9th Jul 2021 11:42
(Alliance News) - Open Orphan PLC's shares rose on Friday after it signed a contract with AIM ImmunoTech Inc to test its antiviral medication Ampligen.
Shares were trading 8.5% higher in London on Friday morning at 27.13 pence each.
The antiviral study will be conducted by hVIVO, an Open Orphan subsidiary, and is expected to commence in the fourth quarter.
"We are delighted to commence work with AIM ImmunoTech, a leading immuno-pharma company, to test their product against both HRV and Influenza human challenge study models as part of a single study," commented Executive Chair Cathal Friel.
"Being able to test our client's product against multiple pathogens in a single study demonstrates our capability of our state-of-the-art London unit, our industry leading experience, and our position as the go to provider of human challenge studies for biotech and pharmaceutical companies globally."
Open Orphan expects to sign similar contracts in the future due to the increased focus on respiratory and infectious diseases following the outbreak of Covid-19 and as attention turns to potential future outbreaks of other viral diseases, it notes.
The company also confirmed that its London facilities are pre-booked throughout the year and into next, and that it remains on target for a profitable 2021.
By Will Paige; [email protected]
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