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LONDON (Alliance News) - Cambridge Cognition Holdings PLC on Monday said it has raised GBP1.3 million in an oversubscribed share placing, as it reported a widened pretax loss for 2015.
The company, which is focused on the development and marketing of computerised neuropyschological tests, has raised GBP1.3 million through the placing of 3.7 million shares at a price of 37 pence each. Shares in Cambridge Cognition last closed at 40.00p.
It plans to use the proceeds of the placing to invest in its sales infrastructure to speed up sales growth, commercialise its products, and advance regulatory approvals.
Cambridge Cognition reported a pretax loss of GBP867,000, widened from a loss of GBP304,000 in 2014, as revenue slipped to GBP5.04 million from GBP5.8 million. The company attributed the fall in revenue to a reduction in hardware revenue, after it shifted towards cloud-based products.
This shift helped drive gross margins up to 88% from 85%, which Cambridge Cognition highlighted as a reason why the reduction in hardware sales will benefit the business in future years.
"2015 was a year of significant change with the enforced change in the management team bringing a renewed focus on the core product businesses and accelerated development of healthcare technology projects," said Chief Executive Officer Steven Powell in a statement.
"In 2016 we intend to accelerate revenue growth in both the academic research and pharmaceutical clinical trials business by investing further in commercial infrastructure and introducing new products and services in conjunction with pharmaceutical partners. With growing revenues and increased adoption of our products in our core markets, we will then turn to promoting our new, point of care technologies in the broader healthcare markets," Powell added.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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