13 March 2023
IXICO plc
("IXICO" or the
"Company")
Trading
Update
IXICO plc (AIM: IXI), the medical
imaging advanced analytics company delivering insights in
neuroscience, announces a trading update
for the year ending 30 September 2024 ('FY 2024').
Whilst the Company continues to make
good progress in growing its opportunities pipeline, the first half
of FY 2024 has been characterised by longer contracting cycles and
postponements of certain new contracts to later in the year and, in
some cases, into FY 2025. Delays to the anticipated project start
dates for these new contracts is likely to result in FY 2024
revenues of £5.2m - £5.9m, with an equivalent anticipated impact on
FY 2025.
The Company is pleased to report
that it has seen an increase of over 50% in both the overall
opportunities pipeline value and the number of individual
opportunities since the start of the financial year. The
additional opportunities relate to a wide range of
biopharmaceutical companies from biotech to large pharma. In line
with the Company's diversification strategy, this broadly doubles
the number of identified opportunities in the therapeutic areas of
Alzheimer's disease, Parkinson's disease and Multiple Sclerosis.
Whilst currently too early to forecast timing and resulting
revenues, this commercial traction provides potential upside to the
revised revenue outlook for FY2024 and beyond.
The Company has a strong balance
sheet with £2.8m of cash at 29 February 2024 and no
debt.
Giulio
Cerroni, Chief Executive Officer of IXICO, commented:
"Whilst
anticipating a challenging first half year of trading, we had
expected higher levels of new contract bookings, especially from
biotech sponsors, which have not yet materialised, primarily due to
client-led delays. Since the start of the financial year, we
have however seen a notable increase in the value and diversity of
our eighteen-month opportunities pipeline. This recent increase in
engagement across several large pharma and emerging biotech
sponsors interested in applying IXICO's AI analytics tools across a
broad range of CNS disorders, provides cause for optimism as we
look forwards."
This announcement contains inside information
as stipulated under the retained EU law version of the Market Abuse
Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018. The
information is disclosed in accordance with the Company's
obligations under Article 17 of the UK MAR.
For
further information please contact:
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IXICO plc
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+44 (0) 20 3763 7499
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Giulio Cerroni, Chief Executive
Officer
Grant Nash, Chief Financial
Officer
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Cavendish Capital Markets Limited (Nominated adviser and sole
broker)
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+44 (0) 20 7220 0500
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Giles Balleny / Dan Hodkinson
(Corporate Finance)
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Michael F Johnson / Tamar Cranford
Smith (Sales)
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About
IXICO
IXICO is dedicated to
delivering insights in neuroscience to help transform the
advancement of investigational therapies for neurological diseases,
such as Huntington's disease, Parkinson's disease and Alzheimer's
disease. The Company's purpose is to advance medicine and human
health by turning data into clinically meaningful information,
providing valuable new insights in neuroscience by supporting
pharmaceutical companies across all phases of CNS clinical
research. IXICO's goal is to be a leading advocate of
artificial intelligence in medical image analysis.
IXICO has developed and
deployed breakthrough data analytics, at scale, through its remote
access technology platform, to improve the return on investment in
drug development and reduce risk and uncertainty in clinical trials
for the Company's pharmaceutical clients.
More information is available
on www.IXICO.com and follow us on Twitter @IXICOnews