IXICO sales and orders rise despite COVID-19 disruption

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IXICO PLC (LON:IXI) said revenues grew by 8% over the past six months while its order book had risen to £19mln in spite of disruption caused by COVID-19.

The neuroscience-focused AI company said revenues will be £4.9mln for the half-year to 31 March 2021 (2020: £4.6mln), while it signed £9.4mln (2020: £4.0m) of contracts during the period.

One of its major customers recently cancelled a phase III trial into a treatment for Huntington’s Disease after disappointing results, but IXICO said that revised protocol indicates the impact will be slightly less than originally thought.

A total of £7.1mln has been removed from its order book through to 2024 instead of the £7.7mln originally indicated in March. 

Giulio Cerroni, CEO of IXICO, said: “Considering the delays experienced in the past year to new trial start-ups (other than COVID-19 trials), we are particularly pleased with the increasing pace of new contract wins, combined with continued top-line growth reported for the first half of 2021.

“The resulting strong book to bill ratio for the period reflects both the resilience of our operating model and… the significant market opportunity, he added.

 “The news in March that our largest client was no longer dosing patients in their late-stage HD trials was devastating for patients suffering with HD and the global HD research community.

“We must acknowledge that clinical trials do unfortunately fail as part of the clinical development process.”

IXICO added it has a cash balance of 7mln at end-March.

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