(Sharecast News) - Pharmaceutical services clinical research organisation Open Orphan announced a further contract renewal with Carna Biosciences on Monday, extending its integrated drug development consultancy services with Open Orphan subsidiary Venn Life Sciences.
The AIM-traded firm described Carna Biosciences as a clinical-stage biopharmaceutical company focussed on the discovery and development of innovative therapies to treat serious unmet medical needs, focusing on small molecule drugs.
It said the renewal of the contract was expected to deliver "significant" revenue for Venn over the next 12 months.
The Venn team in the Breda office would provide chemistry, manufacturing and control (CMC), non-clinical, clinical and regulatory consultancy services to the client for two of its leading development programmes.
Open Orphan said the collaboration had been extended until the end of December.
"The extension of this contract further demonstrates our ability to collaborate successfully with our clients and provide a service that results in repeat business," said executive chairman Cathal Friel.
"Venn and Carna have built up a good working relationship over a period of several years where both parties closely collaborated on drug development planning and its execution through consultancy services contracts."
At 1300 GMT, shares in Open Orphan were up 1.63% at 23.38p.
18 Oct 2022 22:04
TRADING UPDATES: essensys loss widens; Carclo demand strong
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News: