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IXICO+

Forging a new frontier

With a new CEO at the helm (effective February 2017) IXICO is poised to enter its next

phase as a public business. The AIM-listed business has established itself as a medical

imaging data analytics specialist and trusted partner to the Pharma/Biotech and CRO

industries, having supported global clinical trials and collected clinical data from over

400 hospitals globally. With its proprietary, integrated and scalable digital platform and

deep understanding of clinically relevant data science in dementia and other

neurological disease, we see IXICO as well-placed to benefit from a number of structural

tailwinds as the pharmaceutical industry looks to leverage digital technologies to

revolutionise the way medical care is delivered. The roll-out of its proprietary Assessa®

PML platform with partner Biogen generates scope for a step-up in top-line growth over

the next 12 to 18 months, and underscores IXICO’s ability to convert a clinical research

project into a commercial-scale platform, in our view. Together with a revitalised focus

on commercialisation and profitability, we are excited by the potential for accelerating

momentum in this innovative specialist digital health company. House Stock.

Strong underlying demand factors: IXICO benefits from a number of favourable demand

factors, not least the increasing prevalence of neurological disorders (i.e.

Alzheimer’s/dementia, Parkinson’s and Multiple Sclerosis), which is under-pinned by an

aging population, and an increasing appetite for integrated digital healthcare platforms for

partners in a number of sectors (Pharma, CROs, technology).

Double-digit growth and path to profitability: We see double digit top-line growth from

FY17 and a clear path to profitability under-pinned by the momentum in IXICO’s existing

platform. Our fundamental DCF valuation suggests a fair value of c.45p/share. We assume

a c.11% CAGR to FY2026F and profitability by FY2020/21F, and use a discount rate of

c.13%, reflecting both the relatively low-risk profile of the business, offset by the illiquidity

of the listing and the lack of visibility on contract timings. As at 30th

September 2016 IXICO

had cash of £3.1m. House stock.

Equities Research Initiation of coverage 26th April 2017

House stock Current price 30.0p Healthcare UK

FTSE AIM All-Share

Reuters/Bloomberg IXI

Shares in Issue (m) 27.1

Market Cap (£m) 6.8

Net Cash (£m) 3.2

Enterprise Value (£m) 3.6

Next update

1H 2017 results May 2017

Performance 1M 3M 12M

Absolute (%) 25.0 (17.2) (22.9)

Rel Index (%) 24.4 (20.0) (39.1)

Relative to FTSE All Share

+ Non-Independent Marketing Communication: This is non-independent research. The analyst who has prepared this report is aware that Shore Capital Stockbrokers Limited and/or another member of the Shore Capital group has a relationship with the company covered in this report and/or a conflict of interest which may impair the objectivity of the research. Accordingly, the report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Shore Capital and Corporate is nominated adviser to IXICO and Shore Capital Stockbrokers is broker. In line with our conflicts of interest policy we do not have recommendations on House Stocks

Research analyst(s)

Tara Raveendran

0207647 8142

[email protected]

Adam Barker

0151 600 3707

[email protected]

Results and Forecasts

Year to

September

Revenue

(£m)

EBIT

(£m)

Net

Income

(£m)

Adj EPS

(p)

Net debt

(£m)

EV/Sales

(x)

EV/EBITDA

(x)

PER

(x)

DPS

(p)

Div

Yield

(%)

2014A 3.4 (2.6) (2.5) (9.0) (3.3) 2.0 (2.7) (2.8) 0.0 0.0

2015A 3.1 (1.4) (1.4) (6.3) (1.9) 2.2 (4.8) (4.0) 0.0 0.0

2016A 3.1 (2.8) (2.9) (6.3) (3.2) 2.2 (2.4) (3.9) 0.0 0.0

2017F 3.5 (1.8) (1.8) (7.7) (2.1) 1.9 (4.2) (3.3) 0.0 0.0

2018F 3.9 (1.1) (1.1) (4.6) (1.2) 1.7 (7.3) (5.5) 0.0 0.0

2019F 4.4 (0.6) (0.6) (2.4) (0.7) 1.5 (15.0) (10.5) 0.0 0.0

Source: Company Data; Shore Capital Markets

Disclosures of potential conflicts of interest as required by regulatory bodies are shown on page 26

26th April 2017 IXICO+

2

Table of Contents

Investment summary 3

Catalysts 4

Financing history 4

Valuation 5

Risks 10

Neurological diseases; an unmet need 11

IXICO - Overview 12

Moving up the value chain 18

Optionality from research collaborations 19

Forecasts 20

Management 23

Appendix 1 – CT Imaging Market 24

Abbreviations 25


3

Investment summary IXICO is an established and trusted development partner to the Pharma/Biotech and

contract research organisation (CRO) industries. Its artificial intelligence (“deep learning”)

data analytics capabilities, based on the LEAP (Learning Embeddings for Atlas

Propagation) technology, are reinforced by its extensive in-house knowledge database

around clinically-relevant data science in dementia and other brain-related neurological

diseases. We anticipate double-digit top-line growth going forward, with the company

exposed to a number of fundamental growth trends such as the increasing prevalence of

dementia/neurological disease and the broader use of imaging and advanced data analysis

in drug development and post marketing drug safety surveillance. Furthermore, we see

future opportunities for growth from the adoption of new technologies (i.e. PET imaging,

advanced MRI methods and the use of wearable biosensors) in drug development,

treatment and management of neurodegenerative diseases.

IXICO was founded in 2003 by researchers from three leading UK universities and became

a public company through the reverse takeover of AIM-listed Phytopharm in 2013. Since

listing IXICO has successfully focussed on (i) investing in its core product offering (i.e.

TrialTrackerTM

and Assessa®), (ii) broadening its therapeutics focus beyond Alzheimer’s

(now c.60% of revenues versus >90% on admission to AIM), and (iii) identifying and

integrating strategic M&A targets (i.e the August 2015 acquisition of Optimal Medicine,

which added supportive “real-world” data collection and analytics capabilities). Its three

largest shareholders are Invesco Asset Management (23%), IP Group (21%) and

Touchstone Innovations (13%).

Its proprietary patent-protected technology forms the core of both its clinical trial services

product TrialTrackerTM

and its decision support platform Assessa® and is endorsed by

enduring industry relationships. For a company of its size IXICO has an impressive track

record of working with established players, having deals with around nine (from seven at

the time of admission to AIM in 2013) of the top 20 global Pharma companies by R&D

spend, including Biogen^ (BIIB, NR CNP at $289.9) and J&J^ (JNJ, NR CNP at $123.3)

and five of the top ten contract research organisations (CROs). We see IXICO as well

placed to become the “go-to” partner in the brain health field, given its deep understanding

of the Pharma ecosystem (from both a regulatory and a drug

development/commercialisation perspective) and its established reputation as a trusted

partner to large Pharma, Biotech and CROs.

Furthermore we believe that IXICO should be able to leverage its data analytics platform

across all stages of drug development, from early studies through to post-marketing

applications. We see the Assessa® PML platform developed in partnership with Biogen as

a key validator of this strategy and look to the commercial roll-out to reinforce our

forecasts.

We believe a discounted cash flow (DCF) methodology is most appropriate to value IXICO.

Our forecasts assume a step-up in growth to c.13% during FY2018-20F (incl), supported

by existing contracts (including Assessa® PML with Biogen) and a return to c.10-11%

long-term top-line growth over the period to FY2026F, in line with the historic top-line

growth. Our c.45p fair value is based on a WACC of c.13% and a long-term growth rate of

2.5%. IXICO had cash of £3.1m as of 30th

September 2016.

IXICO is a pioneer in digital brain

health, with a specialist focus on

neurological disease

Significant progress since listing

Platform endorsed by

partnerships

Digital platform applicable across

all stages of drug development

Fundamental DCF-derived fair

value of c.45p/share


4

Catalysts Aside from the scheduled financials, we anticipate continued focus on IXICO’s ability to win

new contracts in a broad range of neurological diseases, but we acknowledge the limited

visibility to predict the timings of these.

We would look for updates from the existing (disclosed) partnerships over the next 12-18

months, including:

Start of Oxford Biomedica’s^ (OXB, NR CNP at 472p) P2a study of OXB-102 in

Parkinson’s (first patient dosed 2017F)

Beta pilot of Assessa® PML with partner Biogen (2017F)

Production phase of Assessa® PML with partner Biogen (2017/8F)

Further contract announcements demonstrating continued diversification of revenues,

such as the recent (March 2017) $1.5m contract with a top 10 pharmaceutical

company for a Phase 2b trial of Progressive Supranuclear Palsy (“PSP”)

Financing history With net cash of c.£3.1m as of 30th September 2016, following the successful £2.7m

equity placing in November 2015, in the absence of further corporate (M&A) activity, and

based on our fairly conservative operating expense projections, we do not anticipate any

immediate capital need.

We forecast c.£20m cumulative revenue/other income (i.e. from grants and R&D credits)

generation from FY2016A through to breakeven, which we forecast in FY2020/21F. Our

forecasts are discussed in more detail later in this report.

Since incorporation in 2003 and prior to admission on AIM (2013), IXICO raised c.£4.5m of

investment in the form of equity and loan notes and had been awarded grant funding

totalling £3m and >£17m in contract value from customers, principally large Pharma.

Following admission to AIM in 2013, IXICO has largely funded itself via contract revenue (it

has announced around £13m from a number of contracts) and research grants (c.£3m

from various funding bodies including Innovate UK), with the exception of the £2.7m equity

raise in 2015, which was in conjunction with the £1.5m acquisition of the private UK-based

web health company Optimal Medicine.

In the absence of further

corporate (M&A) activity, we do

not foresee an immediate cash

need


5

Valuation Typically we use a blended methodology based on a fundamental discounted cash flow

(DCF) analysis together with a peer multiple. However, finding a direct peer for IXICO is

difficult, given its unique and specialist services offering, in our view. Hence, we have

based our fundamental valuation on a traditional DCF.

We have also included an analysis of two discrete listed peer groups (smaller listed peers

in the parallel “Cognitive Testing” market and healthcare data analytics companies) for

discussion purposes.

Fundamental valuation analysis

We have used a discounted cash flow (DCF) methodology to derive a value of around 45p

per share, corresponding to an enterprise value of £12m, including the c.£2m forecast

year-end 2017 cash.

We believe early-stage venture investments should use a discount rate of c.30% to reflect

the relatively high risk profile, while a lower discount rate (c.8-10%) is more appropriate for

mature companies.

We have used a discount rate of c.13%, reflecting both IXICO’s established track-record as

a partner to industry and also the limited visibility on future contracts/pipeline longer-term

together with the illiquidity in the shares.

Our forecasts assume a step-up in growth over FY2017-18F, with the roll-out of the

Assessa® PML platform with Biogen over the next 12 to 18 months. Beyond FY2026F we

forecast top-line growth to normalise to c.10-11%, consistent with the historical growth

rates for this business and underpinned by opportunities to (i) expand service within

existing contracts and (ii) drive accelerated adoption of services within new

clients/contracts. We anticipate sustainable profitability by FY2020/21F, with increasing

leverage inherent in the business model driving an improved gross margin over the

forecast period, together with a disciplined approach to investment to support growth.

Figure 1: DCF valuation (pence/share) – sensitivity to growth rate and discount rate

g/discount rate 11.3% 12.1% 12.9% 13.7% 14.5%

1.0% 54.4 47.6 41.9 37.0 32.9

1.5% 55.8 48.7 42.7 37.7 33.5

2.0% 57.5 49.9 43.7 38.5 34.1

2.5% 59.3 51.3 44.8 39.3 34.7

3.0% 61.3 52.8 45.9 40.2 35.4

3.5% 63.6 54.6 47.2 41.2 36.2

4.0% 66.2 56.5 48.6 42.3 37.0

Source: Shore Capital Markets

Our DCF-derived valuation is

based on a discount rate of

c.13%


6

Relative valuation analysis

Finding a direct peer for IXICO is difficult, in our view, given its unique offering. We see the

larger contract research organisations (CROs) – such as Parexel^ (PRXL, NR CNP at

$62.8) and Icon^ (ICLR, NR CNP at $78.5) as partners more than peers, with IXICO’s

specialist offering more complementary (and higher margin) than traditional CRO services.

We point to a number of recent deals in which CROs and large diversified healthcare

companies have partnered with specialist data analytics firms to augment their own

offerings. In this context we believe that partnering with large CRO’s/industry partners

could significantly enhance IXICO’s reach and capabilities to compete for larger contracts.

We also highlight a number of deals between larger technology players (e.g. IBM, Dell) and

specialist imaging analytics companies, which reinforces the opportunity, in our view, and

highlights a universe of non-traditional partners. Medical images are one of the largest and

fastest growing sources of data in the healthcare industry, accounting for an estimated

90% of all medical data according to IBM. However a number of challenges remain:1

Immense volume of data – specialists are often overwhelmed with the volume of

imaging data – with some hospital emergency rooms managing up to 100k images per

day.

Most analysis still manual – the portfolio of tools available to clinicians to extract

actionable data from images remains limited, requiring most analysis to be done

manually.

Image data remains disparate – integrated data sets (ie medical records, lab tests,

genomics) are of increasing value to decision makers however with the existing

platforms medical imaging remains largely disconnected from mainstream health

information, reinforcing the broader opportunity for proprietary imaging analytics

platforms, in our view.

Figure 2: Specialist analytics platforms in demand

Date Acquirer Target Scope Details

Dec 2016 BioTelemetry Telcare Medical Supply (P) Acquisition ($7m upfront)

DA-cleared remote diabetes management platform

Jun-2016 Philips NV PathXL (P) Acquisition Proprietary image analysis & tissue pathology software focused around cancer

May- 2016 BioTelemetry VirtualScopics Acquisition ($16m)

Specialist imaging capabilities

Apr- 2016 Bioclinica ArisGlobal (P) Collaboration Pioneer in safety and pharmacovigilance space

Nov-2015 Dell Zebra Medical Vision (P) Partnership Imaging analytics and research platform

Nov-2015 Dell MphRx (P) Partnership Analytics software providing operational analytics

Aug- 2015 IBM-Watson Merge Healthcare Acquisition

($1bn)

Platform offers software solutions (on-premise & cloud-based) to

integrate medical images with the IT infrastructure hospitals

Jul-2015 HP Inovalon Partnership Offers cloud-based data analytics and data-driven intervention

platforms.

P – private Source: Shore Capital Markets

1 IBM press release “Watson to Gain Ability to “see” with planned $1bn acquisition of Merge

Healthcare” (August 2015)

Finding a direct peer for IXICO is

challenging

Large technology companies are

non-traditional partners but

demonstrate an increasing

interest in healthcare analytics


7

The most closely related larger CRO in terms of service offering is the PE-owned

Bioclinica, a specialty clinical trial services and technology provider, with expertise in

medical imaging.

Cinven acquired the specialist CRO in August 2016 for $1.3bn from another PE firm, JLL

Partners, which bought the company in 2013 for an equity value of $123m. Since that time

Bioclinica has been engaged in a number of deals, including with consulting firm Kinapse

(May 2015) and Compass Research (July 2016), which provides Bioclinica with access to

c.180k elderly residents in a retirement community in Florida who could contribute to

research into Alzheimer’s and dementia amongst others.

We have also included two discrete listed peer groups – peers in the parallel “Cognitive

Testing” market and specialised data analytics firms, for comparative purposes.

Cognitive testing peers

As a UK-based peer, also listed on AIM, we have included Cambridge Cognition^

(COG LN, NR CNP at 112p) in our analysis. However, we note that its product offering

is quite different - Cambridge Cognition markets a suite of computer-based cognitive

assessments and does not offer any specialised digital data analysis technology

platform or services as IXICO does.

Cogstate^ (CGS, NR CNP at AUD $0.92) is an Australian-listed cognitive testing

business. Like IXICO it started with a focus on Alzheimer’s disease but is now focused

on expanding to a broader range of indications including assessing cognitive decline in

cancer patients.

Healthcare data analytics peers

Medidata^ (MDO, NR, CNP) is a US-based global SaaS (Software as a Service)

company that specialises in developing cloud-based data analytics platforms for use in

clinical trials.

Brain Resource Ltd (BRC, NR, CNP) is an Australian-listed company that has a

comprehensive database of standardised brain training and assessment protocols

together with a predictive analytics platform that it uses to develop products for the

healthcare sector.

We also highlight a number of emerging digital neuroscience and “deep learning/AI”

companies, the majority of which are unquoted and relatively nascent in terms of the

technology, but which are developing highly specialised and complementary platforms,

highlighting the growth opportunity in this market, in our view.

BlackFynn Inc^ (private) is a US company focused on developing its BlackFynn Data

Science Platform™ (allows for the integration of multiple complex neuroscience data

inputs).

CorTech Labs^ (private) is a US company whose proprietary NeuroQuant® platform

measures volumes of neurological structures from brain MRI scans. NeuroQuant® is

marketed directly by CorTech and also through distribution agreements with Philips^

(PHIA, NR CNP at EUR 31.49) and Invivo^ (NVIV, NR, CNP at $3.96).

Privately held Bioclinica a leader

in medical imaging

Growing universe of smaller

private competitors underscores

growth opportunity


8

BrainReader^ (private) – this Denmark-based company has developed the FDA-

cleared NeuroreaderTM

, a volumetric (i.e. MRI) brain assessment software tool for

healthcare professionals.

ADMdx^ (private) is a US company that provides neuroimaging studies and data

analysis to pharma partners, with a particular focus on CNS disorders, but also has

developed diagnostic software for Alzheimer’s and other dementias.

In contrast to many of these start-ups, IXICO has been revenue generating for many years,

and has a proven track record with Pharma, hence we believe that it is well-positioned to

capitalise on and leverage its established data analytics platform.

Figure 3: Analytics and “deep learning” in Healthcare - Selected Start-ups

Source: CB Insights

With its double-digit (+10% p.a.) top-line growth, and attractive margins, supported by

services/volume-driven operating leverage and justified by its proprietary technology

platforms as well as a breadth of services compared with other listed cognitive testing and

data analytics peers, this would suggest at least a sector multiple is appropriate in our

view.

Double-digit top-line growth,

operating leverage and breadth of

service justify a sector multiple, in

our view


9

Figure 4: IXICO - peer group analysis

Source: Bloomberg (prices as of 24th April 2017), Shore Capital Markets

Figure 5: IXICO profitability relative to peers


Mkt Cap EV/Sales EV/EBITDA PE Stock Performance

Ticker Company Name Currency Price (LC, m) Curr Fwd Curr Fwd Curr PE Fwd PE 1Yr YTD 1 Mos

COG LN Equity CAMBRIDGE COGNITION GBp 113.5 23 2.6 2.1 40.5 18.3 49.3 22.3 177% 64% 47%

BRC AU Equity BRAIN RESOURCE LTD AUD 0.08 13 na na na na na na -45% -20% -11%

CGS AU Equity COGSTATE LTD AUD 0.92 104 2.3 1.8 26.5 10.1 51.1 18.0 42% -24% -10%

IXI LN Equity IXICO PLC GBp 31 8 na na na na na na -25% -3% 15%

MDSO US Equity MEDIDATA SOLUTIONS USD 63 3,670 6.2 5.2 25.5 20.6 50.6 41.4 34% 27% 13%

The higher margins at peers reflect the pure play software licensing model (i.e. BRC and COG) and/or greater proportion of revenues being derived from data analytics (i.e. MDSO). We forecast gross margins at IXICO of c.60% longer term, with the combined specialist services and opportunity to expand its commercial data analytics capabilities and for deploying a software licensing model offering access to a proprietary technology platform justifying a price premium in our view. This compares with gross margins of 30-40% at the larger US-listed CROs (Icon and Parexel).


10

Risks Commercial/execution risk

IXICO’s commercial strategy is based on winning new contracts with Pharma partners, and

hence there is some degree of commercial execution risk, in our view. We believe that

IXICO’s impressive track record of securing partnerships (with the company having worked

with nine of the top 20 Pharma by R&D spend to date), and reputation as a thought leader

in the emerging field of brain health, should offer some reassurance that the company can

continue to sign contracts in the future.

Key customer risk

Historically IXICO’s sales pipeline has been lumpy, a reflection of both the long sales

cycles (2-3 years) of its contracts and the size of each contract relative to revenues on a

group basis. We are encouraged by recent contract wins, with management working to

diversify and grow the customer and revenue base. These efforts are evidenced in the

reduction of key customer risk, in our view, with the three largest clients in FY2016

representing 14%, 14% and 11% of revenues, which compares favourably with 35%, 17%

and 13% in FY2015.

Technology risk

IXICO operates in a rapidly evolving field. Rapidly evolving technology (e.g. blood-based

diagnostic tests for neurodegenerative diseases) could render the IXICO platform

redundant, or in a worst case obsolete. We note that IXICO’s reputation as an innovative

data-led business reduces this risk to some degree. The TrialTracker™ and Assessa®

platforms are constantly being updated to account for new data inputs, and we see this

data-driven progression as an attractive opportunity longer term (e.g new/more data

improves predictive algorithms).

Financing risk

IXICO had cash of £3.1m as of 30th September 2016. In the absence of further contract

wins, and based on our fairly conservative operating expense projections, and that the

research collaborations remain funded, either through grants or partner support, we do not

anticipate any immediate capital need. We acknowledge that management retains the

flexibility to reduce opex further if necessary, but would view this as being at the expense

of future growth.

Adoption of IXICO’s products and

services key to securing future

value

Recent contract wins have

diversified and grown the

customer base, reducing the key

customer risk

Continued innovation and focus

on data analytics reduce

redundancy risk

Based on IXICO’s current cash

position and our conservative

forecasts, in the absence of M&A

we do not foresee any immediate

cash need


11

Neurological diseases; an unmet need The most common neurological diseases cost the c.$800bn in 2015 globally

2, with

Alzheimer’s and other dementias costing c.$240bn3 in the US alone, and this is expected

to grow as the elderly population almost doubles every 20 years. Hence there is increasing

appreciation for the need for early and effective diagnosis and treatment (i.e. disease-

modifying).

Historically reliant on a combination of clinical symptoms, patient history and traditional

cognitive/behavioural assessments, clinical studies of neurodegenerative disease are

increasingly incorporating a range of imaging and other biomarkers. As quantitative

markers neuroimaging endpoints offer the opportunity to (i) better understand the treatment

effect and demonstrate quantitative evidence of disease slowing, (ii) monitor the safety of

potential therapies and (iii) identify those patients most likely to benefit from treatment (i.e

as a companion product).

In a clinical trial setting, the types of neuroimaging most commonly used as biomarkers of

neurodegeneration and dementia include magnetic resonance imaging (MRI) and

radionucleotide imaging (i.e positron emission tomography (PET)) with novel tracers.

MRI is the most widely used neuroimaging technique to measure anatomical changes

and neurodegeneration in vivo. More advanced structural MRI methods (DWI/DTI,

MRS and perfusion imaging) can be used to measure neuronal damage, and

functional MRI can be used to measure brain function.

PET imaging uses radio-labelled ligands (“tracers”) to measure perfusion, metabolic

and neurochemical processes in vivo. Multiple tracers have been used in studies of

dementia including: fluorodeoxyglucose (FDG), which measures brain glucose

metabolism, tracers that look at brain protein deposits (e.g. amyloid, tau) and tracers

that look at neurotransmitters (e.g. dopamine, acetylcholine).

Figure 6: Commonly used neuroimaging biomarkers

Disease Biomarker Methodology

Alzheimer’s Brain atrophy/function

Amyloid/tau/glucose

ARIA 1& 2 (safety)

MRI

PET

MRI

Parkinson’s

Huntington’s

Multiple Sclerosis

Brain atrophy/function

Cerebral perfusion

MRI

PET

ALS Brain atrophy/function MRI

HAND Brain atrophy MRI

Prion diseases Brain atrophy

Cerebral perfusion

MRI

PET


2 Alzheimer’s Disease International

3 Borenstein et al, (“The burden or neurological disease in the US”; Annals of Neurology, April 2017)

Increasing dementia prevalence a

global issue

Neuroimaging biomarkers

increasingly relevant in clinical

trial settings


12

IXICO - Overview IXICO provides services and technology to help industry partners collect, manage and

analyse brain imaging endpoints for neurodegenerative diseases. Its integrated

product/service offering encompasses the entire drug development lifecycle – from early

research and clinical trials through to post-marketing surveillance, and generates revenues

through two complementary streams.

Clinical trial technologies and services comprise revenues tied to its clinical

trials offering (i.e. TrialTracker™/Assessa® platforms and the associated

supporting services). This is the more established business, and historically

represented the principal source (>95%) of revenues. The business typically

involves contracts of c.3-5 years in length and totalling c.£3-5m in value over the

contract life. We are encouraged by recent contract wins, such as the recent

(March 2017) imaging analysis contract in a P2b trial of progressive supranuclear

palsy, which highlights IXICO’s ability to secure further contracts in new

therapeutic areas with both existing and new clients. This underpins our

confidence in the longer-term double digit top-line growth.

Commercial collaborations – Assessa® PML. The flagship collaboration with

Biogen typifies the potential in this newer business (“Commercial collaboration” in

Figure 8 below), in our view. In this structure the Pharma/Biotech partner makes a

financial contribution towards developing the platform and IXICO receives

milestones and longer-term recurring services/usage fees on an ongoing basis.

While relatively modest at present, with the single Biogen collaboration in pilot

phase in FY2017F, as discussed later in this report, we see commercial

collaborations as a source of potential future upside, which is not reflected in our

current valuation.

Figure 7: Realising Value – IXICO offers an integrated technology solution through all stages of development

Source: Company Data

IXICO – providing clinical trial

data analytics evaluation and

analysis in neurodegeneration


13

Existing contracts and relationships

IXICO has an impressive track record of drug development partnerships, including deals

with nine of the top 20 global Pharma by R&D spend. We see this as IXICO’s core offering,

a stable base business that is growing at double digits, well ahead of the c.5-6% overall

market growth rate, which reflects market share gains as well as expansion into other (i.e

beyond Alzheimer’s) disease areas.

Figure 8: IXICO - disclosed contracs since becoming public

Date Indication Partner Scope Details

May 2014 Huntington's Pharma A Technology & Services MRI imaging techniques

May 2014 Huntington's Pharma A Technology & Services MRI imaging techniques

November 2014 Huntington's Pharma A & B Technology & Services Enhancement of an existing contract

December 2014 Cancer Pharma C Technology & Services Contract to support P1/2 study

April 2015 Huntington’s Pharma D Technology & Services Advanced MRI imaging techniques

and clinical trial endpoints

June 2015 Cancer

Neurodegen. disease

Pharma C & E Technology & Services Alliance projects with VirtualScopics

August 2015 Alzheimer's Pharma F Technology & Services Contract to support P1/2 study

August 2015 Not disclosed Pharma G* Technology & Services Seven year $1m p.a. contract

October 2015 Multiple Sclerosis Biogen Commercial collaboration Assessa® PML – clinical deployment

January 2016 Alzheimer’s Pharma F (x2), H & C Technology & Services Four contracts worth £3m in total

April 2016 Parkinson's Oxford Biomedica Technology & Services Five year contract supporting OXB-

102 P2 study

October 2016 Supranuclear Palsy Pharma I Technology & Services $1.2m contract to support P2a study

(US/EU)

March 2017 Supranuclear Palsy Pharma E Technology & Services $1.5m contract to support P2b study

*based on our analysis of ongoing Alzheimer’s trials we believe the partner is JNJ Source: Company Data; Shore Capital Markets

IXICO has a broad research and

commercial presence in the

clinical trial imaging data analytics

market


14

Figure 9: IXICO has worked with nine of the top-20 Pharma (by R&D spend)

Company R&D Spend (€bn)

Novartis

9.0

Roche

8.6

Johnson and Johnson

8.3

Pfizer

7.0

Merck US

6.4

Bristol-Myers Squibb

5.3

Sanofi

5.2

AstraZeneca

5.2

Bayer

4.4

GlaxoSmithKline

4.2

AbbVie 3.9

Eli Lilly

3.7

Amgen 3.6

Celgene

3.4

Boehringer

3.0

Gilead

2.8

Takeda

2.6

Allergan

2.5

Biogen

1.8

Novo Nordisk

1.7

Source: Evaluate Pharma, Shore Capital Markets


15

We highlight the momentum in the commercial strategy with recent contracts:

Global P2/3 neurodegeneration study (August 2015): IXICO was awarded a c.$7m

contract for use of its TrialTrackerTM

and Assessa® platforms in a long-term global

P2/3 trial. The contract is for a minimum of seven years ($1m/year), with the potential

to increase in scope.

Based on our analysis of clinicaltrials.gov we believe the contract to be related to the

study of JNJ’s BACE-inhibitor JNJ5481911 in patients at risk of developing

Alzheimer’s.

Development of Assessa® PML (October 2015): IXICO signed a commercial

collaboration agreement with a leading Pharma company (which has since been

disclosed as Biogen) to develop an adapted version of Assessa® to help in monitoring

and managing patients who were at high risk of developing PML, a rare and potentially

fatal side effect of some market-leading Alzheimer’s therapies (including Biogen’s

Tysabri). This project is discussed further in the next section “An evolving strategy -

moving up the value chain”.

Expanding portfolio in rare diseases (October 2016/March 2017): Most recently

IXICO announced two contracts in disease areas beyond Alzheimer’s, including (i) a

$1.5m contract with a top-15 global Pharma company for use of its TrialTracker™ and

Assessa® platforms in studying the rare neurodegenerative disease progressive

supranuclear palsy (PSP) in October 2016, and (ii) a separate $1.5m contract (March

2017) with an existing customer for use of its clinical trial services in a P2b PSP trial.

With an early focus on Alzheimer’s, this therapeutic area remains important but represents

a decreasing percentage (now c.60% from c.90% in 2013) of overall revenues as

management has worked earnestly to diversify its revenue base and expertise to other

serious medical conditions that include a component of neurodegeneration at an early

stage (i.e. Parkinson’s and multiple sclerosis).

IXICO is accelerating growth by

expanding into new CNS

therapeutic areas

Recent contracts highlight breadth

of therapeutic expertise in

neurological disease

CENTRAL

NERVOUS

SYSTEM

PARKINSON’S

DISEASE

ALZHEIMER’S

DISEASE

HUNTINGDON’S

DISEASE

PSYCHOSIS

MULTIPLE

SCLEROSIS

PROGRESSIVE

SUPRANUCLEAR

PALSY


16

IXICO product and technology summary

IXICO’s proprietary digital platforms, TrialTrackerTM

and Assessa®, have been used in

global clinical trials across around 400 hospitals, and remain the company’s lead products.

In addition, IXICO acquired Optimal Medicine (August 2015), and with it “real-world” data

collection technologies to enable future product development, which we discuss below.

TrialTracker™ is a data/image management and analysis tool and is the most

established of the portfolio. It is a web-based system which allows researchers to track

and analyse images, and is predominantly used by Pharma/Biotech clients in a clinical

trial setting. IXICO has continued to develop and expand the platform in terms of its

features and functionality to manage image data, including improving the way the data

is transferred electronically, privacy-protected (i.e. anonymised), quality-controlled,

queried, analysed and reported. More recently, IXICO has been responding to interest

from the pharmaceutical industry to leverage the platform to enable data collection and

analysis from wearable biosensors.

The 2014 licensing agreement with VirtualScopics offers strong validation of the high

quality service offering, in our view, with the US partner citing “faster turnaround times”

as a key differentiator.

IXICO has a number of ongoing contracts, including one with a Pharma partner in a

large P3 Alzheimer’s trial and a second in Parkinson’s with Oxford Biomedica.

Figure 10: IXICO's proprietary digital platform - TrialTracker™

Source: IXICO


17

Assessa® offers a digital diagnostic methodology based on analysis of images

generated from MRI scans. Assessa® incorporates both the core TrialTracker™

platform and LEAP (Learning Embeddings for Atlas Propagation), a proprietary

algorithm which compares patient-specific data to a reference database of multiple

age-matched reference images. Assessa® was CE marked as a medical device in

Europe and Canada in 2013.

Figure 11: Assessa®

Source: IXICO

MyBrainBook® is a mobile (web app) technology in development for dementia

patients and their support network. The technology is designed to be incorporated into

their daily routine, enabling the customisation of treatment and tracking of outcomes.

The project was a result of collaboration between IXICO, the NHS Mental Health

Trusts, the Health Innovation Network, community care providers and other third

sector partners.

Mehealth® offers a suite of web-based digital healthcare technologies for use in

clinical decision support. The current portfolio is focused on ADHD and behavioural

health. The platform integrates online patient portals that allow patients to keep real-

time records between consultations, and allow health professionals to collect and

analyse these data, with the aim of ultimately optimising/customising treatments.

Assessa® is unique in its ability to

provide a prediction of clinical

decline personalised for an

individual patient based on a

combination of imaging and

clinical tests

“Real-world” data collection

technologies – enhancing

proprietary product development

capabilities.


18

Moving up the value chain IXICO is seeking to position itself as a leading “digital brain health” company. Its core

product and services offering is built on the application of its expertise, based on its

proprietary image-analysis platform (based on the patented LEAP technology) and in-

house knowledge (backed by clinical data collected from over 400 hospitals globally). The

company’s strategy is to develop these core offerings further to support every stage of drug

development and develop post marketing digital companion products for dementia and

other neurodegenerative conditions.

We note that IXICO’s clinical focus is predominantly dementia (particularly Alzheimer’s and

Huntington’s disease), but more broadly it is succeeding in leveraging its offering for other

neurodegenerative diseases, and other central nervous system (CNS) conditions in which

there is some manifestation of the disease in the brain (such as MS and Huntington’s

disease).

Case study: leveraging core expertise in multiple sclerosis

We point to the Assessa® PML platform developed in collaboration with partner Biogen as

a case study to the opportunity for value creation at IXICO.

In this example, IXICO was able to capitalise on an initial contract for the use of

TrialTracker™ in monitoring the safety of an immunotherapy in Alzheimer’s disease. From

this base IXICO was subsequently able to win a second contract for a commercial pilot and

ultimately secure a commercial collaboration contract for a “digital companion product” for

use alongside Biogen’s Tysabri.

We see the Biogen contract for the Assessa® PML platform, which was developed in

collaboration between the partners in response to specific identified need, as a prototype

for future deals of this nature. Under the commercial collaboration deal Biogen made a

financial contribution towards the development of the platform, with an expectation that the

partner will make an ongoing contribution.

IXICO – working to become a

leading digital brain health

company

Commercial collaboration with

Biogen a key validator


19

Optionality from research collaborations In addition to the established clinical trial imaging business, IXICO has a broadly self-

funding (through grants and partner funding) R&D collaboration platform. We see this as

upside, allowing IXICO to continue to build its reputation as a leader in the broader digital

health field, while engaging with established players in a more strategic sense.

Cygnus Project – real-world data analytics: Cygnus is a two-year project,

sponsored by IXICO and funded by Innovate UK, that aims to evaluate the feasibility of

web-based mobile and wearable technologies in collecting data from patients and their

carers. In June 2016 Cygnus joined the Dementias Platform UK (DPUK), a high profile

collaboration that includes leading academic centres as well as companies like GSK,

AstraZeneca and JNJ.

AMYPAD – data modelling initiative: The Amyloid Imaging to Prevent Alzheimer’s

Disease (AMYPAD) project is a private-public collaboration investigating the use of

amyloid brain scans to improve the diagnosis and management of Alzheimer’s

disease. IXICO’s TrialTracker™ and Assessa® platforms form a central part of this

five-year project, acting as the data collection/analysis interface to collect and manage

c.6k images and scans from a Europe-wide database of c.24k patients.

RoadMap – wearables & digital disease modelling: A consortium of Pharma and

academic centres, that seeks to investigate the use of digital technology platforms as

tools in data aggregation and analysis.

Figure 12: IXICO research collaborations - Past & Present

Date Indication Partner Scope/Comment

2010 Neurodegenerative FDA Critical Path To improve efficiency of neurodegenerative disease development process

October 2012 Alzheimer’s’ ADNI*

Ongoing longitudinal study with USC

June 2014 Imaging VirtualScopics Alliance Commercial and operational alliance for clinical trial support

June 2014 Multiple MRC Dementia Platform(UK)/UKDP Investigating causes of dementia across Alzheimer’s, Parkinson’s and motor neurone disease.

June 2014 Psychosis PSYSCAN Diagnosis and prognosis of patents at risk for psychotic illness

January 2015 Alzheimer’s EPAD 5yr programme for prevention of Alzheimer’s disease

May 2015 Dementia Cygnus – real world study 2yr real-world data collection inc wearables, web-based and mobile technologies

May 2015 Vascular disease Innovate UK 2yr project quantifying vascular disease burden in CNS

March 2016 Dementia SENSE-Cog 5yr project looking at sensory, cognitive and mental impairments in the elderly

April 2016 Parkinson's Parkinson's UK/CPP Establishing best practice for clinical trial planning,

August 2016 Alzheimer's Deep and Frequent Phenotyping Study Identification of biomarkers for early Alzheimer’s diagnosis

October 2016 Alzheimer's AMYPAD/IMI 5yr project investigating utility of amyloid brain scans

November 2016 Alzheimer’s ROADMAP Ongoing real-world study assessing wearable biosensors

* ADNI - Alzheimer’s Disease Neuroimaging Initiative Source: IXICO, Shore Capital Markets

Leveraging its grant-funded

collaborations and building its

reputation as a thought leader in

digital health in the

study/management/treatment of

brain disease


20

Forecasts We forecast a c.12-13% growth per annum from FY2018F to FY2020F, underpinned by

contracted revenues over FY2017-2019F and conservatively assuming around four to five

new contract wins in the Clinical Trials Technology & Services business over the forecast

window. We assume modest c.5% growth in annual contract size, with the typical duration

remaining around three years.

We conservatively assume that growth normalises over FY2020F to FY2025F to a more

conservative c.10% p.a. We see significant upside to our revenue forecasts if IXICO is able

to secure more than our c.1 contract p.a. forecast, the Biogen-collaboration progresses

faster than anticipated, further expansion in the MS therapeutics area or IXICO is able to

secure another strategic commercial collaboration (i.e. either similar to the Assessa® PML

or as part of its wearables initiative).

We highlight recent contract wins as evidence of momentum in this business.

March 2017: IXICO signed a $1.5m contract for its imaging clinical trial technology with

an existing top-ten Pharma customer. The contract is for the supply of services to a

P2b trial in progressive supranuclear palsy (PSP).

October 2016: IXICO secured a $1.2m contract to support a P2a study in progressive

supranuclear palsy (PSP) in the US and EU.

April 2016: Five-year contract with Oxford Biomedica to support development of

OXB102 in Parkinson’s disease.

August 2015: IXICO announced its largest ever clinical trial contract for a Phase 2/3

study in Alzheimer’s disease ($1m p.a. over seven years).

Contract wins in diseases beyond the core Alzheimer’s expertise, including the contracts

for Parkinson’s with Oxford Biomedica and Huntington’s disease, reduces the reliance on

existing customers (i.e. key customer risk) and demonstrates IXICO’s ability to expand

beyond its legacy offering in dementia/Alzheimer’s. Furthermore, these multi-year contracts

also improve visibility of IXICO’s future revenue streams, which should offer some comfort

to investors.

We forecast a modest c.2-3% CAGR in other operating income (grants and R&D credits) to

FY2026F, which is able to cover c.50% of the R&D spend over the period. Together with

the revenue generated from existing and future contracts, in the absence of M&A, we do

not foresee an immediate need for IXICO to raise additional capital. We forecast a

cumulative net cash burn of c.£2.4m through to breakeven, which our model suggests is in

FY2020F.

We look to the new CEO to drive an increasing focus on leveraging the existing capabilities

and momentum of the business to deliver double-digit growth, and target breakeven and

sustainable profitability over the medium term. Under new leadership we anticipate a new

focus on the balance between investment and profitability and would expect the focus to be

further streamlined internally, supporting those R&D ventures and commercial

collaborations that complement the company’s growth ambitions.

Near-term forecasts supported by

existing contracts

Upside longer-term from more

contracts, faster progress of the

Biogen collaboration and/or new

collaborations

Recent contract wins evidence of

momentum and improve earnings

visibility

FY2017F underpinned by visible

contracted revenues


21

Figure 13: IXICO - Summary P&L

Source: Company Data; Shore Capital Markets

Figure 14: IXICO – Forecasts under-pinned by existing contracts

Source: IXICO, Shore Capital Markets

(GBP, '000) - YE 30 Sep 2015A 2016A 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2025F

Summary P&L

Revenues 3,115 3,111 3,466 3,912 4,436 5,033 5,617 6,243 6,911 7,618 8,362

% YoY -0.1% 11.4% 12.9% 13.4% 13.5% 11.6% 11.2% 10.7% 10.2% 9.8%

Cost of Sales (1,323) (1,680) (1,733) (1,799) (1,952) (2,114) (2,303) (2,497) (2,764) (3,047) (3,345)

Gross Profit 1,792 1,431 1,733 2,112 2,484 2,919 3,314 3,746 4,146 4,571 5,017

% Margin 57.5% 46.0% 50.0% 54.0% 56.0% 58.0% 59.0% 60.0% 60.0% 60.0% 60.0%

Other Income (incl collaboration income) 1,067 752 620 770 770 770 770 620 620 620 620

Operating Costs (4,253) (5,053) (4,144) (3,950) (3,806) (3,757) (3,768) (3,799) (3,820) (3,845) (3,871)

EBIT (1,394) (2,870) (1,791) (1,068) (552) (68) 315 567 946 1,346 1,766

% Margin na na na na na na 6% 9% 14% 18% 21%

Net Financial Income (inc FX) 1 (65) 0 0 0 0 0 0 0 2 7

Profit Before Tax (1,393) (2,935) (1,791) (1,068) (552) (68) 315 567 946 1,349 1,773

Tax 199 750 0 0 0 0 (63) (113) (189) (270) (355)

% effective tax rate na na 0% 0% 0% 0% 20% 20% 20% 20% 20%

Net Income (1,194) (2,935) (1,791) (1,068) (552) (68) 315 567 946 1,349 1,773

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2016A 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2025F

Gro

up

Re

ve

nu

es (

£m

)

% o

f to

tal re

ve

nu

es

o/w unallocated (%) o/w from existing contracts (%) Group Revenues (£mn)


22

Figure 15: IXICO - Summary cash flow and balance sheet

Source: IXICO, Shore Capital Markets

(GBP, '000) - YE 30 Sep 2015A 2016A 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2025F

Summary Cash Flow

Net Income (1,194) (2,119) (1,791) (1,068) (552) (68) 252 454 757 1,079 1,419

+ Depreciation & Amortisaton 49 55 194 142 106 79 61 48 38 31 26

+ Other adjustments 298 565 562 0 0 0 0 0 0 (2) (7)

+ Change in working capital (469) (36) (5) (6) (7) (8) (8) (8) (9) (10) (10)

Cash Flow from Operations (1,316) (1,535) (1,040) (932) (454) 4 305 493 786 1,098 1,427

Purchase (Sale) of PPE (45) (24) (21) (20) (19) (18) (16) (16) (15) (14) (13)

Purchase (Sale) of Intangible Assets 0 0 0 0 0 0 0 0 0 0 0

Other financial (incl millestones) 1 99 0 0 0 0 0 0 0 2 7

Cash Flow from Investing (44) 75 (21) (20) (19) (18) (16) (16) (15) (11) (6)

Capital changes 0 2,706 0 0 0 0 0 0 0 0 0

Debt changes 0 0 0 0 0 0 0 0 0 0 0

Other financial 0 0 0 0 0 0 0 0 0 0 0

Cash Flow from financing 0 2,706 0 0 0 0 0 0 0 0 0

Increase (Decrease) in Cash (1,360) 1,246 (1,061) (952) (472) (14) 289 477 771 1,087 1,422

Closing Cash 1,934 3,120 2,059 1,108 635 622 910 1,388 2,159 3,246 4,667

(Cash Burn) (1,315) (1,436) (1,040) (932) (454) 4 305 493 786 1,100 1,434

Summary Balance Sheet

Cash equivalents & PPE 1,934 3,120 2,059 1,108 635 622 910 1,388 2,159 3,246 4,667

PPE 116 88 83 78 73 69 65 61 57 54 50

Intangible Assets 300 559 391 274 192 134 94 66 46 32 23

Goodwill 0 0 0 0 0 0 0 0 0 0 0

Other Assets 1,889 1,915 1,507 1,701 1,929 2,189 2,443 2,715 3,006 3,313 3,637

Total Assets 4,239 5,682 4,041 3,161 2,829 3,013 3,512 4,229 5,268 6,645 8,377

ST Debt 0 0 0 0 0 0 0 0 0 0 0

LT Debt 0 0 0 0 0 0 0 0 0 0 0

Other Liabilities 1,530 1,423 1,572 1,760 1,981 2,233 2,479 2,743 3,024 3,322 3,636

Total Liabilities 1,530 1,597 1,746 1,934 2,155 2,407 2,653 2,917 3,198 3,496 3,810

Share Capital 84,333 87,141 87,141 87,141 87,141 87,141 87,141 87,141 87,141 87,141 87,141

Total Equity 2,709 4,085 2,294 1,226 674 607 859 1,312 2,069 3,148 4,567


23

Management Charles Spicer (Chairman) – Having previously been an advisor on corporate strategy to

the Board, Mr Spicer joined the Board of IXICO in July 2013. Prior to IXICO he served as

Chief Executive of MDY Healthcare plc^ (MDY, NR, CNP), a strategic healthcare investor,

and was head of Healthcare Corporate Finance at Numis^ (NUM, NR, CNP) (2003-2006)

and Nomura^ (8604, NR, CNP) (1998-2003). Mr Spicer is currently Non-Executive of

Realm Therapeutics^ (RLM, NR, CNP) (formerly Puricore), Creo Medical^ (private, NR,

CNP) and 11 Health Technologies Limited^ (private, NR, CNP).

Giulio Cerroni (CEO) – Mr Cerroni was appointed CEO in February 2017 and has 30

years of experience in the life sciences and diagnostics sectors. He was previously

Managing Director of the Genomics division of LGC group^ (private, NR, CNP). Before

joining LGC Mr Cerroni held a number of leadership roles in Thermo Fisher Scientific^

(TMO, NR, CNP), including Global Vice President & General Manager Anatomical

Pathology operations, and Managing Director of Thermo’s Abgene business. He has held

roles at Anachem^ (private, NR, CNP) (2000-2005) and ICN Biomedicals^ (private, NR,

CNP) (1996-1999). Mr Cerroni was also European Business Development Manager at Du

Pont, where he spent 14 years commercialising new technologies and services for Pharma

drug screening programmes. He holds a BSc in Environmental Science from Cardiff

University and an MBA from the University of Warwick Business School.

Professor Derek Hill (Executive Director) – Professor Hill is the founder and former CEO

of IXICO and now serves on the board as an Executive director. He has 25 years of

experience in medical imaging science and has authored more than 80 journal papers. In

addition, he has served on the scientific advisory board for several pharmaceutical

companies and is a member of the MRI Core of the Alzheimer’s disease Neuroimaging

initiative (ADNI). Professor Hill holds a PhD in medical image analysis from Guy’s and St

Thomas’ Hospitals, University of London, an MSc in Medical Physics from the University of

Surrey and a BSc in Physics from Imperial College.

Susan Lowther (CFO/Company Secretary) – Mrs Lowther joined IXICO as CFO in

October 2014. Prior to this she was CFO at Novacyt^ (ALNOV, NR, CNP) and also CFO of

Lab21 Group prior to its acquisition by Novacyt. Mrs Lowther has also held the position of

CFO at BioWisdom (until its acquisition by Instem) and RiboTargets (prior to its acquisition

by Vernalis+ (VER, House stock at 20.5p). She has also held senior financial management

roles at Lonza^ (LONN, NR, CNP), Celltech (now UCB) and Monsanto^ (MON, NR, CNP).


24

Appendix 1 – CT Imaging Market The global clinical trials (CT) imaging market is expected to reach c.$1bn (+6% CAGR) by

2020F4. Growth is supported by the increasing prevalence of neurological diseases

(including Alzheimer’s, Parkinson’s and dementia) due to the global ageing population

and increasing awareness of health care costs of neurological diseases. The US

represents the largest market by geography, with Pharma accounting for the largest

proportion of the end user market.

Figure 16: Global clinical trial imaging market by geography

Source: Shore Capital Markets, MarketsandMarktets Analysis

4 MarketsandMarkets

Imaging endpoints provide a number of benefits over traditional cognitive/functional imaging endpoints in dementia and other brain diseases:

Assessing potential disease-modifying effects and differentiating these from symptomatic effects that do not impact underlying pathology

Often less variable and thus necessitate smaller sample sizes

Can be used to assess and monitor safety


25

Abbreviations BACE – Beta-secretase

CNS – central nervous system

CRO – contract research organisation

DTI – diffusion tensor imaging

DWI – diffusion weighted imaging

FDG - fluorodeoxyglucose

MRI – magnetic resonance imaging

MRS – magnetic resonance spectroscopy

MS – multiple sclerosis

PET- positron emission tomography

PML - Progressive multifocal leukoencephalopathy

PSP – progressive supranuclear palsy


26

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Ixico+ 1,2,3,4 This note is initiation of coverage

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