hVIVO secures biggest field study contract to date

2nd Jul 2024 12:46

(Sharecast News) - Specialist contract research organisation hVIVO announced its engagement in a phase 2b field study for an influenza drug candidate on Tuesday.

The AIM-traded firm said the significant contract with a US company would involve enrolling up to 1,000 healthy volunteers, with hVIVO serving as the sole UK clinical site.

It described the study as a randomised, double-blind, placebo-controlled, multicentre dose selection trial.

hVIVO would recruit participants through its dedicated volunteer recruitment platform, FluCamp.

Volunteers would receive either the influenza drug candidate or a placebo at hVIVO's Plumbers Row site, and would be monitored over subsequent months with regular clinical check-ups to evaluate the drug's efficacy and safety.

The study was set to start in the fourth quarter of 2024, with the majority of the contract revenue expected to be recognized in the 2025 financial year.

hVIVO said the engagement was its largest field study contract to date, introducing a new income stream that was expected to enhance staff use and leverage its in-house volunteer recruitment capabilities.

Additionally, as part of its strategic move to Canary Wharf, hVIVO said it was expanding its Plumbers Row outpatient unit.

The expansion would increase the facility's capacity to support future phase two and three field study contracts, aligning with the company's goal to diversify its revenue streams.

"I am delighted to sign this field study contract to assess the efficacy and safety of our client's influenza drug candidate," said chief executive officer Yamin 'Mo' Khan.

"This is our largest field study contract to date, further evidencing the recognition we have earned for our highly effective recruitment capabilities and also opens up a new growth opportunity for the group."

Khan said the project came at a time when the company was expanding its screening site in London to accommodate such studies.

"Our achievements in recruiting large numbers of volunteers and patients into clinical studies was a key reason for this award.

"This is an important facet of our growth strategy that will diversify our revenue base whilst using our existing resources and infrastructure."

At 1202 BST, shares in hVIVO were up 2.41% at 27.6p.

Reporting by Josh White for Sharecast.com.