This RNS validates the refocus of Venn Life Sciences since Open Orphan took over the company last June to secure long-term partnership contracts which deliver recurring revenues for the business.
Since the acquisition last June, there have been significant headcount reductions removing layers of bureaucracy of senior, non-fee earning executives such as the former CEO and COO and re-energised internal departments by providing autonomy to some long standing heads of departments who are doing an excellent job at delivering more contracts.
Two such contracts are the subject of this announcement; a new contract with an existing client, Japanese company Carna Biosciences for a First In Human Clinical pharmacology trial with Venn’s Breda office in the Netherlands providing a range of expertise such as PK/PD analysis and other services related to early clinical development.
And a second contract win in recent weeks; Venn’s CMC team which is also based in Breda have won a contract extension to continue work for a Dutch biotech on CMC until at least the end of the year.
New Contract Win with Carna Bioscience (“Carna”)
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 the signing of a new contract with Carna Bioscience ( www.carnabio.com ) for a First In Human Clinical pharmacology trial. The contract is expected to deliver significant revenue for Venn Life Sciences (“Venn”) over the next twelve months.
The contract sees the Breda, the Netherlands office of Venn, a subsidiary of Open Orphan, provide Carna with a range of expertise such as PK/PD analysis and other services related to early clinical development. Carna is a Japanese company specialising in kinase biology, developing innovative treatments against cancer and immune disorders. This new contract builds upon several years of existing work during which both parties closely collaborated on drug development planning and pre-clinical activities.
In recent weeks, Venn’s CMC team which is also based in Breda have won a contract extension to continue a Dutch biotech on CMC until at least the end of the year.
Both contracts are further evidence of Open Orphan’s strategy to secure long-term partnership contracts which deliver recurring revenues for the business by working in close collaboration with high quality customers.
Cathal Friel, Executive Chairman of Open Orphan, said:
“This new contract with Carna further extends our relationship and demonstrates our ability to successfully service clients, resulting in repeat business. We look forward to carrying out this contract over the next year as we deliver on our strategy of generating recurring revenue through long term, service contracts.”
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