- Title:
New £2.2 million contract - Time:
07:00:12 - Date:
28 Jun 2021 - Category:
Acquisitions and alliances - ID:
2335D
Cambridge Cognition Holdings Plc
("Cambridge Cognition" or the "Company")
New £2.2 million contract for at-home cognitive testing in a virtual clinical trial
Cambridge Cognition Holdings Plc (AIM: COG), which develops and markets digital solutions to assess brain health, has been selected as the cognitive assessment partner for a large at-home study. The contract is valued at £2.2 million with revenue expected to be recognised by the Company over three years beginning in H2 2021. This is the second, large, at-home cognitive testing contract the Company has secured in two months. The previous one was announced on 8 April 2021 with a value of £0.5 million.
In delivering the contract, the Company will deploy web-based cognitive assessments (CANTABTM) monthly. Cognition can fluctuate over the course of a day as well as over longer periods, therefore participants will be asked to periodically undertake short digital cognitive assessments up to three times a day.
Cambridge Cognition is uniquely positioned to secure this contract as its proprietary CANTAB™ cognitive assessments produce comparable performance whether delivered under supervision in clinics or unsupervised at home1,. The Company also offers rapid assessments that have been validated for high-frequency testing on smartphones2.
Matthew Stork, Chief Executive Officer of Cambridge Cognition, said:
"As widely predicted, the COVID-19 pandemic has accelerated interest in virtual clinical trial assessments and Cambridge Cognition is well positioned to benefit from the consequent substantial growth opportunities. We are pleased to have secured another large contract for a virtual clinical trial where we will be working with a leading pharmaceutical company in the sector. The Company has established a robust science foundation and an excellent customer service record and this combination continues be rewarded by securing contracts for the growing field of virtual clinical trials."
References
1. Backx R, Skirrow C, Dente P, Barnett JH, Cormack FK. Comparing Web-Based and Lab-Based Cognitive Assessment Using CANTAB™. J Med Internet Res 2020;22(8):e16792. doi: 10.2196/16792
2. Allen L, Baker E, Thorp E et. Validation and Comparison of a Digital Digit Symbol Substitution (DSST) Task Performed on Smart Phones With a Traditional Paper-Pencil Version. Biological Psychiatry 2020; 88(9). DOI: https://doi.org/10.1016/j.biopsych.2021.02.342
This announcement contains information which, prior to its disclosure, was considered inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR).
For further information, contact:
| Cambridge Cognition Holdings Plc Matthew Stork, Chief Executive Officer Michael Holton, Chief Financial Officer |
Tel: 012 2381 0700 |
| finnCap Ltd (NOMAD and Joint Broker) Geoff Nash / Simon Hicks Alice Lane / Charlotte Sutcliffe |
Tel: 020 7220 0500 (Corporate Finance) (Corporate Broking) |
| Dowgate Capital Limited (Joint Broker) David Poutney / James Serjeant |
Tel: 020 3903 7715
|
| IFC Advisory Ltd (Financial PR and IR) Tim Metcalfe / Graham Herring / Zach Cohen |
Tel: 020 3934 6630
|
Notes to Editors
About Cambridge Cognition
Cambridge Cognition is a technology company developing digital health products to better understand, detect and treat conditions affecting brain health. The Company's software products assess cognitive health in patients worldwide to improve clinical trial outcomes, identify and stratify patients early and improve global efficiency in pharmaceutical and healthcare industries.
For further information visit www.cambridgecognition.com
New £2.2 million contract07:00:1228 Jun 2021Acquisitions and alliances2335D