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Shares of pharmaceutical company Open Orphan (LON: ORPH) are edging higher on Monday after announcing a contract extension with Carna Biosciences.
Carna Biosciences is working with Venn Life Sciences, part of Open Orphan, to extend its integrated drug development consultancy.
Open Orphan said the contract extension is expected to deliver significant revenue for then over the next 12-months. Based in Breda, Netherlands, the Venn team will provide chemistry, manufacturing and control, non-clinical, clinical and regulatory consultancy services to Carna for its leading development programmes.
The contract has been extended until the end of December 2021.
Open orphan shares are 3.23% higher on Monday trading at 23.7p after Friday’s close at 23p.
“The extension of this contract further demonstrates our ability to collaborate successfully with our clients and provide a service that results in repeat business,” said Cathal Friel, Executive Chairman of Open Orphan.
“Venn and Carna have built up a good working relationship over a period of several years where both parties closely collaborated on drug development planning and its execution through consultancy services contracts,” added Friel.
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