www.angelbio.com
Angel's principal activity is the manufacture and supply of materials for use in early stage drug development and pre-clinical studies, along with drug product and CMC documentation for Phases I, II and III clinical trials and the manufacture of licensed drugs or vaccines.
Angel Biotechnology shares surge as it reveals new contracts worth total of £4.5mln
Angel Biotechnology (LON:ABH) shares surged more than 13 per cent in early deals as it announced signing three new manufacturing contracts worth over £4.5 million in total.
The agreements are with Materia Medica Holding (MMH) and put the deal to create a joint venture company between the two, announced in October last year, on a strong footing.
It is expected the projects will run concurrently and take around 22 months to finish, the company said.
Under the proposals, Angel will start the projects within existing facilities, with a view to transferring production to its Cramlington site, which it is currently re-commissioning, during this year.
Investors greeted the news warmly and as at 8.20 am, the firm's shares were up 13.04 per cent, to trade at 0.26 pence each.
Chairman of Angel Dr Paul Harper said: "The commission of these three new agreements provides a robust basis for the proposed JVC (joint venture company) between Angel and MMH and demonstrates the confidence the customer has in Angel's capabilities.
"These agreements will put the proposed JVC on a sure footing from the outset, but is also an excellent example of the value Angel can provide via significant alliances such as this."
Last year, Angel Biotechnology said it was forming the joint venture company with Russian pharmaceutical firm Materia Medica Holding to allow Angel to continue the expansion of its core business.
The new joint venture, 51 per cent-owned by MMH, will commission new product programmes and manage their production in a dedicated ‘good manufacturing practice’ facility that will be operated by Angel on behalf of MMH.
