(Alliance News) - Cambridge Cognition Holdings PLC has won a GBP500,000 contract with a pharmaceutical firm to provide cognitive assessments in a clinical trial, it said on Thursday.
Shares surged 21% to 119.00 pence around midday in London.
Cambridge Cognition develops and markets digital solutions to assess brain health and has said most of the contract revenue is expected to be recognised in 2021.
The pandemic has accelerated interest in virtual or decentralised clinical trials, with more assessments being planned at home and therefore out of the clinic setting.
Cambridge Cognition Chief Executive Officer Matthew Stork said: "We are delighted to have secured this contract and to be supporting another major pharmaceutical company to assess cognition in patients' homes."
"This is a trend that we expect to continue and will therefore provide more growth opportunities for Cambridge Cognition in the future."
The clinical trial aims to assess patients' cognition from their homes and is sponsored by a "leading" pharmaceutical company.
By Will Paige; willpaige@alliancenews.com
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Cambridge Cog (COG)