Most recent acquisition makes managing director the company’s second-largest shareholder after founder Cathal Friel
Cathal Friel
Irish entrepreneur Cathal Friel orchestrated the flotation of company earlier this month
IPO is fifth put together by Irish serial entrepreneur Cathal Friel in past dozen years
Funding garnered from institutional investors and family offices
Friel orchestrated the IPO of Open Orphan in 2019 through the reverse takeover of Dublin-listed Venn Life Sciences
New and existing institutional investors indicated demand for shares was in excess of those available
Deal will see hVivo manufacture virus for use in human challenge studies
Largest individual investor understood to be an experienced life science investor
Shares in Open Orphan were up almost 5% in late morning trading in London
Company expects revenues from the contract to be recognised across 2022 and 2023
Cathal Friel to continue in executive chairman role under new management structure
Bavarian Nordic vaccine candidate used hVivo challenge trial to gather data
Open Orphan test shows shorter incubation period, effectiveness of lateral flow tests
Contract to study absorption, distribution, metabolism and excretion of drugs in body
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