Clinical trial services provider Ixico (IXI:AIM) is under pressure as it posts a significantly widened full year operating loss of £2.9m due to higher costs. Shares in Ixico have fallen 12% to 33p.
The company supports clinical studies for serious diseases such as dementia.
Ixico blames costs incurred by the acquisition of Optimal Medicine and its planned investment in digital technologies, as well as the start-up of seven new clinic trials for the disappointing results.
Revenue is flat at £3.1m and includes the start-up of the new trials, which focused on Alzheimer’s disease, progressive supranuclear palsy (PSP) and Parkinson’s disease.
The firm references a changing sales mix, including a contribution by biotech firm Biogen for the development of its Assessa PML digital platform.
Assessa PML supports the early detection of progressive multifocal leukoencephalopathy, which is a potentially fatal side effect of certain drug treatments for multiple sclerosis. It is currently in the beta testing phase.
One of the few highlights is a $1.2m contract with a top pharma company for advanced imaging clinical trial services in PSP and €1.1m funding under a European consortia to address Alzheimer’s disease.
Ixico has net cash of £3.1m as of 30 September, up from £1.9m in 2015.
