Open Orphan PLC First Day of Dealings and Re-admission (7193D)
28 Juin 2019 - 8:00AM
UK Regulatory
TIDMORPH TIDMIRSH
RNS Number : 7193D
Open Orphan PLC
28 June 2019
28 June 2019
Open Orphan plc
("Open Orphan" or the "Company")
First Day of Dealings and Re-admission to AIM and Euronext
Growth
Open Orphan, a European-focussed, rare and orphan drug
consulting services platform, is pleased to announce that Admission
and dealings in its ordinary shares of 0.1 pence each ("Ordinary
Shares") on AIM and Euronext Growth Dublin will commence at 8.00
a.m. today under the ticker ORPH.
Highlights
-- The Company will target the fragmented orphan drug services market in Europe
-- The orphan drug sector is one of the fastest growing sectors
in the global pharmaceutical industry and in the US in 2018 over
50% of all new US Food and Drug Administration ("FDA") approved
drugs coming to market are for rare/orphan conditions
-- The Open Orphan strategy is to build upon its existing
capability and expertise within orphan drugs to become a
full-service consultancy for orphan and other speciality healthcare
products, develop its patient health data platform in partnership
with a number of patient advocacy groups and build a Virtual Rep
and Data Access Platform consisting of physicians and key opinion
leaders
-- Open Orphan has identified an extensive pipeline of target
acquisitions primarily in the regulatory approval, reimbursement
and product launch areas where the Directors perceive that
companies need the most help navigating the complex European
market
-- Placing raising GBP4.5 million (before expenses) by the issue
of 80,357,142 new Ordinary Shares at the Placing Price of 5.6 pence
per Ordinary Share
-- Dr Maurice Treacy appointed as an Executive Director of the Company
Cathal Friel, Chief Executive Officer of Open Orphan said:
"We have a clear growth strategy targeting the fast-growing
market for orphan drugs. The management team and Board have a
strong track record and we are confident in our abilities to
generate significant shareholder returns. We look forward to
updating our shareholders on the exciting acquisition pipeline and
the addition of new Board members in due course."
Strategy - Targeting the fragmented orphan drug services
market
The Enlarged Group intends to target the fragmented orphan drug
services market in Europe and offer a 'one-stop-shop' solution for
the development and commercialisation of orphan and rare drugs
within Europe. This solution will assist developers of rare and
orphan products and should enable better outcomes for patients by
offering an integrated solution supporting developers, ensuring
maximisation of the value of, and access to, a product. Open Orphan
has identified an extensive pipeline of target acquisitions
primarily in the regulatory approval, reimbursement and product
launch areas where the Directors believe that pharmaceutical
companies need the most help navigating the complex European
market.
The orphan drug sector is one of the fastest growing sectors in
the global pharmaceutical industry and in the US in 2018 over 50%
of all new US FDA approved drugs coming to market were orphan
drugs.
Board Composition - Track record of building successful
businesses
From Admission, Dr Maurice Treacy will be appointed an Executive
Director of the Company. Maurice was most recently a founder of
HiberGen and one of the founders of Genomics Medicine Ireland,
which was recently acquired by WuXI NextCODE. Genomics Medicine
Ireland was established to research the role of genetics in
disease, leading to new prevention strategies and treatments.
Maurice joins Cathal Friel, Tony Richardson, Christian Milla,
Brendan Buckley and Mike Ryan on the Board of Open Orphan.
The Company intends to appoint another independent non-executive
director and a chief financial officer as soon as possible
following Admission.
Enquiries:
Open Orphan plc Tel: +353 1 644 0007
Cathal Friel, Chief Executive Officer
Arden Partners (Nominated Adviser and Joint Broker) Tel: +44
(0)20 7614 5900
John Llewellyn-Lloyd / Ruari McGirr / Benjamin Cryer
Davy (Euronext Growth Adviser and Joint Broker) Tel: +353 (0)1
679 6363
Anthony Farrell (Corporate Finance)
Camarco (Financial PR) Tel: +44 (0)20 3757 4980
Tom Huddart / Billy Clegg / Daniel Sherwen
Unless otherwise defined, capitalised terms used in this
announcement are as defined in the Company's admission document
dated 11 June 2019.
Notes to Editors:
Open Orphan plc is a European-focussed, rare and orphan drug
consulting services platform. The Company consists of four
elements: a European clinical research organisation and
consultancy; an orphan drug services business; a Virtual Rep and
Data Access Platform consisting of physicians and key opinion
leaders; and a Health Data Platform to partner with Patient
Advocacy Groups. The Company is targeting rapid growth in one of
the fastest growing sectors in the global pharmaceutical industry
targeting under-supplied treatment for life threatening or very
serious diseases and rare disorders.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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