Small Company Champion & Lemming Investors Research and Newsletter Updates

Monday, 1 February 2021

Open Orphan - Contact Renewal with Carna - Adds Significant Revenues in 2021


There is not much to be said about today's announcement from Open Orphan (ORPH) announcement to extend its contracts with Carna Bioscience, Inc., other than to say this was not the announcement I was expecting this morning or anyone else in the investment community and offers assurance post-Brexit normal service has resumed with European partners and indeed the wider business community. I have asked the company's PR for comment, as yet, nothing. Anna is usually quite good or has been in the past, so I have some hope. Even so, I suspect we will learn more during the investor presentations on Wednesday.

I guess we can add the following Tweet to the above Tweet which offers further encouragement as well as raises more questions for Cathal on Wednesday. 

The Tweet appears to be a Flucamp banner on the side of Whitechapel Hotel with 27 bedrooms and immediately opposite the existing 24-bed quarantine facility in East London. Could this be the 3rd facility!? Asks @Eskers1

So, back to the announcement the rapidly growing speciality pharmaceutical services clinical research organisation (CRO) and a world leader in vaccine and antiviral testing using human challenge clinical trials, announces a further contract renewal with Carna Biosciences, Inc. ("Carna"), extending its integrated drug development consultancy services with Venn Life Sciences ("Venn"), part of Open Orphan plc.

Carna Biosciences is a clinical-stage biopharmaceutical company founded in April 2003 in Kobe, Japan to discover and develop innovative therapies to treat serious unmet medical needs, focusing on small molecule drugs, mainly targeting kinases. We also offer a broad range of high-quality products and innovative drug discovery services to scientists worldwide to efficiently identify new kinase inhibitors. Open Orphan and Carna Bio will be focusing on small molecule drugs. The renewal of this contract is expected to deliver significant revenue for Venn over the next twelve months. 

The VENN teams in the Breda office in Holland will provide Chemistry, Manufacturing & Control (CMC), Non-Clinical, Clinical and Regulatory consultancy services to this client for two of the client's leading development programmes. This successful collaboration has been extended until the end of December 2021.

Cathal Friel, Executive Chairman of Open Orphan, said: "The extension of this contract further demonstrates our ability to collaborate successfully with our clients and provide a service that results in repeat business. Venn and Carna have built up a good working relationship over a period of several years where both parties closely collaborated on drug development planning and its execution through consultancy services contracts. We look forward to delivering this contract for Carna in the year ahead."

Masaaki Sawa, Ph.D., Chief Scientific Officer and Head of Research and Development at Carna Biosciences, said: "The partnership with Venn Life Sciences complements our clinical development team and underlines our commitment to become a clinical-stage company. By continuing the collaboration with the Venn team, we will accelerate our drug development."