(Alliance News) - Shares in Open Orphan PLC shot up on Tuesday after it announced a new GBP8.1 million asthma study contract.
Shares in the pharmaceutical services firm were trading 17% higher in London at 24.23 pence each.
The contract with an unnamed global pharmaceutical company will involve the testing of an inhaled human rhinovirus antiviral product.
The antiviral study is expected to commence in the first half of 2022 with the bulk of revenue from the contract expected to be recognised across 2021 and 2022.
"We are pleased to sign this contract with this top five European pharmaceutical company to test its inhaled hRV antiviral product using our Asthma Human Challenge Study Model," said Executive Chair Cathal Friel.
"This contract demonstrates how our broad range of challenge study models can support our clients' varied infectious and respiratory disease product pipelines, and adds to our exciting pipeline of RSV, hRV, Influenza, Malaria, and Asthma challenge study contracts.
"The Covid-19 pandemic has highlighted that for the past 30 years there has been very little investment into the infectious disease and respiratory products space."
By Will Paige; willpaige@alliancenews.com
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