Cambridge Cognition inks multiple new contracts for virtual trials

Digital brain health products developer Cambridge Cognition has secured several new contracts to support pharmaceutical clients in delivering virtual clinical trials, including two contracts collectively worth over £1m.

Cambridge Cognition said on Wednesday that as efforts to curb Covid-19 transmission rates increase, the pharmaceutical industry has turned to delivering virtual clinical trials and expects that most of the cash from these new deals will be recognised the 2020 financial year.

"With pharmaceutical companies searching for options to continue trials outside of the clinic, the company has seen increased interest in virtual or part-virtual assessments since Covid-19 driven lockdowns began," said the firm.

The AIM-listed group noted that the first of the larger trials leveraged its digital health capabilities in a new clinical field, while the second was a Phase II study investigating the cognitive impact of a new drug for a neurodegenerative disorder.

Chief executive Matthew Stork said: "There is a great interest being shown in moving to virtual trials and we expect this to be a fast growth segment of the market for years to come, even once the Covid-19 crisis has eased.

"The combination of our technological solutions for virtual trials, our regulatory compliant platforms and experienced study management team have made us ideally placed to meet the evolving demands of the industry."

As of 1000 BST, Cambridge shares were up 6.12% at 26p.