Open Orphan Plc (ORPH) pharmaceutical services company offered much-needed excitement this morning after announcing a new £8.1 million asthma study contract.
Shares in Open Orphan were trading 17% higher at 24.23p.
The contract with an unnamed global pharmaceutical company will involve testing an inhaled human rhinovirus antiviral product.
The antiviral study is expected to commence in the first half of 2022. The bulk of revenue from the contract is expected to be recognised across 2021 and 2022, further adding to the growing net cash position…yes, folks, net cash. Unfortunately, there has been too much confusion about this.
The company also reminded investors the company is not just a Covid-19 bandwagon ride; it has a wide range of studies it can perform for big pharma.
“We are pleased to sign this contract with this top five European pharmaceutical company to test its inhaled hRV antiviral product using our Asthma Human Challenge Study Model,” said Executive Chair Cathal Friel.
“This con…