13 March 2023

IXICO plc

("IXICO" or the "Company")

Trading Update

IXICO plc (AIM: IXI), the medical imaging advanced analytics company delivering insights in neuroscience, announces a trading update for the year ending 30 September 2024 ('FY 2024').

Whilst the Company continues to make good progress in growing its opportunities pipeline, the first half of FY 2024 has been characterised by longer contracting cycles and postponements of certain new contracts to later in the year and, in some cases, into FY 2025. Delays to the anticipated project start dates for these new contracts is likely to result in FY 2024 revenues of £5.2m - £5.9m, with an equivalent anticipated impact on FY 2025. 

The Company is pleased to report that it has seen an increase of over 50% in both the overall opportunities pipeline value and the number of individual opportunities since the start of the financial year.  The additional opportunities relate to a wide range of biopharmaceutical companies from biotech to large pharma. In line with the Company's diversification strategy, this broadly doubles the number of identified opportunities in the therapeutic areas of Alzheimer's disease, Parkinson's disease and Multiple Sclerosis. Whilst currently too early to forecast timing and resulting revenues, this commercial traction provides potential upside to the revised revenue outlook for FY2024 and beyond.

The Company has a strong balance sheet with £2.8m of cash at 29 February 2024 and no debt.

Giulio Cerroni, Chief Executive Officer of IXICO, commented:  

"Whilst anticipating a challenging first half year of trading, we had expected higher levels of new contract bookings, especially from biotech sponsors, which have not yet materialised, primarily due to client-led delays.  Since the start of the financial year, we have however seen a notable increase in the value and diversity of our eighteen-month opportunities pipeline. This recent increase in engagement across several large pharma and emerging biotech sponsors interested in applying IXICO's AI analytics tools across a broad range of CNS disorders, provides cause for optimism as we look forwards."

This announcement contains inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR.

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About IXICO

IXICO is dedicated to delivering insights in neuroscience to help transform the advancement of investigational therapies for neurological diseases, such as Huntington's disease, Parkinson's disease and Alzheimer's disease. The Company's purpose is to advance medicine and human health by turning data into clinically meaningful information, providing valuable new insights in neuroscience by supporting pharmaceutical companies across all phases of CNS clinical research. IXICO's goal is to be a leading advocate of artificial intelligence in medical image analysis.

IXICO has developed and deployed breakthrough data analytics, at scale, through its remote access technology platform, to improve the return on investment in drug development and reduce risk and uncertainty in clinical trials for the Company's pharmaceutical clients.

More information is available on www.IXICO.com and follow us on Twitter @IXICOnews