TIDMHVO
RNS Number : 5204K
hVIVO PLC
29 August 2023
hVIVO plc
("hVIVO" or the "Company")
Plans for a new larger state-of-the-art facility to meet growing
demand
-- Capacity increase to 50 quarantine beds with optionality to expand to 70
-- Expansion of laboratory services to include cutting edge labs
-- Largely funded by multiple hVIVO clients
hVIVO plc (AIM & Euronext: HVO) , the world leader in
testing infectious and respiratory disease products using human
challenge clinical trials, announces its plans for a new
consolidated facility at the fast-growing life sciences hub in
Canary Wharf, London. The expansion, largely funded by hVIVO
clients, comes in response to the Company's growing orderbook and
increasing demand for its human challenge trial services.
A world class facility with further expansion capability
The upcoming state-of-the-art facility will serve as a
comprehensive site, housing quarantine bedrooms, advanced
laboratories, an outpatient unit, and corporate offices, all
conveniently spread across two floors. The facility will contain 50
quarantine beds, with potential expansion capabilities to
accommodate up to 70 quarantine beds in the future. This highly
secure and specialised facility will also enable hVIVO to conduct
even more challenge trials concurrently. Additionally, the on-site
outpatient unit will facilitate Phase II and III field trials. The
cutting-edge virology and immunology laboratories will
significantly increase sample throughput and diversify hVIVO's
services, expanding its capacity to work with a broader range of
pathogens.
Timely completion and seamless transition
The new facility's first phase is anticipated to reach
completion in Q1 2024, with the full site expected to be
operational by Q2 2024. hVIVO's current Whitechapel and Queen Mary
Bioenterprises Centre (QMB) clinics will close in 2024 but will
remain fully operational throughout this transition, ensuring
uninterrupted service delivery to the Company's clients.
Additionally, hVIVO's Plumbers Row and Manchester FluCamp screening
facilities and outpatient unit will continue to serve as convenient
locations for prospective volunteers.
Positive financial impact and optimised operations
The increase in demand from multiple clients seeking to
accelerate their studies and preparedness for potentially larger
challenge trials has resulted in a significant level of
customer-led funding for the new facility. While maintaining a
similar cost-per-bed as the current facilities, the new facility's
layout will consolidate all quarantine beds onto a single floor
within one building. The increased capacity will enable hVIVO to
maximise revenue through the utilisation of more beds and the
provision of additional services. Moreover, centralising quarantine
beds and laboratories in a single location will optimise staff
utilisation, achieve operational cost savings, and improve overall
efficiency and productivity.
Advancing research in infectious and respiratory diseases
This strategic relocation to a larger and more sophisticated
facility underscores hVIVO's commitment to advancing research in
infectious and respiratory diseases. By leveraging highly secure
and specialised state-of-the-art infrastructure and expanding its
capabilities, hVIVO aims to make significant strides in the field
of human challenge clinical trials. Additionally, the new facility
is expected to contribute positively to the Company's
Environmental, Social, and Governance (ESG) goals.
Yamin 'Mo' Khan, Chief Executive Officer of hVIVO, said: "I am
excited to share the news of our upcoming relocation to a new
larger state-of-the-art facility. The new facility will feature
increased capacity and offer the potential for up to 70 quarantine
beds, which will enable us to increase the capacity for the Company
to generate revenues. The new facility will also allow us to
conduct a greater number of trials concurrently across various
challenge models enabling the Company to maintain a higher level of
capacity throughout the year. Furthermore, we will expand our
laboratory capability, facilitating the broadening of our service
offerings. Consolidating our operations into a single location will
lead to improved operational efficiencies, ultimately enhancing our
profit margins.
"We have exercised prudent financial management throughout this
expansion, and I am pleased that a number of our clients have
contributed to its funding. Their support underscores the urgency
and importance of accelerating drug development, and the crucial
role that human challenge trials are increasingly playing in the
development of new vaccines and antivirals. Our mission to deliver
today's healthcare by empowering tomorrow's innovation takes a leap
forward."
For further information please contact:
hVIVO plc +44 (0) 20 7756 1300
Yamin 'Mo' Khan, Chief Executive
Officer
Stephen Pinkerton, Chief Financial
Officer
Liberum Capital (Nominated Adviser and
Joint Broker) +44 (0) 20 3100 2000
Ben Cryer, Edward Mansfield, Phil Walker,
Will King
finnCap plc (Joint Broker) +44 (0) 20 7220 0500
Geoff Nash, Charlie Beeson, Nigel Birks,
Harriet Ward (ECM)
Davy (Euronext Growth Adviser and Joint
Broker) +353 (0) 1 679 6363
Anthony Farrell, Niall Gilchrist
Walbrook PR (Financial PR & IR) +44 (0) 20 7933 8780 or hvivo@walbrookpr.com
Stephanie Cuthbert / Phillip +44 (0) 7796 794 663 / +44 (0) 7867 984
Marriage / 082 /
Louis Ashe-Jepson +44 (0) 7747 515 393
Notes to Editors
About hVIVO
hVIVO plc (ticker: HVO) (formerly Open Orphan plc) is a rapidly
growing specialist contract research organisation (CRO) and the
world leader in testing infectious and respiratory disease vaccines
and therapeutics using human challenge clinical trials. The Group
provides end-to-end early clinical development services to its
large, established and growing repeat client base, which includes
four of the top 10 largest global biopharma companies.
The Group's fast-growing services business includes a unique
portfolio of 11 human challenge models, with a number of new models
under development, to test a broad range of infectious and
respiratory disease products. The Company has world class challenge
agent manufacturing, specialist drug development and clinical
consultancy services via its Venn Life Sciences brand, and a lab
offering via its hLAB brand, which includes virology, immunology
biomarker and molecular testing. The Group offers additional
clinical field trial services such as patient recruitment and
clinical trial site services.
hVIVO runs challenge studies in London from its Whitechapel
quarantine clinic, its state-of-the-art QMB clinic with its highly
specialised on-site virology and immunology laboratory, and its
clinic in Plumbers Row. To recruit volunteers / patients for its
studies, the Company leverages its unique clinical trial
recruitment capability via its FluCamp volunteer screening
facilities in London and Manchester.
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MSCGZGZRVKGGFZM
(END) Dow Jones Newswires
August 29, 2023 02:00 ET (06:00 GMT)
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