Open Orphan announced Monday that its subsidiary, Venn Life Sciences, has signed a contract renewal with a major global pharmaceutical client worth £1.5m over two years.
The company did not name the client but told investors the renewal would begin in January 2022.
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Venn, a part of Open Orphan since 2019, will have its team in Breda provide clinical pharmacokinetics (PK) support on various drug development programmes, to study the absorption, distribution, metabolism, and excretion of drugs within the body.
Cathal Friel, Executive Chairman of Open Orphan, said: “We are delighted to see this contract renewal signed by the Venn team in Breda with a client that it has been working with since 2012.
“The continued support by Venn to a distinguished partner such as this demonstrates the value of Venn's clinical pharmacokinetics offering, as part of its comprehensive offering in drug development consultancy, clinical trial design and execution.
“Open Orphan's strengths lie in the established relationships we have with our pharmaceutical partners and we expect to continue to develop these relationships as well as focusing on converting our existing pipeline of new business opportunities.”
Despite the positive announcement, Open Orphan shares are currently down 0..76% at 42.92p.
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