Shares in AIM-listed medical tech company IXICO (IXI) shot up this morning after the company signed a contract with a top 10 global pharma firm.
IXICO has secured a contract to provide its technology-enabled imaging services in support of a Pivotal Phase III study in Huntington's disease.
The value of the contract is £9.1m over a four year term.
As part of this study, IXICO will collect magnetic resonance imaging (MRI) data from specialist imaging centres across North America, Latin America, Europe, Asia and Australasia.
After collection, IXICO’s software algorithms will be used to provide insight into brain cellular microstructure and neuronal connectivity to support the evaluation of the drug’s safety and efficacy.
This contract is an expansion of IXICO's relationship with an existing client and is the fourth new Huntington's disease contract announced this financial year.
IXICO CEO Giulio Cerroni said: "I am delighted to announce this new contract for a Pivotal Phase III clinical trial with an existing client which demonstrates confidence in IXICO's services to deliver valuable insights through our proprietary data analytics platform.
“Huntington's disease is an area of significant unmet medical need as there are currently no effective marketed treatments.
“This latest contract award reflects our experience working in this important area of neuroscience drug development which, together with previously announced new contracts and contract extensions, provides a strong foundation for future growth.”
IXICO's data analytics services are used to analyse brain scan data and digital biomarkers.
The biopharma industry uses the technology to assess the safety and efficacy of new drugs, as well as to select patients for clinical trials.
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