Ixico full-year income in line with expectations

Brain health company Ixico reported revenues for the year of £3.1m and other income at £1m, in line with market expectations and giving a total combined income of £4.1m.

This was down from £4.3m for the 16-month period to 30 September 2014.

In a pre-close trading update ahead of preliminary results for the year ended 30 September, the company said revenues in the year were achieved in the clinical trials business, including new contract in Huntington’s Disease, together with initial revenue from the company’s proprietary digital healthcare platform.

Ixico said operating expenses have been tightly controlled which has contributed towards a net cash figure at 30 September of £1.92m, which is ahead of market expectations and reflects a modest reduction from the net cash figure of £1.95m at 31 March 2015.

The company said it was confident it will meet current market expectations thanks to a material expected contribution from a strategic collaboration with a pharmaceutical company to develop and pilot an adapted version of Assessa, which is digital healthcare platform for the clinical management of multiple sclerosis.

Ixico said that the collaboration, along with the Phase II global clinical study in neurodegenerative disease announced in August 2015, underpins its confidence.

At 1240 BST, Ixico shares were up 1.4% at 32.96p.