Ixico Regulatory News (IXI)

28 February 2014

IXICO plc

Publication of annual report and business update

IXICO plc (Ticker: IXI) ("IXICO" or the "Company"), the brain health company, today announces that its Annual Report and Accounts for the year ended 30 September 2013 have been posted to shareholders and are available at the Company's website www.ixico.com.

These report and accounts do not include any financial information in relation to IXICO Limited as the acquisition of IXICO Limited by Phytopharm PLC did not complete until 15 October 2013.

Business update

During the year ended 30 September 2013 the Company, then known as Phytopharm plc, implemented a significant change in strategy with the announcement of the acquisition of IXICO Limited, a medical technology and diagnostics company. This followed the announcement that analysis of the headline results from Phytopharm's Phase II clinical trial of its experimental pharmaceutical treatment Cogane™ in Parkinson's disease had indicated that the drug had not demonstrated clinically meaningful efficacy. The financial period being reported predates the completion of the acquisition of IXICO so the financial results are limited to Phytopharm's now suspended pharmaceutical development activities. 

Since the acquisition, IXICO has launched its CE-marked Assessa™ diagnostic platform with a market-leading partner, continued its planned commercialisation of products and services in Asia and has been awarded additional grant funding as part of a prestigious consortium of research and commercial collaborators.

IXICO's core clinical trials and experimental medicine business continues to generate ongoing revenues from key customers and has been awarded contracts with four new customers since the acquisition was completed in October 2013. In December 2013, IXICO was awarded a contract to provide clinical trials services to an early phase clinical trial for an investigational drug for the treatment of mild-to-moderate Alzheimer's disease. In January 2014, IXICO was awarded a contract to provide clinical trials services for a new Phase II neurodegeneration study. The Company has now been awarded contracts by nine of the top fifteen global pharmaceutical companies and has also been awarded business by two new Asian based pharmaceutical customers. The Board believes that the Company is positioned strongly in its core clinical trials and experimental medicine markets. 

Andy Richards, Chairman of IXICO said:

'We are delighted to have completed this major strategic evolution for the group and look forward with optimism and enthusiasm. I would like to thank all those who have worked so effectively in implementing this new corporate strategy. The launch of Assessa™ is an important landmark in IXICO's corporate history and we look forward to updating shareholders on its progress as we develop international markets for it. Our clinical trials and experimental medicine businesses remain central to the group and we look forward to continuing to support our customers and partners in these clinically and commercially important markets.' 

The Company's Annual General Meeting will be held at FTI Consulting LLP, Holborn Gate, 26 Southampton Buildings, London WC2A 1PB on 20 March 2014 at 10.00 a.m.

Enquiries

IXICO plc

+44 207 691 2064

Derek Hill, CEO

Charles Spicer, Director

Peel Hunt LLP (Nominated Adviser and Broker)

+44 207 418 8900

James Steel

Clare Terlouw

Daniel Stewart & Company (Joint Broker)

+44 207 776 6550

Mark Treharne

David Hart

FTI Consulting Limited (U.K. Investor and Media Relations)

+44 207 831 3113

John Dineen

Simon Conway

About IXICO

IXICO, the brain health company, was founded in 2004 with a mission to translate image acquisition, management and analysis technology and know-how, which the founders had developed together, into commercial products targeting the expanding area of imaging to inform decision-making during drug development. This has resulted in commercially successful products being launched in the clinical trials (Phase 0-III) and experimental medicine markets and more recently launched into the wider clinical diagnostic market. Since incorporation, IXICO has been awarded contracts by nine of the top 15 global pharmaceutical companies as well as leading biotechnology companies. In October 2013, IXICO plc was admitted to trading on AIM. More information is available on www.ixico.com