Open Orphan PLC (AIM:ORPH, OTC:OPORF) posted record revenues and swung into profit in its latest full year as the Covid-19 pandemic sparked a revival in human challenge studies.
Revenues jumped 76% in the year to the end of December 2021, with underlying profits (EBITDA) of £2.9mln compared to a loss of £6.1mln a year earlier.
A large portion of the revenue growth in 2021 was down to subsidiary hVIVO's human challenge trials, said the statement, which gained global publicity during the year as the pace stepped up to find treatments for Covid-19.
Human challenge trials - where patients are infected and monitored throughout the full course of a virus - were completed with a number of top ten big pharma and smaller biotechs such as Bavarian Nordic (RSV) and SAB Therapeutics (influenza), the company said.
Orders at the year-end amounted to £46mln, since when it has won contracts for a £14.7mln end-to-end flu study, a separate £7.3mln flu trial and a £5mln RSV challenge study.
Yamin Khan, chief executive, said it had been "an exceptional year" for the company, both at hVIVO and also its other subsidiary, Venn Life, but was confident it could do better this year.
“We will build on this performance into 2022 and have set challenging and achievable growth plans across all areas of the business.
“We believe the operational infrastructure is in place to deliver on the exceptional contracted order book and pipeline of opportunities the business has, and we can already see the strategy coming to fruition.“