Open Orphan aims to develop study model for Covid-19 vaccines
DUBLIN-listed Open Orphan is currently developing the world’s first challenge study model to test the effectiveness of Covid-19 vaccines that are in development.
These types of studies have the potential to streamline and/or accelerate vaccine development.
It comes as the company reported a loss of €6.5m in respect of last year. On a pro forma basis, and including the impact of Open Orphan’s merger with Hvivo and its reverse takeover of Venn Life Sciences in 2019, the company’s loss was €16.5m.
Revenue for the year was €4m or €27m when the entities are combined.
Since it added the two companies to its stable, Open Orphan has made cost savings of €2m in Hvivo and €3m in Venn, according to annual results from the group.
Further annualised cost savings of €2.5m in the merged
Company says there are ‘unprecedented’ growth opportunities
entity are expected to be implemented by December, it said.
Europe-focused Open Orphan specialises in rare disease and so-called orphan drugs – treatments developed for medical conditions which, because they are so rare, few pharmaceutical companies pursue research into.
Looking forward, the Cathal Friel-headed company said there are “unprecedented growth opportunities” as pharma focuses funding on Covid-19 and respiratory diseases.
Meanwhile, drug firm Amryt Pharma, which makes treatments for rare conditions, has filed for a listing on the Nasdaq Stock Exchange in the United States. The company has publicly filed a registration statement on Form F-1 with the US Securities and Exchange Commission (SEC) to facilitate the creation of a trading market in the US for American depositary shares.
The company is not proposing to register any new issuance of securities and therefore will not be looking to raise money from the listing.
“Amryt always reviews its listing structures to make sure they are appropriate for the company and its stakeholders’ needs,” said a spokesperson for the group.
It is understood the aim of the listing is to broaden coverage of Amryt on both sides of the Atlantic. In addition, it would be hoped the value of its equity would increase from the listing. Amryt saw its revenue and gross profit jump last year, helped by its September acquisition of Aegerion Pharmaceuticals. Amryt reported combined revenues of $154.1m (€142m) in 2019, 13.1pc higher than the previous year.