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Open Orphan vaccine research team sets profit growth target in 2021

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Vaccine research group Open Orphan says it is aiming to reach revenue of around £40 million (€48 million) by 2021.

In a transaction update published today, the company said it expects earnings before interest, taxes, depreciation and amortization (EBITDA) to be positive in 2021, after negative results in 2020.

Open Orphan ends 2021 with cash and cash equivalents of £15.6 million (about €19 million).

The company is targeting a regional revenue of £50 million by 2022 for non-Covid work, with additional revenue from Covid expected, depending on the length of the human trial.

Open Orphan will open two new volunteer recruitment screening facilities for its ‘FluCamp’ clinical trial service in London and Manchester.

The service is operated by London-based hVivo, the only commercial quarantine clinic in Europe, and an on-site virology laboratory and research into the treatment of colds, flu, respiratory illness RSV, Covid-19 and other viral diseases.

CEO Yamin Khan said the new facilities will double Open Orphan’s volunteer screening capacity and expand its clinical and laboratory trial offering.

“As a result of the changes, we have the potential to expand the scope of our business as we enter a critical period of significant growth in the infectious diseases market. I believe we are currently very well positioned with an enhanced clinical trial offering and a unique ability to recruit volunteers and patients, which will allow us to serve more and more clients. of Big Pharma and biotechnology are seeking to test new therapeutics against various infectious and respiratory diseases. ”

Open Orphan is led by Irish businessman Cathal Friel and joined the Dublin and London stock exchanges in 2019.

Executive Chairman Friel said he was “satisfied” with the company’s performance “despite the difficult market conditions for the year”.

“We continued our vigorous work earlier this year and our new facilities in both London and Manchester will not only allow the company to screen a larger number of potential volunteers but even bringing our total number of beds to 62.

“Considering the larger size and functionality of the new facilities and their costs, the company made the expansion cost-effective.”

Last week, Open Orphan spin-out organization Poolbeg Pharma said it was building momentum despite a loss in 2021 and a falling share price.

https://www.independent.ie/business/irish/vaccine-research-group-open-orphan-on-target-for-2021-profit-growth-41422589.html Open Orphan vaccine research team sets profit growth target in 2021

Fry Electronics Team

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