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LSE interview – Cathal Friel refocuses Open Orphan #ORPH as he raises 5m and buys virology specialist hVIVO
In a wide-ranging interview with London South East, Open Orphan Executive Chairman Cathal Friel outlines his vision for the business and explains how the combined talents of Open Orphan, hVivo and Venn Life Sciences will create a soon to be profitable pharmaceutical services one-stop shop.
Friel says this acquisition is the last however, as he is a major shareholder and he doesn’t want to see his own shareholding diluted along with everyone elses. The focus has been on reducing head count and building revenues at Venn Life Sciences since the Open Orphan IPO last June. Now, with the £13M bolt-on acquisition of hVivo, the London-based virology specialist company, the game has changed once again.
Friel says he sees hVivo as a loss-making and hugely undervalued asset. hVIVO went from being a vaccines and virology specialist to a drugs discovery business five years ago, with Neil Woodford and other investors putting in 113m of investment. “I really like Trevor Phillips and Tim Sharpington who came in 18 month ago to turn it around. But the previous management team got lost and we have picked up a bargain”. So how much are the assets worth today? “It’s very hard to say” explained Cathal, “113M in five years is a lot to spend but you can’t blow it all.
We have a 24 bed quarantine clinic facility which is worth 25 million or so on replacement value, we have a virology lab with the world’s largest stock of virology models likewise worth 25 million, and 7 or 8 million, so we 50 or 60 million of real assets”.
Open Orphan #ORPH – Upcoming Investor Events
Open Orphan (ORPH), the rapidly growing specialist CRO pharmaceutical services company which has a focus on orphan drugs and is a world leader in the provision of virology and vaccine challenge study services, is pleased to announce that the Company will be attending and presenting at a series of investor events from the 11th February to 26th March 2020.
Cathal Friel, Open Orphan’s Executive Chairman, or Trevor Phillips, CEO, will be in attendance for all the events and will be presenting an update to existing and potential investors on the Company’s acquisition of hVIVO and business plans for 2020. hVIVO, is a world leader in the provision of viral challenge studies, vaccine and viral laboratory services, supporting product development for customers developing antivirals, vaccines and respiratory therapeutics, all particularly relevant and topical in the environment of heightened awareness of the Coronavirus in 2020. It also has Europe’s only commercial 24 bed quarantine clinic and on-site virology laboratory at Queen Mary’s Hospital in London.
A link to our investor presentation is available on our website at https://www.openorphan.com/sites/openorphan/files/Open%20Orphan%20Investor%20Deck_0.pdf
No new material information will be disclosed at any event.
A full schedule of the upcoming events is as follows:
|
Event |
Date/Time |
Location |
|
Shares Magazine/Cenkos Growth and Innovation Forum |
February 11, 2020 08:45 – 17:30 |
London – Business Design Centre, London N1 52 Upper Street, Islington
|
|
ShareSoc Growth Company Seminar |
February 25, 2020 18:00 – 20:40
|
Manchester – DoubleTree by Hilton Hotel, One Piccadilly Place, 1 Auburn Street, Manchester M1 3DG |
|
Shares Magazine Investor Event |
February 25, 2020 17:30 – 21:30 |
London – Novotel, Pepys Street, London |
|
ShareSoc Growth Company Seminar |
March 11, 2020 17:30 – 21:30 |
London – Company Matters/Link Asset Services, 65 GRESHAM STREET, London EC2V 7NQ |
|
ShareSoc Growth Company Seminar |
March 17, 2020 18:00 – 20:40 |
Birmingham – Clayton Hotel Birmingham, Albert Street, Birmingham B5 5JE |
|
Proactive Investors One2One Forum |
March 26, 2020 18:00 – 21:30 |
London – Chesterfield Mayfair Hotel, 35 Charles Street, London, W1J 5EB |
Enquiries:
Open Orphan plc
Cathal Friel, Executive Chairman +353 (0)1 644 0007
Trevor Phillips, Chief Executive Officer +44 (0)20 7347 5350
Arden Partners plc (Nominated Adviser and Joint Broker) +44 (0)20 7614 5900
John Llewellyn-Lloyd / Benjamin Cryer
Davy (Euronext Growth Adviser and Joint Broker) +353 (0)1 679 6363
Anthony Farrell
Camarco (Financial PR) +44 (0)20 3757 4980
Tom Huddart / Daniel Sherwen
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Notes to Editors:
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. hVIVO, as an industry leading services provider in viral challenge studies and vaccine and viral laboratory services, supports product development for customers developing antivirals, vaccines and respiratory therapeutics , all particularly relevant and topical in the environment of heightened awareness of the Coronavirus in 2020. The Merger with hVIVO created a European full pharma services company broadening the Company’s customer base and with complementary specialist CRO services, widening the range of the Company’s service offerings.