Open Orphan plc Announces Directorate Changes; Announce the Signing of a New Contract
The company announced the signing of a new contract with a US biotechnology Company for the provision of a respiratory syncytial virus (RSV) human challenge study. The company has signed a contract with a US Biotech company for the provision of an RSV human challenge study with work to deliver the study expected to commence shortly. The contract is projected to deliver £3.5 million in revenue all of which is expected to be recognised in 2020. The signing of this new contract follows the signing in March of this year of another RSV human challenge contract, now underway, for an initial £3.2 million. This contract represents continued conversion of Open Orphan's substantial pipeline, generation of significant cash flow and further validates its position as world leader in the provision of viral challenge studies, vaccine and viral laboratory services, supporting product development for customers developing antivirals, vaccines and respiratory therapeutics. These services are particularly relevant and topical in environment of heightened awareness of virology following the onset of Covid-19. This study will commence in hVIVO's unique London-based quarantine unit in the third quarter of 2020, which is Europe's only commercial 24-bed quarantine clinic with on-site virology laboratory. hVIVO is the only company globally with the capability to run an RSV human challenge study. This agreement utilises what is now a broader and complementary in-house service offering. All aspects of the study will be conducted within Open Orphan, with data management, biostats and medical writing being provided by Venn Life Sciences colleagues leading to the elimination of sub-contractor costs and retention of more contracted revenue.