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(Alliance News) - Cambridge Cognition Holdings PLC on Wednesday said it has secured a "significant" contract with an unnamed customer.
Cambridge Cognition is a Cambridgeshire, England-based company which develops and markets digital solutions to assess brain health. Its shares were up 6.7% to 74.70 pence each in London on Wednesday morning.
The company said the contract is for a sizeable later stage clinical trial, following a competitive tender.
The contract combines Cambridge Cognition's proprietary CANTAB touch-screen cognitive assessments with verbal assessments from its recent Winterlight Labs acquisition. Additionally, the company will supply its electronic clinical outcome assessments and provide full training for clinicians, together with quality control services.
Cambridge Cognition acquired cognitive impairment monitoring developer Winterlight Labs for GBP7.0 million back in January.
This initial contract is valued at approximately GBP1 million and revenue is expected to be recognised over a two-year period, starting in 2023.
Cambridge Cognition noted that there is potential for a further contract with the same customer, of slightly higher value, in 2024 once the initial results have been analysed from this trial.
Chief Executive Matthew Stork said: "Cambridge Cognition acquired Winterlight to have the broadest offering on the market. With this contract win, we are realising the benefits of the acquisition. We're excited to be providing full clinical assessment services for a large clinical trial to a new customer, that we would have been unlikely to win without having made the Winterlight acquisition."
By Sophie Rose, Alliance News reporter
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