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

Influenza could be a major global issue due to low immunity caused by reduced infection

Study is being carried out under asthma human challenge study model

Healthy volunteers are administered a pathogenic or virulent strain of virus

Seen & heard: global tax rate above 15%; phasing out leasing of social housing; Poolbeg to seek Nasdaq listing

Infectious diseases specialist to list in London

Challenge study is providing valuable insight into biology of the virus, firm says

Company will use money from listing to meet costs for flu drug trials, develop assets

Company says reduction of capital will allow it to return value to its shareholders