OpenOrphan CEO pins record revenue on London and preparing for the next pandemic
The CEO of OpenOrphan, which researches infectious diseases for Big Pharma firms, has hailed London as the reason it snagged a record revenue over the past year.
Speaking to City A.M. today, CEO Yamin ‘Mo’ Khan said: “The reason we have be so successful is because we’re based in London. We wouldn’t have been able to achieve this revenue without being in London.”
Revenue jumped more than 75 per cent from £22.2m in 2020, the year the pandemic emerged in the UK, to £39m. Khan has since sought to quash investors’ fears of a so-called ‘Covid-19 cliff edge’.
“The Covid-19 pandemic has highlighted the importance of infectious diseases,” explained Khan, who added that it has instead spurred more funding from biopharmaceutical companies who are looking to invest more in vaccines, which he expects to grow throughout this year.
The world’s pharmaceutical heavyweights are looking to get medicine available within 100 days of the next pandemic starting, which makes ahead-of-time research into infectious and respiratory diseases essential.
“It triggered an interest in the infectious diseases market. People are worried about the next pandemic,” he said, adding that “there is no Covid-19 cliff edge because there’s no Covid-19 cliff right now.”
London-listed OpenOrphan’s order book growth has also grown more than 10 per cent in comparison with 2020, a year in which the company was well-positioned, unlike many others across retail, hospitality and leisure.
As of the beginning of this month, OpenOrphan has £64.2m worth of contracts signed, which span the next two years. The company has also recently opened a new FluCamp facility in the capital’s Whitechapel.
“It gives us a good level of confidence going forward,” Khan continued, as he revels in the company snagging its largest ever contract just last week worth £14.7m.
“I love the chase,” he said, adding that “it speaks hugely for the team.
“It wasn’t just the clinical team; it was across the board. I think we are the envy of every other contract research organisation (CRO) because of our experience and expertise.”