hVIVO plc announced its plans for a new consolidated facility at the fast-growing life sciences hub in Canary Wharf, London. The expansion, largely funded by hVIVO clients, comes in response to the Company's growing orderbook and increasing demand for its human challenge trial services. The upcoming facility will serve as a comprehensive site, housing quarantine bedrooms, advanced laboratories, an outpatient unit, and corporate offices, all conveniently spread across two floors.

The facility will contain 50 quarantine beds, with potential expansion capabilities to accommodate up to 70 quarantine beds in the future. This highly secure and specialised facility will also enable hVIVO to conduct even more challenge trials concurrently. Additionally, the on-site outpatient unit will facilitate Phase II and III field trials.

The cutting-edge virology and immunology laboratories will significantly increase sample throughput and diversify hVIVO's services, expanding its capacity to work with a broader range of pathogens. The new facility's first phase is anticipated to reach completion in First Quarter 2024, with the full site expected to be operational by Second Quarter 2024. hVIVO's current Whitechapel and Queen Mary Bioenterprises Centre (QMB) clinics will close in 2024 but will remain fully operational throughout this transition, ensuring uninterrupted service delivery to the Company's clients.

Additionally, hVIVO's Plumbers Row and Manchester FluCamp screening facilities and outpatient unit will continue to serve as convenient locations for prospective volunteers. Positive financial impact and optimised operations The increase in demand from multiple clients seeking to accelerate their studies and preparedness for potentially larger challenge trials has resulted in a significant level of customer-led funding for the new facility. While maintaining a similar cost-per-bed as the current facilities, the new facility's layout will consolidate all quarantine beds onto a single floor within one building.

The increased capacity will enable hVIVO to maximise revenue through the utilisation of more beds and the provision of additional services. Moreover, centralising quarantine beds and laboratories in a single location will optimise staff utilisation, achieve operational cost savings, and improve overall efficiency and productivity. Advancing research in infectious and respiratory diseases This strategic relocation to a larger and more sophisticated facility underscores hVIVO's commitment to advancing research in infectious and respiratory diseases.

By leveraging highly secure and specialised infrastructure and expanding its capabilities, hVIVO aims to make significant strides in the field of human challenge clinical trials. Additionally, the new facility is expected to contribute positively to the Company's Environmental, Social, and Governance (ESG) goals.