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Open Orphan (LON: ORPH) shares are up 6% on Friday after the company announced that its subsidiary, hVIVO, has signed a “significant” contract with AIM ImmunoTech to test its antiviral candidate, Ampligen.
hVIVO will use both the human Rhinovirus HRV (common cold virus) and Influenza human challenge study models as part of a single study.
The study will be conducted by hVIVO with Philadelphia-based AIM ImmunoTech the sponsor of the Phase 2 human challenge trial, which is expected to commence in Q4.
While there were no financial details provided, Open Orphan said it expects the majority of revenue from the contract to be recognised in the current financial year.
They also expect to sign more contracts in this area due to the increased international focus on respiratory and infectious diseases following the outbreak of COVID-19.
“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,” said Cathal Friel, Executive Chairman of Open Orphan.
“Fortunately, with our access to three challenge study clinics in London, we were able to find a small gap in our schedule later this year to slot this particular study in at short notice,” he added.
Open Orphan's share price is currently trading at 26.5p, up 6%.
Open Orphan shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. Find out why Open Orphan shares made it onto our list of the best AIM stocks to buy…
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