Successful extension of contract underpins 2021 revenue growth expectations
Open Orphan plc (AIM: ORPH), a rapidly growing specialist pharmaceutical services CRO and a world leader in vaccine and antiviral testing using human challenge clinical trials, announces a contract renewal extending its consultancy services with a major top-3 global pharmaceutical client to December 2021.
Through the Venn Life Sciences (“Venn”) team in the Breda office in the Netherlands, Open Orphan provides independent, up-to-date and hands-on Chemistry, Manufacturing & Control (“CMC”) consultancy services to a leading global pharmaceutical client and has done since 2012. Venn’s CMC consultancy team provide essential support for two of this client’s vaccine development programmes and these successful collaborations have been extended until December 2021.
Venn’s CMC consultancy services focus on the strategic and technical aspects of pharmaceutical development and
support the management of pharmaceutical development programmes covering small molecules and biologicals from chemical or cell line development up to submission of marketing authorisation application.
Cathal Friel, Executive Chairman of Open Orphan, said: “This contract renewal underpins our confidence in delivering against ambitious growth targets for 2021 and securing strong revenue visibility moving forward. Open Orphan’s strengths lie in the established relationships we have with our pharmaceutical partners and we expect to continue to extend these relationships as well as focussing on converting the existing pipeline of new business opportunities we have before us.
“Market consensus forecast a significant increase in revenues in 2021. As we remain on target to be operationally profitable in the final quarter of this year, we also expect to see a significant impact on earnings next year from this revenue growth.”
