ORPH.L Share News (ORPH)

(Sharecast News) - Drug consulting services platform Open Orphan has won a new three-year contract with an unnamed German pharmaceutical company.
Open Orphan said the contract, which guaranteed "significant annual revenue", will see Venn Life Sciences provide Pharmacokinetic analysis with the pharmaceutical company as it builds upon its strong existing relationship with the firm.

The AIM-listed group noted that work under the contract would commence in January.

Chief executive Cathal Friel said: "This new contract is further evidence of Open Orphan delivering against one of its key objectives, transforming Venn by transitioning from ad-hoc short-term contracts to long-term contracts with high-quality customers thereby delivering secured recurring revenues for the business.

"We look forward to delivering the contract and building upon this great partnership with one of the leading companies in the European pharma industry."

As of 1055 GMT, Open Orphan shares were up 7.22% at 5.20p.