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Shares of Open Orphan (LON: ORPH) today surged 5.9% higher to 13.45p after the company said that its Venn Life Sciences division had won a major clinical trial contract with Japanese group Carna Bioscience.

The company did not reveal the value of the deal but said that it will deliver significant revenues within the next 12 months. The company said that the contract was the result of a collaboration between the two companies on drug development and clinical trials that lasted for several years.

“This new contract with Carna further extends our relationship and demonstrates our ability to successfully service clients, resulting in repeat business,” Open Orphan chairman Cathal Friel said in a statement.

“We look forward to carrying out this contract over the next year as we deliver on our strategy of generating recurring revenue through long term, service contracts.”

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