REG - IXICO plc - Trading Update

IXICOAnnouncement

13/03/2024 07:00

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RNS Number : 5909G  IXICO plc  13 March 2024

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:

 

 IXICO plc                                                                               +44 (0) 20 3763 7499
 Giulio Cerroni, Chief Executive Officer

 Grant Nash, Chief Financial Officer

 Cavendish Capital Markets Limited (Nominated adviser and sole broker)                   +44 (0) 20 7220 0500
 Giles Balleny / Dan Hodkinson (Corporate Finance)
 Michael F Johnson / Tamar Cranford Smith (Sales)

 

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 (http://www.IXICO.com) and
follow us on Twitter @IXICOnews

 

 

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