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hVIVO lands two new contracts worth £9mln

The specialist in human disease models said it is in talks with pharmaceutical companies over further deals
petrie dish
An order has come in for a further two respiratory syncytial virus human challenge studies

hVIVO PLC (AIM:HVO), a specialist in human disease models, said it is in talks with pharmaceutical companies over further deals after landing new contracts worth £9mln.

Updating the market, it said it will provide an unnamed “leading global biopharmaceutical company” with two respiratory syncytial virus (RSV) human challenge studies. This follows last month’s £11.9mln RSV agreement.

Contagious, respiratory syncytial virus causes the common cold, for which there is no effective cure.

Revenue impact next year

The revenue impact of the latest deal will be felt mainly next year.

“The recent significant new contract wins reinforce our leading position in human disease models based upon viral and allergen challenge and are a testament to our industry leading RSV-human challenge model,” said chairman, Dr Trevor Phillips.

“We have the strongest sales pipeline we have had for several years.

“We remain actively engaged in several discussions with other pharmaceutical companies for contracting studies across our current challenge portfolio, including allergen, asthma, human rhinovirus, influenza and RSV.”

High levels of demand

Phillips said hVIVO continued to experience “high levels of interest” from global pharma companies interested in new challenge models for RSV, asthma and chronic obstructive pulmonary disease.

“With the significant demand for our services across the entire portfolio, we expect to convert a growing number of these opportunities into contracts that will further validate our service offerings and enhance our revenue in 2019 and beyond," he added.

In a separate announcement, hVIVO said former chairman Jaime Ellertson is leaving the board with immediate effect.

The shares rose 10% at 64.60p, valuing the business at just shy of £51mln.

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hVIVO PLC Timeline

April 11 2019

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