Business
New Contract
New Contract.
About this update from Hvivo Plc
[{"type":"text","content":"\n \n \n RNS Number : 2129F\n Open Orphan PLC\n 06 March 2020\n \n \n \n Open Orphan plc\n (\"Open Orphan\" or the \"Company\")\n New hVIVO contract signed with a European Biotech Company\n Initial study for the provision of a RSV human challenge study\n \n · \n Respiratory Syncytial Virus (\"RSV\") human challenge study Projected to deliver £3.2m in revenue in 2020 with the pivotal challenge study expected to commence end Q4 2020, with the potential to deliver significant further revenue expected to be a minimum of £7m.\n \n \n · \n First contract that utilises complementary in-house Clinical Research Organisation (\"CRO\") services of hVIVO and Venn Life Sciences (\"Venn\") following completion of merger with hVIVO\n \n \n 6 March 2020: Open Orphan plc (ORPH) the rapidly growing CRO specialist pharmaceutical services Group which has a focus on orphan drugs and is a world leader in the provision of virology and vaccine challenge study services, is pleased to announce the signing of a new contract with a European Biotech Company for the provision of a RSV human challenge study. The study is projected to deliver £3.2m in revenue all of which is expected to be recognised in 2020. If the study is successful, it is anticipated that an additional follow-on larger pivotal challenge study will commence end Q4 2020, delivering significant further revenue and expected to be a minimum of £7m.\n \n This contract demonstrates hVIVO, part of Open Orphan, successfully converting its pipeline and reinforces 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 the environment of heightened awareness of virology following Covid-19. London-based hVIVO is unique as it has Europe's only commercial 24-bed quarantine clinic and on-site virology laboratory and is the only company globally with the capability to run an RSV human challenge study.\n \n \n This breakthrough study reinforces hVIVO's position as the leader in the provision of virology services.\n \n Trevor Phillips, CEO of Open Orphan, said:\n \n \"This agreement continues to endorse the importance being placed on the use of viral challenge models support...