Open Orphan PLC Court Approval (0544Z)
May 19 2021 - 2:00AM
UK Regulatory
TIDMORPH
RNS Number : 0544Z
Open Orphan PLC
19 May 2021
OPEN ORPHAN PLC
("Open Orphan" or the "Company")
Court Approval to facilitate Distribution in Specie
Continued progress towards planned Demerger
Open Orphan (AIM: ORPH), a rapidly growing specialist
pharmaceutical services clinical research organisation (CRO) and a
world leader in vaccine and antiviral testing using human challenge
clinical trials, confirms that, following its announcement on 13
April 2021, it has received Court approval for the reduction in
capital. The reduction of capital will become effective on
registration of the Court order at Companies House, which is
expected to occur in the next few days.
The reduction of capital will give the Company the ability to
not only effect the Distribution in Specie, as part of the proposed
spin-out of certain non-core Development IP Assets , but also to
make other distributions to Shareholders and/or buy back its own
Open Orphan Ordinary Shares in the future if and when the Directors
may consider that it is appropriate to do so.
As previously announced, the Board has decided that a spin-out
and admission to AIM of the wholly owned Development IP Assets may
provide the opportunity to secure separate financial resources for
the Development IP Assets, with the goal of enabling accelerated
development of the asset portfolio and achievement of development
and commercial milestones. The Development IP Assets include
HVO-001, an orally available, small molecule immunomodulator drug
with potential as a treatment for severe influenza and symptoms
requiring treatment in hospital with the drug unaffected by viral
heterogeneity. It has the potential to treat a broad range of
serious unmet needs in patients suffering from severe and fatal
respiratory disease.
It is anticipated that a spin-out pursuant to the Demerger would
allow the Company's shareholders to benefit from both the value of
the Development IP Assets and the standalone value of the remaining
business as it progresses through its own key milestones.
The Company continues to make good progress towards delivering
against the potential Demerger and Distribution in Specie and will
update shareholders in due course.
Terms defined in the Company's circular dated 13 April 2021
shall have the same meanings in the announcement.
Cathal Friel, Executive Chairman of Open Orphan plc commented:
"We are delighted to have received Court approval of the reduction
of capital. The reduction of capital will allow us to return value
to shareholders as we go forward either as a distribution in specie
as part of the proposed spin-off or through a share buy back or a
payment of a dividend, as appropriate. The Company and the entire
Open Orphan team have made significant progress in the past year
and we remain on target with all of our plans as we continue to
build the company going forward."
Open Orphan plc +353 (0) 1 644 0007
Cathal Friel, Executive Chairman
Arden Partners plc (Nominated Adviser
and Joint Broker) +44 (0) 20 7614 5900
John Llewellyn-Lloyd / Richard Johnson
/ Nick Wright
finnCap plc (Joint Broker) +44 (0) 20 7220 0500
Geoff Nash / James Thompson/ Richard
Chambers
Davy (Euronext Growth Adviser and Joint
Broker) +353 (0) 1 679 6363
Anthony Farrell
Walbrook PR (Financial PR & IR) +44 (0)20 7933 8780 or openorphan@walbrookpr.com
Paul McManus / Louis Ashe-Jepson +44 (0)7980 541 893 / 07747 515 393
/ Sam Allen / 07502 558 258
Notes to Editors
Open Orphan plc (London and Euronext: ORPH) is a rapidly growing
pharmaceutical service/contract research company that is a world
leader in testing vaccines and antivirals using human challenge
clinical trials. The company provides services to Big Pharma,
biotech and government/public health organisations.
Open Orphan runs challenge studies in London from both its
19-bedroom Whitechapel quarantine clinic, opened in February 2021,
and its 24-bedroom QMB clinic which also has a highly specialised
virology and immunology laboratory on-site. Open Orphan has a
leading portfolio of eight human challenge study models for
conditions such as RSV, flu, asthma and COPD. In addition, Open
Orphan is also developing the world's first COVID-19 human
challenge study model as part of the Human Challenge Programme and
has signed a reservation contract with the UK Government for the
first three COVID-19 vaccine challenge studies.
Building upon its many years of challenge studies and virology
research, the Company is developing an in-depth database of
infectious disease progression data. Based on the Company's Disease
in Motion(R) platform, this unique dataset includes clinical,
immunological, virological and digital (wearable) biomarkers. The
Disease in Motion platform has many potential applications across a
wide variety of end users including big technology, wearables,
pharma and biotech companies. Following COVID-19 there is now a
renewed interest and investment in infectious diseases.
Open Orphan's Paris office has been providing biometry, data
management and statistics to its many European pharmaceutical
clients for over 20 years. For over 15 years, the Company's
Netherlands office has been providing drug development consultancy
and services, including CMC (chemistry, manufacturing and
controls), PK and medical writing, to a broad range of European
clients. Both offices are now also fully integrated with the London
office and working on challenge study contracts as well as
supporting third party trial contracts .
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