hVIVO (HVO ) (formerly Open Orphan), a specialist contract research organisation, said its consultancy services division Venn Life Sciences has signed a 2-year €3.2m contract with an unnamed global pharma client.
Beginning in January 2023, the Venn team in Breda, Netherlands, will provide dedicated clinical pharmacokinetics (PK) consultancy and programming services to the client on a number drug development programmes across several therapeutics areas.
Yamin 'Mo' Khan, CEO of hVIVO, commented:
"The consultancy work included in this two-year contract highlights the continued expansion of our pharmacokinetic and programming services as part of Venn's integrated drug development services provision. Venn's outstanding expertise and reputation in the industry over the past 25 years makes them a go-to partner."
View from Vox
hVIVO has been making headlines over the past several months related to the development of vaccine candidates. Today the company announced its EU-based consultancy division Venn Life Sciences has scored a major €3.2m contract for pharmacokinetics (PK) programming and consultancy services with a large global client.
The 2-year contract testifies to hVIVO's continued expansion into PK programming services. Drawing from hVIVO's expertise, Venn has been able to conduct infectious disease projects from discovery to phase 2 challenge studies, which no other company currently offers. Leveraging hVIVO's large client base, there should be further upselling and cross-selling opportunities for Venn.
Venn has a 25-year history in pharma, offering PK services in areas ranging from traditional phase 1 trials to more complex trials such as oncology and ATMP (Advanced Therapy Medicinal Product). The company can offer a complete end-to-end service on all stages of a client's drug development programme. With a highly complimentary product to hVIVO's main business, we expect to see continued growth from Venn.
hVIVO's FY22 trading update, to be published on 25 January 2023, is expected to confirm a rapidly growing order book and revenues, with momentum remaining strong into 2023 as evidenced by today's and January 4th's announcements of major contract wins.
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