Huntington's disease Phase III contract updates

RNS Number : 2305T

IXICO plc

23 March 2021

 

IXICO plc

("IXICO" or the "Company")

Huntington's disease Phase III contract updates

IXICO plc (AIM: IXI), the data analytics company delivering insights in neuroscience, announces that its largest pharma customer has communicated that it will stop dosing participants in its phase III trial and open-label extension studies in Huntington's disease following a pre-planned review of the data.

Revenues relating to these trials are a material component of IXICO's contracted revenues across the current financial year and future financial years to 2024 and as a result there is a likelihood that the customer's decision will negatively impact IXICO's financial performance across this period.

IXICO is seeking clarification from its customer as to which of the services provided by IXICO to these trials will be affected, and which will continue unaffected, as a result of this announcement. While the Board considers it unlikely that there would be no further work under the contract, the maximum impact on revenues would be c.£2.7m for the remaining period of FY21 and c.£5m in FY22.

Excluding all potential revenues from this trial, IXICO still maintains a strong contracted order book totalling over  12m in addition to the Company's pipeline of opportunities.

As a result, and until the Board of IXICO has further information as to the impact of this customer decision, the Board is not able to provide certainty around its expected revenue for the period. As soon as the Board of IXICO has this further information it will update the market.

The customer's decision results from an independent committee's review of the therapy's potential benefit/risk profile for study participants. The customer intends to continue following participants for safety and clinical outcomes and IXICO will partner with it to support the ongoing trial in whatever way it can.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR)

For further information please contact:

IXICO plc			[phone]
Giulio Cerroni, Chief Executive Officer Grant Nash, Chief Financial Officer
Cenkos Securities PLC (Nominated adviser and sole broker)				[phone]
Giles Balleny / Max Gould (Corporate Finance)
Michael F Johnson / Russell Kerr (Sales)
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus / Lianne Cawthorne /		Mob: [phone] /
Alice Woodings		07407 804 654

About IXICO

IXICO is dedicated to delivering insights in neuroscience. Our mission is to transform the progression of our biopharmaceutical clients' neurological therapeutic pipelines through the application of novel imaging and digital biomarkers.

IXICO's data analytics services are used by the global biopharmaceutical industry to interpret data from brain scans and digital biosensors to enable better trial design, site qualification, patient selection and clinical outcomes. We provide technology-enabled services across all phases of clinical evaluation. Our integrated digital platform provides a scalable and secure infrastructure for the capture and analysis of regulatory compliant clinical data to enable clients to make rapid, better informed decisions. IXICO is also collaborating with partners to develop new analytical techniques and companion digital health products targeted at improving patient outcomes.

More information is available on www.IXICO.com

 

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