Horizon Discovery Group PLC (LON:HZD) has secured more than £800,000 worth of projects for its high-throughput molecular screening platform as it continues to strengthen its order book.
The revenue generated from these new orders is expected to be realised in the final quarter of this year and early next year.
The drug combination and immune-oncology screening platform is so in-demand that the 2016 order book exceeds current operational capacity.
In excess of £1.6mln of further agreements are now in place, which will be recognised next year, Horizon said.
And it may not end there. Horizon anticipates that “significant additional work” from some of its current partners which could result in a further £1mln in new molecular screening revenues in its next financial year.
"Today's announcement clearly demonstrates that our high-throughput molecular screening business is strong,” said chief executive Darrin Disley.
“With a robust pipeline running at full capacity for the remainder of 2016 and building momentum for a strong Q1 and full year 2017, molecular screening remains a core driver of Horizon's Services business.”
The £800,000 worth of projects announced today include a “sizeable” drug combination study from a previous long-term top five pharma partner, as well as other agreements with multiple top twenty pharma and biotech firms.
Individual molecular screening contracts vary from £40,000 to £400,000 and can operate for any time between one and four months.
Shares were up 3p, or 2%, to 132p in early deals.