LONDON (Alliance News) - Cambridge Cognition Holdings PLC said Wednesday it is expecting net loss of GBP800,000 in its 2015 results, after a delay to one of the three clinical trial contracts announced in November.
Cambridge Cognition said in November it had won three pharmaceutical clinical trial contracts totalling USD4.5 million with upfront payments and revenues to be recognised through to 2017. It said it expected trial initial revenue for the trials in its 2015 results.
However, the group said on Wednesday, the pharmaceutical partner for one of the three studies informed the company of delays in initiating the planned clinical study due to regulatory reviews, resulting in the revenue shifting to 2016.
Cambridge Cognition said, in addition, it incurred one-off costs in late 2015 related to the potential expansion of its healthcare technology platform.
The impact of these two, Cambridge Cognition said, will be a loss of GBP800,000, including the exceptional costs.
"Despite not quite meeting earnings expectations for 2015, 2016 has got off to a good start with an encouraging sales pipeline. This reflects our revised strategy and renewed focus on accelerating software revenues through our pharmaceutical and academic businesses and commercialising our healthcare technologies through partnerships," said Chief Executive Steven Powell.
Cambridge Cognition's full year results will be released "towards the end of April".
Shares in Cambridge Cognition were down 17% at 56.70 pence on Wednesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.