to the potential expansion of the healthcare technology platform.

The impact of the above is that the loss incurred in 2015 is now expected to be approximately £0.6m, before the exceptional costs of £0.2m.  The preliminary results for the year will be released towards the end of April 2016.

Commenting on the announcement Steven Powell, Chief Executive Officer, said:  "Despite not quite meeting earnings expectations for 2015, 2016 has got off to a good start with an encouraging sales pipeline.  This reflects our revised strategy and renewed focus on accelerating software revenues through our pharmaceutical and academic businesses and commercialising our healthcare technologies through partnerships.  We look forward to announcing further progress with our results in April."

Enquiries:

Cambridge Cognition Holdings plc	www.cambridgecognition.com
Steven Powell, Chief Executive Officer	Tel: [phone]
Nick Walters, Chief Financial Officer
finnCap Ltd (Nomad and Broker)	Tel: [phone]
Geoff Nash/Simon Hicks		(Corporate Finance)
Malar Velaigam	(Corporate Broking)

About Cambridge Cognition

Cambridge Cognition is a world leading provider of computerised cognitive assessment products. The company's range of touch-screen CANTAB™ neuropsychological tests, highly validated over one thousand peer-reviewed publications, are used by both academic  scientists  in their research, and clinical researchers in the pharmaceutical industry, to maximise knowledge of cognitive function.  In addition, the company is committed to broadening the access to this technology and is developing clinical healthcare products to improve the monitoring, management and maintenance of cognitive health and wellbeing.  Using these assessments, clinicians can identify and stratify patients so that patient referrals are accurate and efficient, enabling health and social care providers to deliver more effective advice, treatments and care - leading to better outcomes for patients and their families. 

 

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