The digital neuroscience company Cambridge Cognition Holdings plc, (LON:COG), which develops and markets software products to improve brain health, announced today the award of a major new pharmaceutical clinical trial contract and a Digital Health Catalyst grant from Innovate UK.
The new clinical trial contract is the larger of the two contracts, collectively totaling £2.3m, originally expected in the last quarter of 2017. This significant contract is for a multi-national Phase IV clinical study with a leading pharmaceutical company, which will have a material impact on the Company’s 2018 and 2019 revenues. Cambridge Cognition will deliver the study’s cognitive assessments, patient reported outcomes and clinician reported outcomes on its CANTAB Connect cloud software.
The Innovate UK grant will fund a pioneering new programme to develop a non-invasive digital biomarker to better predict who will benefit from a new type of personalised medication in schizophrenia, which affects more than 21 million people worldwide and is associated with large health and societal costs, estimated to be around £12 billion per year in the UK and $60 billion per year in the US.
In developing a new digital biomarker, the Company aims to demonstrate the ability to identify schizophrenia patients who will benefit from personalised medicines targeting a particular aspect of brain function and find people in the general population who are at risk, in order to help prevent schizophrenia cases in future.
This programme represents a significant step in the Company’s strategic direction to become the global leader in digital neuroscience. Identifying underlying neurobiological issues to define a group of patients who will respond best to a new treatment would be of significant clinical and commercial value, improving patient quality of life and reducing the global societal cost of schizophrenia.
Dr. Steven Powell, Chief Executive Officer, at Cambridge Cognition Holdings plc said: “We are delighted to have been awarded this substantial clinical contract by our pharmaceutical partner to work with them to deliver this new study and we expect it to benefit our future revenues significantly. We are also delighted to be awarded the Innovate UK grant which will enable us to work even closer with our partners in the pharmaceutical industry to enhance their drug development pipelines and provide first in class personalised medicines for major health conditions like schizophrenia.”
