IXICO (IXI ) has been awarded a contract by a new biopharmaceutical client to support its Phase I clinical trial for multiple system atrophy, a rare condition of the nervous system.
Multiple system atrophy (MSA) is a rare degenerative disorder of the nervous system that causes gradual damage to nerve cells in the brain. Current treatments for MSA includes medications and lifestyle changes to help manage symptoms, however there is no cure.
As a result, treatment is aimed at controlling the symptoms of the disease with the help of supportive therapies such as physiotherapy, and treatment of autonomic symptoms.
Conducted across investigator sites within the United States, the clinical trial will enrol patients with the parkinsonian subtype of MSA (MSA-P) to assess the safety, tolerability, and preliminary efficacy of GDNF gene therapy for this rapidly progressing condition.
As part of study, which is worth more than $0.5m over 4 years, IXICO, which operates as a neuroscience-focused AI data analytics company, will provide advanced neuroimaging solutions involving structural magnetic resonance imaging (MRI), FDG-PET and DaT scans.
The Company’s CCO, Lammert Albers, said: "IXICO is delighted to be awarded the contract for this MSA clinical trial reflecting IXICO's expertise in rare neurological indications.
On the scope of the disease she said, “MSA is a rare neurodegenerative disorder afflicting up to 17,000 individuals in the U.S. and an estimated 23,000 in the EU. New cases of MSA in the U.S. are estimated at 1,900 per year, and the disorder affects men and women equally."
Shares in IXICO were trading 1.90% higher this morning at 80.5p following the news.
In a recent trading update, IXICO said it expects to deliver £8.7 million in FY21 revenues, resulting in earnings before interest, tax, depreciation, and amortisation ('EBITDA') of around £1.2m to maintain the firm’s EBITDA margin in line with the prior year (FY20: 14%).
The Company outlined that the ‘significant descope’ in service requirements on clinical trials and the continued impact of COVID-19 on new bookings are expected to result in a reduced revenue performance compared to the first half of the year with full-year revenues of £8.7m (FY20: £9.5m revenues) and EBITDA of approximately £1.2m (FY20: £1.3m EBITDA) too.
Despite this, IXICO said it has grown its pipeline of new opportunities across a diversified range of therapeutic neurological indications with both current and prospective new clients.
‘In parallel the Company's strong cash position enables it to continue investing to ensure it can scale and convert the available medium- and long-term market opportunity in the neurological disease clinical trials market,'' the Company wrote to investors last month.
“As clinical trials delayed due to the COVID-19 crisis are initiated and by ensuring commercial execution of our growing pipeline, we anticipate returning to a double-digit revenue growth trajectory as our 2022 financial year progresses. Consequently, we will continue to focus on our clients' needs, and invest appropriately to deliver the medium- and long-term market growth opportunities that are available to us,” said CEO, Giulio Cerroni.
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