(Alliance News) - Open Orphan PLC on Monday said it has signed a contract with Carna Bioscience for a first in human clinical pharmacology trial.
Carna is a Japanese company specialising in kinase biology, developing innovative treatments against cancer and immune disorders.
The consulting services platform operator said the deal is expected to deliver "significant" revenue for the company over the next 12 months.
Under the contract, Venn Life Sciences, a part of Open Orphan, will provide Carna with a range of expertise from chemistry manufacturing and controls to clinical trial management.
This new contract builds upon several years of existing work between Venn and Carna during which both parties closely collaborated on drug development planning and pre-clinical activities services contracts, Open Orphan said.
"This contract is further evidence of delivering against one of Open Orphan's key objectives, transforming Venn," said Chief Executive Cathal Friel.
Friel added: "We look forward to delivering the contract for Carna Bioscience and I look forward to announcing more positive news in due course."
Open Orphan shares were trading 3.8% higher in London on Monday at 6.54 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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