Venn Life Sciences wins new contract worth EUR2.5m

(ShareCast News) - Venn Life Sciences has signed a new contract worth €2.5m with Sedana Medical for a phase III trial.The trial, which is confined to patients in Germany and commences immediately, will confirm the efficacy and safety of sedation with isoflurane in ventilated intensive care patients.Sedana Medical is based in Sweden with operations across Europe, and is the market leader in the emerging inhalation sedation market. This is when medical practitioners use volatile gases to sedate patients in the intensive care unit.Venn's chief executive officer Tony Richardson said: "I am pleased to see the addition of a significant new project for Venn, in such a critical area of care as patient sedation. The generation of quality clinical data can be a real value driver for Sedana Medical and we are delighted that they have entrusted their programme to us."At 0930 GMT, the shares were up 7% to 25p.