(Alliance News) - Open Orphan PLC on Wednesday said it's subsidiary hVIVO signed a GBP14.7 million contract for an influenza characterisation study and a follow on influenza human challenge study.
Shares in the pharmaceutical services firm were 9.8% higher to 16.19 pence each in London on Wednesday morning.
hVIVO has signed an influenza characterisation study with an unnamed "global pharmaceutical client".
The influenza characterisation study is expected to start in quarter three of this year, whilst the human challenge study will commence in the first quarter of 2023.
Open Orphan said that revenue from the contract is expected be recognised across its 2022 and 2023 financial years.
The news follows hVIVO winning a GBP7.3 million influenza human challenge study in May, with the same client.
Alex Mann, senior director of Clinical Science of hVIVO, said: "This major contract win solidifies hVIVO's position in the market in offering the full spectrum of support to clients, from start to finish of the vaccine and drug discovery process."
"Our continued work to support our clients' vaccine and antiviral programme's will support the quick, efficient and cost-effective development of these lifesaving medicines," Mann added.
By Sophie Rose; sophierose@alliancenews.com
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