StockMarketWire.com - IXICO has reported revenue for the year ended 30 September of £3.7m (2016: £3.1m).

The Company said the £0.6m increase over the prior year reflects traction in the its commercially led organic growth strategy focused on the global biopharma market.

As a result the Company expects to be ahead of expectations for earnings (EBITDA) and operating losses for the current financial year.

In today's trading statement, the Company commented:

"This strong performance highlights the increasing adoption by global biopharma of IXICO's technology enabled specialty services for clinical trials in a broad range of neurodegenerative diseases such as Alzheimer's Disease, Parkinson's Disease, PSP and Huntington's Disease. New multi-year contracts signed in the year include an Alzheimer's Disease clinical trial announced in July and two new contracts in Huntington's Disease announced in September. These new agreements, combined with existing projects, further strengthen the Company's order book and provide a foundation of future revenue over the multi-year term of each clinical trial.

"Revenue in the year also reflected an expansion and extension of the commercial collaboration pilot of the Assessa PML platform with Biogen to include pharmacovigilance reporting (monitoring the effects of medical drugs in order to identify and evaluate previously unreported adverse reactions). Work on this pilot will continue in the financial year ahead.

"Reflecting previous development investments in innovation, the Company announced on 29 September that it had signed its first commercial agreement to deploy new wearable and advanced algorithm analytics in a Phase II clinical trial. This places IXICO at the forefront of biopharma's adoption of digital biosensor technologies in clinical trials and represents an exciting new area of growth.

"Other income of £0.6 million (2016: £0.7 million) reflected lower grant income of £0.5 million (2016: £0.6 million) as resources were focused on customer projects. Total income increased to £4.3 million (2016: £3.8 million).

"Net cash at 30 September 2017 was £2.4 million (2016: £3.1 million) which was a modest reduction from the net cash figure of £2.8 million at 31 March 2017. Second half cash flows included grant reimbursement and R&D tax credits."

At 2:02pm: [LON:IXI] IXICO plc share price was +2p at 35.5p

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