Cambridge Cognition Holdings Plc (LON:COG), which develops and markets digital solutions to assess brain health, has today announced that it has won a series of contracts from a global pharmaceutical company to provide specialist clinical trial management services. Under the contracts, the Company will evaluate a range of digital health and wearable devices and supply the devices with associated software and services for four clinical trials, which will assess a drug compound for Central Nervous System (“CNS”) disorders. Cambridge Cognition secured the contracts on the strength of its CNS, digital health, clinical trial and regulatory expertise.
The Company has won four contracts for this work, one in late 2020 and three more at this time. The contracts, expected to generate total revenues of c. £1.4m over two years, are for the supply of software and services as well as the procurement and provision of third-party hardware, which makes up a considerable portion of the total contract value. As a result of the significant hardware component, the overall margin on the four contracts is lower than the Company would normally generate from a software and services led contract.
Pharmaceutical companies are increasingly using digital solutions in virtual or part-virtual clinical trials. Cambridge Cognition meets this evolving demand by providing a full service offering, from gold-standard assessments and specialist consultancy, through to secure data repositories and 24/7 trial support. In delivering these contracts, Cambridge Cognition will leverage its depth of experience in selecting and supplying devices for CNS clinical trials, meeting regulatory and good clinical practice guidance and providing novel endpoints for pharmaceutical clients.
Matthew Stork, Chief Executive Officer of Cambridge Cognition, said:
“Cambridge Cognition has earned a reputation for delivering cutting-edge digital health solutions with an infrastructure that meets regulatory demands and satisfies clients’ needs for clinical trials. We were approached for this work, the first of its kind for the Company, on the strength of this reputation. The result is a new service offering as well as an enhanced relationship with a leading pharmaceutical client.”