Neuroscience analytics firm announces revenue increase for first half of year

A London data analytics company has announced that its revenues and cash balance have increased over the past six months.

IXICO, which delivers insights in neuroscience, reported revenues of £4.9m for the six months to the end of March, an 8 per cent increase on last year’s £4.6m.

It also reported that £9.4m of contracts were signed, compared to £4m in 2020, and its cash balance increased by £0.3m to £7m.

Giulio Cerroni, CEO of IXICO, commented: “Considering the delays experienced in the past year to new trial start-ups (other than Covid-19 trials), we are particularly pleased with the increasing pace of new contract wins, combined with continued top-line growth reported for the first half of 2021.

“The resulting strong book to bill ratio for the period reflects both the resilience of our operating model which supports remote delivery of services and also the significant market opportunity being addressed by IXICO.

“The news in March that our largest client was no longer dosing patients in their late-stage HD trials was devastating for patients suffering with HD and the global HD research community.

“We must acknowledge that clinical trials do unfortunately fail as part of the clinical development process. The search will continue for a cure for HD with several new trials being initiated to address this terrible disease. IXICO’s experience as a partner to the largest HD trials to date positions us ideally to support this pursuit.

“New commercial and scientific initiatives, such as our recently announced Microsoft partnership, will accelerate our development of new world-leading image analysis solutions, and streamlined, efficient and scalable operational delivery.

“Together with our strong balance sheet and order book, these place us in a good position to continue to invest in support of our medium to long term growth plans.”