hVIVO inks £5.2m contract with biotechnology group

4th Jan 2023 07:50

(Sharecast News) - Contract research organisation hVIVO has signed a £5.2m contract with a global biotechnology company to test its respiratory syncytial virus vaccine candidate.

hVIVO said on Wednesday that it will use its established RSV Human Challenge Study Model to test the Asia Pacific-based client's drug candidate, with a Phase 2a double-blinded placebo-controlled human challenge trial set to take place at its specialist quarantine facilities in London.

The AIM-listed company, formerly known as Open Orphan, also announced that it will provide a trading update for the year ended 31 December on 25 January.

Chief executive Yamin Khan said: "I am delighted to have signed this contract with a biotechnology company headquartered in Asia Pacific to test its RSV vaccine candidate, which is our first contract signed in the region in over a decade. APAC has been identified as a key growth region for the company, and this contract is an encouraging indicator that our strategy there is bearing fruit.

"This award further strengthens our revenue visibility into 2024 and gives weight to the fact that we have a strong and sustainable growth model. The team has worked hard to achieve record numbers in 2022, and this award is the perfect start to 2023."

As of 0935 GMT, hVIVO shares were up 6.07% at 12.41p.

Reporting by Iain Gilbert at Sharecast.com