hVIVO (HVO) , a contract research organisation specialising in human challenge trials, announced a £2m contract with a new biopharmaceutical client to complete the final stage of HVO's human metapneumovirus (hMPV) characterisation study that was launched in January 2025.
The new contract paves the way for future hMPV human challenge trials (HCTs) based on HVO's hMPV human challenge model, which was successfully established via a pilot study earlier in the year. The study took place at hVIVO's new CL3 quarantine facility in Canary Wharf and produced a safe, measurable, and reproducible disease in healthy volunteers, demonstrating strong infection and symptomatic response rates.
The next phase announced today aims to expand the existing dataset by enrolling additional volunteers, further strengthening the model and establishing a solid foundation for future hMPV HCTs. The final phase of the study is expected to commence in H1 2025, with revenues recognised in 2025.
Yamin 'Mo' Khan, CEO of hVIVO, commenting: "We are pleased to have secured this £2 million contract with a new biopharmaceutical client so soon after the successful pilot hMPV characterisation study. This underscores the significant value HCTs can bring in providing rapid, high-quality efficacy data to support vaccine and therapeutic development. hMPV currently has no approved vaccine or therapeutic on the market, and hVIVO is proud to lead the charge in helping our client bring medicines to the patients."
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hVIVO has successfully commercialised its hMPV human challenge model, launched in January 2025 after a landmark pilot study. The new £2m contract will grow the dataset significantly, strengthening the model and setting the stage for larger hMPV human challenge trials in the future. Investors can expect the final phase of the current study to conclude this year, with revenues recognised in FY25.
hVIVO's hMPV trials will be used to support the development of vaccines and antivirals for the disease, which has become an increasing global health concern following a recent surge of cases in China. HVO has reported strong interest in its hMPV model from prospective clients and anticipates further hMPV contracts from H2 2025, contingent on the successful completion of the current study and receipt of regulatory approvals.
hVIVO has a strong track record of supporting the development of vaccine and antiviral candidates using its signature human challenge models. The company has over 3 decades of expertise in conducting HCTs for a wide range of infectious and respiratory diseases, including RSV, influenza, human rhinovirus, Covid-19, and hMPV. HVO's trials are in high demand as they offer time-efficient and cost-effective ways to generate early human efficacy data and inform later-stage trial design, accelerating the path to market for new drugs.
The current hMPV study's final phase will take place at hVIVO's new state-of-the-art C3L quarantine unit in Canary Wharf. The facility is now the world's largest commercial human challenge trial unit and is expected to significantly diversify HVO's pipeline with new pathogen models, as well as materially boost operational efficiency and margins in the medium term.
HVO has issued FY25 revenue guidance of £73m, representing a significant uplift over FY24, with management projecting full-year EBITDA margins in the mid-high teens. Likewise for FY26, HVO has projected "strong growth in revenue and a significant improvement on EBITDA margin". As of September 10, 2024, the group had a pipeline of c. £40m, of which c. £15m had been converted into contracts, with c. £25m representing active opportunities. HVO is aiming for £100m of revenues by FY28, which is highly achievable given its strong sales momentum and £44.2m cash position.
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