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CogState signs $2.6m sales contract
CogState Ltd (ASX:CGS) today announced that it has signed a contract with an international pharmaceutical company to participate in a phase 2 clinical trial for the treatment of Major Depressive Disorder.
Under the contract, which will generate US$2.6 million of revenue for CogState over the study duration, CogState will provide its cognitive testing technology and associated services to 600 patients located in 100 sites around the world. The CogState computerized cognition testing software, and associated on-line site training materials, will be provided in 6 languages. Since 1 July 2011, CogState has signed sales contracts to the value of US$7.2 million, including the above mentioned contract. This compares to US$3.2 million of contracts that were signed between 1 July – 30 November 2010.
Contracted Future Revenue CogState currently has A$9.0 million of contracted revenue that will be recognised in future periods (assuming a US$/AUD$ conversion rate of 1.00). Of the A$9.0 million of contracted revenue, CogState expects US$5.0 million to be recognised in the 2012 financial year – this is in addition to the $3.2 million revenue recorded during the period 1 July – 31 October 2011.
