Open Orphan PLC New Contract (2129F)
March 06 2020 - 1:00AM
UK Regulatory
TIDMORPH
RNS Number : 2129F
Open Orphan PLC
06 March 2020
Open Orphan plc
("Open Orphan" or the "Company")
New hVIVO contract signed with a European Biotech Company
Initial study for the provision of a RSV human challenge
study
-- Respiratory Syncytial Virus ("RSV") human challenge study
Projected to deliver GBP3.2m in revenue in 2020 with the pivotal
challenge study expected to commence end Q4 2020, with the
potential to deliver significant further revenue expected to be a
minimum of GBP7m.
-- First contract that utilises complementary in-house Clinical
Research Organisation ("CRO") services of hVIVO and Venn Life
Sciences ("Venn") following completion of merger with hVIVO
6 March 2020: Open Orphan plc (ORPH) the rapidly growing CRO
specialist pharmaceutical services Group which has a focus on
orphan drugs and is a world leader in the provision of virology and
vaccine challenge study services, is pleased to announce the
signing of a new contract with a European Biotech Company for the
provision of a RSV human challenge study. The study is projected to
deliver GBP3.2m in revenue all of which is expected to be
recognised in 2020. If the study is successful, it is anticipated
that an additional follow-on larger pivotal challenge study will
commence end Q4 2020, delivering significant further revenue and
expected to be a minimum of GBP7m.
This contract demonstrates hVIVO, part of Open Orphan,
successfully converting its pipeline and reinforces its position as
world leader in the provision of viral challenge studies, vaccine
and viral laboratory services, supporting product development for
customers developing antivirals, vaccines and respiratory
therapeutics. These services are particularly relevant and topical
in the environment of heightened awareness of virology following
Covid-19. London-based hVIVO is unique as it has Europe's only
commercial 24-bed quarantine clinic and on-site virology laboratory
and is the only company globally with the capability to run an RSV
human challenge study.
This breakthrough study reinforces hVIVO's position as the
leader in the provision of virology services.
Trevor Phillips, CEO of Open Orphan, said:
"This agreement continues to endorse the importance being placed
on the use of viral challenge models supporting product development
for companies developing antivirals, vaccines and respiratory
therapeutics. This agreement is the first agreement utilising what
is now, a broader and complementary in-house service offering. All
aspects of the study will be conducted within Open Orphan, leading
to the elimination of sub-contractor costs and retain more
contracted revenue. We look forward to delivering the work for a
European Biotech Company and further developing our
relationship."
Cathal Friel, Executive Chairman of Open Orphan, said:
"This agreement demonstrates one of the benefits of the merger
with hVIVO and the opportunity the broadened service offering
provides in delivering a catalyst for significant revenue growth
and margin expansion within the business. In the short term, the
combination of Open Orphan and hVIVO is expected to result in
substantial cost savings through the elimination of subcontractor
costs where they can be replaced by new capabilities within the
Company."
For further information please contact
Open Orphan plc
Cathal Friel, Executive Chairman +353 (0)1 644 0007
Trevor Phillips, Chief Executive Officer +44 (0)20 7347 5350
Arden Partners plc (Nominated Adviser and Joint Broker) +44
(0)20 7614 5900
John Llewellyn-Lloyd / Benjamin Cryer
Davy (Euronext Growth Adviser and Joint Broker) +353 (0)1 679
6363
Anthony Farrell
Camarco (Financial PR) +44 (0)20 3757 4980
Tom Huddart / Daniel Sherwen
Notes to Editors:
Open Orphan is a rapidly growing specialist CRO pharmaceutical
services company which has a focus on orphan drugs and is a world
leader in the provision of virology and vaccine challenge study
services and viral laboratory services. It has Europe's only
24-bedroom quarantine clinic with onsite virology lab in London.
hVIVO supports product development for customers developing
antivirals, vaccines and respiratory therapeutics, all particularly
relevant and topical in the environment of heightened awareness of
the Coronavirus in 2020. The company also has a leading portfolio
of 8 viral challenge study models which are: 2 FLU, 2 RSV, 1 HRV, 1
Asthma, 1 cough and 1 COPD viral challenge models. No other company
in the world has such a portfolio, with only two competitors
globally having 1 challenge study model each.
Open Orphan comprises of two commercial specialist CRO services
businesses (Venn and hVIVO) and is developing an early stage orphan
drug genomics data platform business. This platform captures
valuable genetic data from patient populations with specific
diseases with designated orphan drug status and incorporating AI
tools. In June 2019, Open Orphan acquired AIM-listed Venn Life
Sciences Holdings plc in a reverse take-over and in January 2020 it
completed the merger with hVIVO plc. Venn, as an integrated drug
development consultancy, offers CMC (c hemistry, manufacturing and
controls) , preclinical, phase I & II clinical trials design
and execution. The merger with hVIVO created a European full pharma
services company broadening the Company's customer base and with
complementary specialist CRO services, widened the range of the
Company's service offerings.
About RSV
RSV is a highly contagious viral disease and is one of the most
common causes of bronchiolitis and pneumonia. It is the number one
cause of childhood hospitalisation both in the United States and
around the world. Nearly all children are infected with the virus
at least once by the age of 2-3 years. The disease is particularly
dangerous for premature babies, children with other health
conditions and the elderly. Many children develop pulmonary disease
and/or asthma from RSV that persists throughout adult life making
them susceptible to re-infection. Currently, there are no approved
vaccines for RSV.
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END
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