LONDON (ShareCast) - AIM-listed clinical research organisation Venn Life Sciences announced it has scored a multi-million euro contract with a major European biotechnology company.

The agreement, which is spread out over a year and a half and spans over seven European countries as well as a number of US sites, will see the group undertake clinical trials for an orphan drug in a rare acute disease area that will proceed this month.

The amount of the contract is €3m. That comes as over the past year the firm has increased its “geographic footprint” in Europe with new offices in the UK and Germany.

Tony Richardson Chief Executive Officer said: "We are hearing from many of our clients - in the key pharmaceutical, biotechnology and medical device sectors - of a growing need for a much more agile multi-country clinical trial management capability, especially in the still complex greater European region.

“Venn has invested heavily in 2013 in preparing the business for a step change in the size and complexity of contracts undertaken. This contract win, and our current pipeline, represent a significant endorsement of our investment strategy since IPO.

“We have now moved our business focus from small single country projects to larger multi-centred projects and we expect to cement this progress with additional project wins in the coming months."

As of 13:42 the share price was rising by 4.88% to 21.5p

WS

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