Cambridge Cognition announces a series of new contracts worth more than £0.25m to assess, through CANTAB Connect, the abuse potential of investigational drugs in a new market application for the Company.
Since launching its cloud-based CANTAB Connect software platform in 2014, Cambridge Cognition has become the leading provider of Human Abuse Liability (HAL) assessment technology1, helping the Company's drug development partners to achieve multiple FDA approved abuse deterrent labels.
To date the Company has signed 35 HAL contracts following the launch of the CANTAB Connect Abuse Liability product (vs. 8 before 2014), with revenues totalling in excess of £3m (vs. £0.6m before 2014) in a market which is expected to continue to grow.
The abuse of prescription drugs is the fastest growing drug problem in North America. According to the National Institute on Drug Abuse, an estimated 48 million people in the U.S. have used prescription drugs for non-medical reasons.
With the rising number of compounds targeting the central nervous system and tighter government regulation in place, clinical trials assessing drug abuse potential are becoming more commonplace and necessary.
These HAL trials require more time and resources than most Phase I trials. The CANTAB Connect platform has been used to significantly reduce data errors and increase efficiencies in these studies, saving both time and cost for drug manufacturers.
The contracts announced today will use CANTAB Connect to assess abuse potential in a new, unexplored and growing therapeutic area, which is an extension of the HAL market targeted to date.
At 2:15pm: (LON:COG) Cambridge Cognition Holdings share price was +0.5p at 80.5p