Cambridge Cognition wins at-home clinical trial contract
The AIM-traded firm said the contract was worth around £0.5m, with most of the revenue to be recognised in 2021.
It said the Covid-19 pandemic had accelerated interest in virtual or decentralised clinical trials, with more assessments being planned at home, and thus out of the clinic setting.
To date, there were just under 2,500 publications validating the company's 'CANTAB' cognitive assessments.
The company said that while CANTAB had been used for "many years" in clinics, with the assessment being overseen by clinical staff, use at home had been growing, supported by evidence showing that performance was comparable.
It said the clinical trial was aiming to use CANTAB to assess patients' cognition from their homes.
The trial was sponsored by an unnamed "leading pharmaceutical company" with a pipeline of central nervous system drugs that Cambridge Cognition said could benefit from cognitive assessments.
"We are delighted to have secured this contract and to be supporting another major pharmaceutical company to assess cognition in patients' homes," said chief executive officer Matthew Stork.
"This is a trend that we expect to continue and will therefore provide more growth opportunities for Cambridge Cognition in the future."
At 1229 BST, shares in Cambridge Cognition were up 20.81% at 119p.