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(Alliance News) - Cambridge Cognition Holdings PLC said on Wednesday that it has been awarded contracts worth GBP2.1 million to provide cognitive assessments, electronic diaries, and third-party hardware for two clinical trials in neurodegenerative disease.
Shares in Cambridge Cognition were up 15% at 138.67 pence on Wednesday morning in London.
The Cambridge-based neuroscience technology company said revenue from the contracts is expected over the next three years.
Cambridge Cognition described the unnamed client as a US biotechnology firm that has worked with the company previously. The client is investigating the effect of a new drug in two neurodegenerative diseases.
Neurodegenerative diseases are a group of disorders that are characterized by the progressive degeneration of the structure and function of the central or peripheral nervous system. Common neurodegenerative diseases include Alzheimer's disease and Parkinson's disease.
Chief Executive Matthew Stork said: "We are delighted to have secured these sizeable contracts with an existing client as they progress with further clinical trials of their new drug. They already have an experience of CANTAB [the company's computerized cognitive assessments] and so it is also excellent news that our team have been successful in demonstrating the value of both our daily cognitive tests and our electronic clinical outcomes assessment platform, and with it considerably increasing the value of the contracts."
By Heather Rydings; heatherrydings@alliancenews.com
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