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(Alliance News) - Cambridge Cognition PLC on Thursday said it had signed a strategic partnership with Luca Healthcare Ltd to expand its operations in China.
Cambridge Cognition is a Cambridge-based brain health assessment software provider. Luca Healthcare provides clinically validated software-based screening, tracking and treatment to patients in China.
It said it has signed an exclusive licencing agreement with Luca Healthcare to commercialise the company's suite of leading cognitive assessment tools in China for both the pharmaceutical and healthcare markets
The strategic partnership provides an "efficient and low risk geographic expansion", the firm says.
It will be paid through a mix of milestone payments and royalties. As well as a commercial license, the partnership includes the opportunity to collaborate on co-developments to improve both companies' solutions.
China is the second most active clinical trial market in the world after the US, Cambridge Cognition said. China has hosted nearly 10,000 industry sponsored trials in the last five years with 14% being in Central Nervous System conditions.
Chief Executive Officer Matthew Stork said: "The Chinese pharmaceutical and healthcare markets offer a significant commercial opportunity for Cambridge Cognition, and we have partnered with Luca Healthcare to capitalise on this. The team at Luca Healthcare have impressed us with their speed to commercialise other digital healthcare solutions, working with leading pharmaceutical companies in the region and, as a result, building a fast growth business."
Shares in Cambridge Cognition were trading 7.5% higher at 129.00 pence each in London around midday on Thursday.
By Chris Dorrell; chrisdorrell@alliancenews.com
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