(Sharecast News) - Pharmaceutical services company Open Orphan announced the signing of a new contract with an unnamed US biotechnology company on Monday, for the provision of a respiratory syncytial virus (RSV) human challenge study.
The AIM-traded firm said the challenge study was projected to deliver ?3.5m in revenue in 2020.
It said that it would use the complementary in-house clinical research organisation services of hVIVO and Venn Life Sciences, following the completion of the merger with hVIVO.
Open Orphan also announced that Trevor Phillips would stand down as its chief executive officer.
The board said a "strong" management team was in place, with Cathal Friel continuing as executive chairman, running the business alongside a leadership team focussed on delivering growth.
"The signing of this new ?3.5m contract with a US biotechnology Company is further evidence of this exciting time as we successfully convert Open Orphan's pipeline of prospects into formal customer contracts," said Cathal Friel.
"Open Orphan will be utilising its complementary in-house clinical research organisation services of hVIVO and Venn to deliver this contract.
"This contract demonstrates the Open Orphan and hVIVO group's focus on building long term contracts with recurring revenues to deliver future profitability while ensuring rationalising the business and reducing costs."
At 1615 BST, shares in Open Orphan were up 9.64% at 9.87p.
15 Nov 2021 11:32
Open Orphan subsidiary secures contract renewal with 'major' pharmaceutical client
(Sharecast News) - Contract research organisation Open Orphan said on Monday that its Venn Life Sciences subsidiary had signed a contract renewal with an unnamed "major global pharmaceutical client" worth £1.5m over a two-year period.
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