6 Jan 2020 07:00
6 January 2020
Open Orphan plc
("Open Orphan" or the "Company")
3 Year Contract with major Pharmaceutical Company
Open Orphan, a European-focussed, rare and orphan drug consulting services platform, is pleased to announce the signing of a new 3-year contract with a tier 1 German pharmaceutical company which is one of Europe's top research-driven pharmaceutical companies. The contract guarantees significant annual revenue with work under the contract to commence this month.
This contract sees Venn Life Sciences ("Venn"), part of Open Orphan plc, build upon its strong existing relationship with this German pharmaceutical company with a new 3-year consultancy for Pharmacokinetic (PK) analysis. This represents a significant extension of the relationship in addition to a continuation of work currently undertaken by Venn providing support in clinical trial data analysis, as well as earlier stage projects.
Pharmacokinetics is a branch of pharmacology dedicated to determine the fate of substances administered to the human body and PK models help pharmaceutical companies to decide upon dosage and potential adverse effects in new drugs under development. The Venn team in Breda, since 1997, have become a preferred provider for many innovative pharmaceutical companies that outsource their pharmacokinetic analysis, including 3 out of the top 10 biggest pharmaceutical companies.
Cathal Friel, Chief Executive of Open Orphan commented:
"This new contract is further evidence of Open Orphan delivering against one of its key objectives, transforming Venn by transitioning from ad-hoc short-term contracts to long-term contracts with high quality customers thereby delivering secured recurring revenues for the business. We look forward to delivering the contract and building upon this great partnership with one of the leading companies in the European pharma industry."
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 / Dan Sherwen
Notes to Editors on Open Orphan:
Open Orphan plc is a European-focused, rare and orphan drug consulting services platform. The Company intends to roll up a number of orphan drug services businesses. Open Orphan has two data driven digital platforms, a Genomic Health Data Platform, which is establishing a rare disease database and a Virtual Rep platform enabling pharmaceutical companies to engage key opinion leaders and physicians. 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.