Business
Major New Contract and Directorate Change
Major New Contract and Directorate Change.
About this update from Hvivo Plc
[{"type":"text","content":"\n \n \n RNS Number : 7378L\n Open Orphan PLC\n 04 May 2020\n \n \n \n 4 May 2020\n \n Open Orphan plc\n (\"Open Orphan\" or the \"Company\")\n Major New Contract and Directorate Change\n New contract signed with US Biotechnology Company for respiratory syncytial virus (RSV) human challenge study\n \n Open Orphan plc (ORPH) the rapidly growing specialist CRO pharmaceutical services company which has a focus on orphan drugs and is the world leader in the testing of vaccines and antivirals using human challenge study models, is pleased to announce the signing of a new contract with a US biotechnology Company for the provision of a respiratory syncytial virus (RSV) human challenge study.\n \n \n Highlights:\n \n \n · \n Challenge study projected to deliver £3.5 million in revenue in 2020\n \n \n · \n Utilising complementary in-house Clinical Research Organisation (\"CRO\") services of hVIVO and Venn Life Sciences (\"Venn\") following completion of merger with hVIVO\n \n \n · \n Trevor Phillips to stand down as CEO. Strong management team in place with Cathal Friel, continuing as Executive Chairman and running the business alongside a leadership team focused on delivering growth at a very exciting time for the Company\n \n \n \n Major New Contract\n \n \n with US Biotechnology Company\n \n \n \n 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. \n \n \n 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. \n \n \n This study will commence in hVIVO's unique London-based quarantine unit in the third ...