IXICO PLC (LON:IXI), the data analytics company delivering insights in neuroscience, saw its shares rise on Thursday after the firm said it has secured new contracts in Huntington's disease clinical trials.
The contracts include retrospective analysis of data sets for three Natural History Studies in Huntington's disease with a new large pharma customer and a multicentre, open-label Phase II study in Huntington's disease with an existing large pharma customer.
READ: IXICO sees full-year underlying earnings more than double in fourth consecutive year of strong top-line growth
Whilst these contracts to support Huntington's disease clinical trials are not to the same scale as the £10.5mln contract announced in April 2020, the additional contracts reflect the strong position IXICO has as a trusted neuroscience technology partner in this area, the group said.
These contracts do not have significant impact on management's expectations of performance for the year, it added, but contribute to the company's strong order book. In addition to this, these contracts are for early-stage clinical trials and, as already demonstrated, IXICO noted it has a strong track record of following clinical assets through to phase III where the contracts generate greater revenues.
In a statement, Giulio Cerroni, chief executive officer of IXICO, commented: "Huntington's disease is a devastating rare neurological condition with unmet medical needs. IXICO has worked on several HD clinical studies since 2007 and is pleased to build further momentum in our mission to support our clients in delivering data analytics in these challenging areas of rare, neurodegenerative disease.
"Our services will enable clients to measure the impact of the trialled drugs with greater confidence and potentially unlock new insights into disease progression and drug development ."
In a note to clients, analysts at Shore Capital reiterated a 'buy' rating on the stock, saying: "We see this morning’s update as further encouraging evidence in the momentum of commercial wins at IXICO, and continue to view IXICO’s underlying data analytics platform as truly differentiated.
"The focus on commercialisation profitability by CEO Giulio Cerroni continues to deliver meaningful growth for the business and investors."
In morning trading, IXICO shares were 5.7% higher at 102.50p.
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