Highlights

£16.8m contract win with unnamed “Top 5 Global Pharma Client”.

Full Service Respiratory Syncytial Virus (“RSV”) test of antiviral drug candidate using the Company’s RSV Human Study model.

Pharma Client is funding expedited manufacture of additional supply of RSV challenge agent.

A confirmatory challenge cohort and a multiple cohort challenge trial.

hVivo expects to confirm infectivity of the new RSV challenge virus batch in small number of healthy volunteers recruited via FluCamp in FY24.

Trading Update

Revenue from this Contract Win to be recognised across FY23e, FY24e and FY25e.

Strong trading across the Group continued through the year with FY23e revenue now expected to be slightly ahead of market expectations.

Operational efficiencies have expanded EBITDA margins to more than 20%.

FY23e EBITDA now expected to be significantly ahead of market expectations.

FY24e Revenue visibility continues to increase.

Dr Andrew Catchpole, Chief Scientific Officer of hVIVO, said: "As clinical assets approach critical and high-cost late-stage trials, biopharma companies want to minimise the risk of failure, and know that their asset has the best chance of reaching the market.

By using multiple cohorts and testing different dosing regimens, our clients are able to use a human challenge trial to optimise the dosing strategy as well as gain vital quick efficacy data, further de-risking future clinical development.

With the expanded capacity and enhanced capabilities of our new facility, we are well-equipped to deliver on the increasing demand for multiple cohort studies of this kind."