Venn Life Sciences Holdings PLC REPLACEMENT - Contract win (9217O)
November 10 2016 - 12:51PM
UK Regulatory
TIDMVENN
RNS Number : 9217O
Venn Life Sciences Holdings PLC
10 November 2016
The following amendment(s) have been made to the Venn Life
Sciences Holdings plc - Contract Win announcement released on 8
November 2016 at 07:00 under RNS No 5443O. The correction relates
to notification that the contract win is a related party
transaction under the AIM Rules and ESM Rules.
All other details remain unchanged.
The full amended text is shown below.
Venn Life Sciences Holdings Plc
("Venn Life Sciences" or the "Company")
10 November 2016
Contract win
Venn Life Sciences (AIM: VENN), a growing Contract Research
Organisation providing drug development, clinical trial management
and resourcing solutions to pharmaceutical, biotechnology and
medical device clients, announces that it has signed a new contract
worth EUR2.5m with Sedana Medical AB ("Sedana Medical"). Venn will
carry out a randomised, controlled, open label Phase III study to
confirm efficacy and safety of sedation with isoflurane in
ventilated ICU patients. This trial is confined to patients in
Germany and commences immediately.
Sedana Medical, headquartered in Sweden with operations across
Europe, has become the market leader in the emerging inhalation
sedation market. This is when medical practitioners use volatile
gases to sedate patients in the ICU. Inhalation sedation addresses
a real unmet medical need and the benefits of volatiles as
sedatives compared to the current standard of care, IV sedatives,
are significant.
The CEO of Sedana Medical, Michael Ryan, is also a director of
Venn Life Sciences. Accordingly, Michael Ryan is a related party of
Venn Life Sciences as defined in the AIM Rules and ESM Rules. As a
result, the contract is treated as a "related party transaction"
under the AIM Rules and the ESM Rules.
The Independent Directors, being Allan Wood, Anthony Richardson,
Jonathan Hartshorn, Gacielle Schutjens, Cornelius Groen, Paul
Kennedy, and Mary Sheahan, who are not related parties under the
AIM Rules and ESM Rules for the purpose of the contract, having
consulted with Davy, the Company's NOMAD and ESM adviser, for the
purpose of the AIM Rules and ESM Rules, consider the contract to be
fair and reasonable insofar as the shareholders of the Company are
concerned. Michael Ryan has not taken part in the Board's
consideration of these matters.
Commenting, Mike Ryan, CEO of Sedana Medical said: "The major
obstacle to inhalation sedation becoming a standard of care in the
ICU is that volatiles are not approved for this use. The global
addressable market for patients sedated in the ICU for more than 24
hours is estimated at over EUR2 billion per annum. Inhalation
sedation will significantly benefit up to 50% of these patients and
Sedana could capture 25-30% of this total market within five years
following approval of the drug for this indication."
Commenting, Venn CEO, Tony Richardson said: "I am pleased to see
the addition of a significant new project for Venn, in such a
critical area of care as patient sedation. The generation of
quality clinical data can be a real value driver for Sedana Medical
and we are delighted that they have entrusted their programme to
us."
Venn Life Sciences Holdings www.vennlifesciences.com
Plc
Tony Richardson, Chief Executive Tel: +353 154 99 341
Officer
Jonathan Hartshorn, Chief Financial Tel: +353 153 93 269
Officer
Aoife O Farrell, Marketing Manager Tel: +353 153 93 269
Davy (Nominated Adviser, ESM
Adviser and Joint Broker)
Fergal Meegan / Matthew de Vere Tel: +353 1 679 6363
White (Corporate Finance)
Paul Burke (Corporate Broking)
Hybridan LLP (Co-Broker)
Claire Louise Noyce Tel: +44(0)20 3764 2341
Walbrook PR Ltd Tel: +44(0)20 7933 8787 or
venn@walbrookpr.com
Paul McManus Mob: +44(0) 7980 541 893
Lianne Cawthorne Mob: +44(0) 7854 391 303
About Venn Life Sciences: Venn Life Sciences is a Contract
Research Organisation providing drug development, clinical trial
management and resourcing solutions to pharmaceutical,
biotechnology and medical device organisations. With dedicated
operations in France, Germany, the Netherlands, the UK, Ireland and
Europe wide representation - Venn specialises in rapid deployment
and management of multisite projects.
For more information about the Company, please visit:
www.vennlifesciences.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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