LONDON: CIP Merchant Capital announced its investment in Ixico plc, the artificial intelligence data analytics company delivering insights in neuroscience, quoted on AIM.

The Company has acquired, in aggregate, 1,784,500 ordinary shares of 1p each in Ixico, representing approximately 3.72 percent of Ixico’s issued share capital, for a total consideration of approximately £1.2 million.

For its financial year ended 30 September 2020, Ixico, an artificial intelligence data analytics company, achieved revenue of £9.53 million, gross profit of £6.35 million, a profit on ordinary activities before taxation of £0.86 million and a net profit attributable to its equity holders of £0.95 million. As at 30 September 2020, Ixico had cash and cash equivalents of £7.95 million and net assets of £9.12 million.

Currently, Ixico, the artificial intelligence data analytics company, has a market capitalisation of approximately £33.82 million.

The CIP Board notes the contract update released by Ixico on 23 March 2021 in respect of the Huntingdon’s disease phase III trial and open-label extension studies by its largest pharma customer and the subsequent adverse movement in its share price.

The Company’s Board believes that, regardless of such update’s potential short term impact on Ixico’s financial performance, Ixico nevertheless maintains a solid pipeline with a contracted order book underpinned by its advanced data analytics capability in neuroscience.