StockMarketWire.com - Neuroscience tech company Cambridge Cognition appointed Thursday Dr. Matthew Stork as CEO after reporting wider losses as revenues were pressured by a low order intake in 2017.

The company also said that it had raised total gross proceeds of £2.5m through the placing of shares, to accelerate expansion of the company's operations and shore up its balance sheet.

'The equity placing will also allow us to maintain the pace of technology advances that we have demonstrated in the last three years,' the company said.

For the year ended 31 December 2018, losses widened to £1.49m from £0.28m a year earlier and total revenues fell to £6.136m from £6.73m.

Sales orders won in the year up 49% to £7.93m, and the contracted order book at year end improved to £6.08m from £4.01m a year earlier thanks to strong increase in the order book for both the core clinical trials outcomes and digital health businesses.

'The funds secured today will enable us to accelerate our development in two key growth areas of eCOA and Digital Health. The growth in sales orders in these areas already demonstrates that our customers are receptive to our innovative offerings in these areas at a time when the interest in cognitive assessment is growing and commercial opportunities for digital health solutions has never been higher,' said Steven Powell, Chief Executive Officer.

'We expect to continue to deliver on our stated plans, in particular broadening our penetration of cognitive and clinical assessment markets. We also expect to further develop and nurture key corporate relationships that we have initiated in the year as we continue to drive to sustainable profitability. Our order book and expanding technology platform gives us much confidence in 2019 and beyond.'




At 9:58am: [LON:COG] Cambridge Cognition Holdings share price was -6.5p at 76p



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