hVIVO plc announced that it has been engaged for a Phase 2b field study assessing an influenza candidate. This contract is with a US company ('the client') and will commence later this year with hVIVO enrolling up to 1,000 healthy volunteers as part of a multicenter study with hVIVO being selected as the sole UK clinical site. As part of theomised, double-blind, placebo-controlled, multicenter dose selection study, hVIVO will enroll healthy volunteers via the Company's dedicated volunteer recruitment arm, FluCamp.

Participants will be administered with either the influenza drug candidate or a placebo at hVIVO's Plumbers Row site. Participants will then be free to leave the facilities, where they will then be monitored over the following months, with regular clinical check-ups, to assess the efficacy and safety of the candidate. The study is expected to begin in Fourth Quarter 2024, with the majority of the revenue from the contract expected to be recognised in Fiscal Year 2025.

As part of hVIVO's move to Canary Wharf, the Company initiated plans to convert its former corporate office at Plumbers Row into an expanded outpatient unit, increasing the existing outpatient capacity at Plumbers Row. This expansion will support future Phase II and Phase III field study contracts, aligning with the Company's strategic focus on diversifying its revenue streams. hVIVO anticipates its new complementary services, such as Phase II and Phase III field studies, will positively impact its growth and margins by improving staff utilisation and leveraging its in-house volunteer recruitment platform, FluCamp.