Cambridge Cognition Holdings Plc, a publicly listed MedTech company specializing in brain health, is on track to reach profitability by 2024. In an effort to drive profitable growth, the company has reduced development and operational costs while securing £2.2m in fresh funds. The company reported revenue of £5.6m for H1 2024, a decrease from £6m in H1 2023, but achieved an adjusted operating loss of only E100,000, a significant improvement from £2.1m in the prior period. With a cash balance of £3.4m, the company aims to continue investment in research and development projects with near-term benefits and is enhancing its commercial capabilities.
The contracts the company executed for the period primarily involved clinical trials for CNS disorders, oncology, and rare diseases, with most being with existing customers. The company also secured a contract with a new ‘top 10’ pharmaceutical client. CFO Stephen Symonds is stepping down at the end of the month, and the company is in search of his replacement.
Regarding the company’s financial performance, CEO Matthew Stork states that “we have worked hard during the first half of the year to successfully reduce costs and increase our commercial capabilities across the business.” The company has several opportunities in its forward pipeline, including multi-contract agreements with three large customers, giving them the confidence that Cambridge Cognition is well-positioned to continue winning market share and achieve profitability in 2024.
In other news from the MedTech industry, Edinburgh-based startup Spotlight Pathology has won funding to improve blood cancer diagnosis, and Edinburgh startup has secured a £4.7m grant from the Michael J. Fox Foundation.
