hVIVO PLC (AIM:HVO) has secured its largest standalone laboratory contract to date to support a US biotech firm’s phase II trial for an influenza drug candidate.
The contract is worth £2.7 million, bringing the project's total value to £3.2 million.
hLAB will be the sole virology lab for this international study, which involves 5,000 participants. Work has already started and includes virology and immunology lab services.
Most of the revenue from this deal will be booked in 2025, with the rest following in 2026.
The new contract highlights hVIVO’s growth since moving to its larger Canary Wharf facility. The new space has tripled hLAB’s capacity and allows it to offer specialised virology and immunology services as standalone options.
With more than 20 years of experience, hLAB has been a leader in testing for hVIVO’s challenge trials and client studies. This latest deal underscores its growing reputation in the biotech world.
CEO Mo Khan said: "It is wonderful to see hLAB secure its largest contract to date, following the launch of its standalone services in September 2024.
"hLAB is highly specialised and a leader in its field with over 20 years' experience in infectious and respiratory disease drug development.
"This contract underlines another benefit of the move to the group's new Canary Wharf facility, with the additional lab capacity enabling hLAB to service standalone contracts in addition to our human challenge trial work, as well as offering field studies.
"These services support the group's 'optimise, scale and diversify' growth strategy, by leveraging our existing infrastructure and staff to provide a high-margin new revenue stream."