Open Orphan PLC are very excited about this new contract with a top 3 pharma company, this is a £4m RSV (respiratory syncytial virus) human challenge study clinical trial which kicks off immediately with the bulk of the revenues coming in this year.
This is the second time in 6 weeks that we have signed a substantial contract with a top 3 pharma company and as such, within this period, we have now done business with 2 of the top 3 pharma companies in the world which is quite achievement for a small and fast growing company such as Open Orphan given that we only completed our IPO 14 months ago.
This is also the third such RSV contract win for Open Orphan in 2020 following the announcement on the 4th May of a £3.5m challenge study and on the 6th of March of a £3.2m challenge study with the potential to deliver significant further revenue expected to be a minimum of £7m.
This new contract win is very exciting as it re-affirms that we have now completely transformed and turned around both Venn and hVIVO and after a period of restructuring and cutbacks, the business is very much on the expansion, winning and signing new contracts.
As you will see in the attached RNS, we are the only company in the world who is able to supply an RSV human challenge study clinical trial and it also reaffirms that we now have a very steady and flowing traditional human challenge study clinical trial business while rapidly building up capabilities to start signing covid-19 human challenge study vaccine trials later this year.
Major New Contract Win with Top 3 Pharma Company
Open Orphan plc (ORPH), a rapidly growing specialist CRO pharmaceutical services company which is the world leader in the testing of vaccines and antivirals using human challenge clinical trials is pleased to announce a new contract, valued at £4m, with a top 3 global pharmaceutical company to be the sponsor of and provide a respiratory syncytial virus (RSV) human challenge study trial.
This new £4m contract represents continued conversion of Open Orphan’s substantial pipeline and generation of significant cash flow. The contract further validates Open Orphan’s position as the world leader in the provision of viral challenge study clinical trials and laboratory services supporting both biotech and Big Pharma in developing antivirals, vaccines and respiratory therapeutics.
This study will take place in hVIVO’s unique London-based quarantine unit and is expected to be completed by the end of quarter one 2021. The hVIVO unit is Europe’s only commercial 24-bed quarantine clinic with on-site virology laboratory. hVIVO is the only company globally offering the capability to conduct an RSV human challenge study.
Cathal Friel, Executive Chairman, Open Orphan, said:
“This is another exciting new contract win with a new customer for Open Orphan’s subsidiary hVIVO as we convert the substantial pipeline that is building up within the Company. This contract, with a top 3 global pharmaceutical company, is evidence of the high regard hVIVO is held in within the industry and reinforces our position as the world leader in the testing of vaccines and antivirals using human challenge clinical trials. As a group we are focused on winning and delivering high-quality, profitable contracts and this is another example of our delivery against that strategy.”
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
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