Cambridge Cognition secures 'significant contract'

11th Oct 2023 10:04

(Sharecast News) - Digital solutions group Cambridge Cognition has secured a "significant contract" for a "sizeable" later-stage clinical trial, following a competitive tender.

Cambridge Cognition said on Wednesday that the contract combines its proprietary CANTAB touch-screen cognitive assessments with verbal assessments from its recent Winterlight Labs acquisition, for the first time. Additionally, the company will supply its electronic Clinical Outcome Assessments and provide full training for clinicians, together with quality control services.

The AIM-listed group said the initial contract was valued at approximately £1.0m and revenue was expected to be recognised over a two-year period, starting in 2023.

Cambridge added that there was potential for a further contract with the same customer, of slightly higher value, in 2024 once the initial results have been analysed from this trial.

Chief executive Matthew Stork said: "Cambridge Cognition acquired Winterlight to have the broadest offering on the market. With this contract win, we are realising the benefits of the acquisition.

"We're excited to be providing full clinical assessment services for a large clinical trial to a new customer, that we would have been unlikely to win without having made the Winterlight acquisition. We can expect to win more contracts like this over time as we continue to commercialise the combined solutions."

As of 1000 BST, Cambridge Cognition shares were up 6.71% at 74.70p.

Reporting by Iain Gilbert at Sharecast.com