Venn taps investors amid board revamp
Venn Life Sciences has agreed a "strategic collaboration" with Open Orphan as it aims to increase the focus of the business into the area of orphan diseases.
As part of the agreement both parties will commit to resource-sharing and marketing.
The clinical research firm has also announced the issue of £1m (€1.1m) in privately-held loan notes to help grow the business.
The funds were raised from a number of private individuals, with the group having subscribed for a two-year loan note and a 10pc coupon.
In conjunction with the loan facility - and in order to deepen the orphan drug expertise in Venn - it has been agreed that certain board changes will be made.
Cathal Friel who is a subscriber to £108,642 of loan notes, and a principal of Raglan Capital will join the board of Venn as chairman.
In addition, Professor Brendan Buckley, a principal of Open Orphan, will join the board of Venn as a non-executive director.
Former Venn chairman Allan Wood has retired from the board.
"The development of areas of specialisation is critical if we are to position Venn as a higher-value business relative to our peers," said CEO Tony Richardson.
"We envisage the development of a number of areas of specialisation and orphan and rare technologies represent a logical starting point for us."
Venn has managed full service programmes and activities across 27 different countries.