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LONDON (Alliance News) - Neuroscience group Cambridge Cognition Holdings PLC Tuesday said its expects full-year revenue to be lower than expected due to challenging market conditions.
Earlier this year the AIM-listed company posted revenues of GBP2.0 million for the full-year, down from GBP2.6 million in 2012 and warned its pharmaceutical business has struggled, adding to the unpredictable timing of new neurological trial starts.
Cambridge said the problems experienced by the pharmaceutical business had continued which had delayed full commercial roll out of its touchscreen memory impairment test, CANTABombile.
However, the company said its academic business performed in line with expectations with an increase to 315 in the number of CANTABombile licences on trial throughout the UK and an increase to 15 in CANTABombile customers, including eight clinical commissioning groups.
The firm said it expects to recruit a new business development manager to complement its existing pharmaceutical sales in the UK. The manager will also develop a pharmaceutical product portfolio for new areas of application, extending the range of clinical trials that the group can target.
Nick Kerton, the company's newly appointed Chief Executive, said he remained confident about the overall outlook of the business.
"Cambridge Cognition, more so than ever, has a strategic focus and is developing a fully functioning commercial infrastructure which will allow us to convert our wealth of scientific know-how into sustainable and growing commercial sales," he said in a statement.
"I believe that following our review of the business, and a refocused commercialisation strategy, we are far better positioned to deliver significant revenue growth and to move the company towards a breakeven position in the next financial year, with significant future successes thereafter," he added.
The stock the trading 61.00 pence Tuesday afternoon, down 5.00 pence or 7.6%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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