28 Jun 2019 07:00
28 June 2019
Open Orphan plc
("Open Orphan" or the "Company")
First Day of Dealings and Re-admission to AIM and Euronext Growth
Open Orphan, a European-focussed, rare and orphan drug consulting services platform, is pleased to announce that Admission and dealings in its ordinary shares of 0.1 pence each ("Ordinary Shares") on AIM and Euronext Growth Dublin will commence at 8.00 a.m. today under the ticker ORPH.
Highlights
· The Company will target the fragmented orphan drug services market in Europe
· The orphan drug sector is one of the fastest growing sectors in the global pharmaceutical industry and in the US in 2018 over 50% of all new US Food and Drug Administration ("FDA") approved drugs coming to market are for rare/orphan conditions
· The Open Orphan strategy is to build upon its existing capability and expertise within orphan drugs to become a full-service consultancy for orphan and other speciality healthcare products, develop its patient health data platform in partnership with a number of patient advocacy groups and build a Virtual Rep and Data Access Platform consisting of physicians and key opinion leaders
· Open Orphan has identified an extensive pipeline of target acquisitions primarily in the regulatory approval, reimbursement and product launch areas where the Directors perceive that companies need the most help navigating the complex European market
· Placing raising £4.5 million (before expenses) by the issue of 80,357,142 new Ordinary Shares at the Placing Price of 5.6 pence per Ordinary Share
· Dr Maurice Treacy appointed as an Executive Director of the Company
Cathal Friel, Chief Executive Officer of Open Orphan said:
"We have a clear growth strategy targeting the fast-growing market for orphan drugs. The management team and Board have a strong track record and we are confident in our abilities to generate significant shareholder returns. We look forward to updating our shareholders on the exciting acquisition pipeline and the addition of new Board members in due course."
Strategy - Targeting the fragmented orphan drug services market
The Enlarged Group intends to target the fragmented orphan drug services market in Europe and offer a 'one-stop-shop' solution for the development and commercialisation of orphan and rare drugs within Europe. This solution will assist developers of rare and orphan products and should enable better outcomes for patients by offering an integrated solution supporting developers, ensuring maximisation of the value of, and access to, a product. Open Orphan has identified an extensive pipeline of target acquisitions primarily in the regulatory approval, reimbursement and product launch areas where the Directors believe that pharmaceutical companies need the most help navigating the complex European market.
The orphan drug sector is one of the fastest growing sectors in the global pharmaceutical industry and in the US in 2018 over 50% of all new US FDA approved drugs coming to market were orphan drugs.
Board Composition - Track record of building successful businesses
From Admission, Dr Maurice Treacy will be appointed an Executive Director of the Company. Maurice was most recently a founder of HiberGen and one of the founders of Genomics Medicine Ireland, which was recently acquired by WuXI NextCODE. Genomics Medicine Ireland was established to research the role of genetics in disease, leading to new prevention strategies and treatments.
Maurice joins Cathal Friel, Tony Richardson, Christian Milla, Brendan Buckley and Mike Ryan on the Board of Open Orphan.
The Company intends to appoint another independent non-executive director and a chief financial officer as soon as possible following Admission.
Enquiries:
Open Orphan plc Tel: +353 1 644 0007Cathal Friel, Chief Executive Officer
Arden Partners (Nominated Adviser and Joint Broker) Tel: +44 (0)20 7614 5900John Llewellyn-Lloyd / Ruari McGirr / Benjamin Cryer
Davy (Euronext Growth Adviser and Joint Broker) Tel: +353 (0)1 679 6363Anthony Farrell (Corporate Finance)
Camarco (Financial PR) Tel: +44 (0)20 3757 4980Tom Huddart / Billy Clegg / Daniel Sherwen
Unless otherwise defined, capitalised terms used in this announcement are as defined in the Company's admission document dated 11 June 2019.
Notes to Editors:
Open Orphan plc is a European-focussed, rare and orphan drug consulting services platform. The Company consists of four elements: a European clinical research organisation and consultancy; an orphan drug services business; a Virtual Rep and Data Access Platform consisting of physicians and key opinion leaders; and a Health Data Platform to partner with Patient Advocacy Groups. The Company is targeting rapid growth in one of the fastest growing sectors in the global pharmaceutical industry targeting under-supplied treatment for life threatening or very serious diseases and rare disorders.