Update on Placing

RNS Number : 6596A

Open Orphan PLC

23 January 2020

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.

Update on Placing

Open Orphan plc (ORPH), a rapidly growing specialist pharmaceutical services company which has a focus on orphan drugs, confirms that as previously announced it is currently undertaking meetings with investors in connection with its proposed placing of £5 million. While the Company hopes to complete the placing at, or close to, the implied offer price of 6.3 pence per Ordinary Share in line with the authorities granted by shareholders to raise up to £10 million at the general meeting on 6 January 2020, there can be no certainty as to the outcome of the placing until such time as the placing is concluded.

Discussions with potential investors remain ongoing and a detailed announcement will be made in due course.

ENDS

Enquiries:

Open Orphan plc Tel: [phone]
Cathal Friel, Executive Chairman

Trevor Phillips, Chief Executive Officer Tel: [phone]    

Arden Partners (Nominated Adviser and Joint Broker) Tel: [phone]
John Llewellyn-Lloyd / Ruari McGirr / Benjamin Cryer

Davy (Euronext Growth Adviser and Joint Broker) Tel: [phone]
Anthony Farrell (Corporate Finance)

Camarco (Financial PR) Tel: [phone]
Tom Huddart / Dan Sherwen

Notes to Editors on Open Orphan:

Open Orphan is a rapidly growing European full pharmaceutical services company with a focus on orphan drug and specialist services, comprising two commercial specialist CRO services businesses (Venn and hVIVO) and a developing early stage orphan drug genomics data platform business capturing valuable genetic data from patient populations with specific diseases with designated orphan drug status and incorporating AI tools.  In June 2019, Open Orphan acquired AIM-listed Venn Life Sciences Holdings plc in a reverse take-over and in January 2020 it completed the merger with hVIVO plc. Venn, as an integrated drug development consultancy, offers CMC (chemistry, manufacturing and controls) , preclinical, phase I & II clinical trials design and execution and hVIVO, as an industry leading services provider in viral challenge studies and laboratory services, supports product development for customers developing antivirals, vaccines and respiratory therapeutics. The merger with hVIVO created a European full pharma services company broadening the Company's customer base and with complementary specialist CRO services, widened the range of the Company's service offerings.

IMPORTANT NOTICE

This Announcement and the information contained herein is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

This Announcement is for information purposes only and does not constitute or form part of any offer to sell, or any solicitation of an offer to buy, securities in the Company.

No statement in this Announcement is intended to be a profit forecast and no statement in this Announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.

 

END

 

 

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