Cambridge Cognition FY losses widen; raises £1.3m in placing

Full year pre-tax losses at Medical test maker Cambridge Cognition Holdings widened to £0.87m from £0.29m as it said it had raised £1.3m in a share placing.

Cambridge specialises in development and marketing of computerised neuropsychological tests including those enabling the early detection of dementia.

The company said it intended to use the proceeds of the placing to invest in expanding sales infrastructure to accelerate sales growth in cash generative businesses, commercialising healthcare products and advancing regulatory approvals.

Revenues slipped to £5.04m from £5.80m.

“The achievements of 2015, in particular the new joint venture arrangements and the expansion of the group's intellectual property estate, are a solid platform for future growth,” the company said.

It added that 2016 had started well with a strong order book and improved sales pipeline.

“We also start the year with an enlarged commercial team in place unlike the prior year. As we look ahead, we have a renewed focus on accelerating revenue growth in both the academic research and pharmaceutical clinical trials businesses.”

“This will be achieved by investing further in commercial infrastructure and deploying online testing for clinical trials recruitment and wearable technology for 24 hour patient assessment in conjunction with pharmaceutical partners.”