Open Orphan PLC (AIM:ORPH, OTC:OPORF) said revenues and earnings will meet expectations set at the time of its interim results as it unveiled expansion plans.
The former first: The infectious and respiratory disease specialist said turnover the year ended December 31 will be £40mln, meaning the business will be EBITDA-positive. It ended the period with £15.6mln in the bank, up £700,000 from the same time the year earlier.
"Despite difficult market conditions during the year, which have continued into 2022, I am pleased with the performance of the Open Orphan team and during 2021 we signed an impressive number of human challenge study contracts with big pharma and biotechnology clients,” said chairman, Cathal Friel.
Looking ahead, Open Orphan said it was targeting revenues of £50mln in ‘non-Covid’ work this year, with any contracts related to research on the virus dependent “on the eventual timing of these studies”.
In the update, investors were told it will establish a primary FluCamp in London’s East End, with a secondary centre in Manchester.
The creation of the former will mean the Whitechapel quarantine clinic and the Queen Mary's Bioenterprises Centre clinic will both be exclusively dedicated to conducting human challenge studies.
"We have continued our strong work at the start of this year, and our new facilities in both London and Manchester will not only enable the company to screen a greater number of potential volunteers, it will also increase our total bed count to 62,” said chairman Friel.
“Considering the greater size and functionality of the new facilities, as well as their cost, the Company has executed the expansion in a highly cost-efficient manner."
With both its FluCamps and human challenge studies, researchers from Open Orphan’s hVIVO arm are trying to better understand viruses such as influenza in order to combat these illnesses.