- Drug development services group Venn Life Sciences said it had formed a strategic collaboration with Open Orphan and would issue £1m in privately-held loan notes.

The loan notes would fund an increased focus of the business into orphan diseases.

Venn Life Sciences and Open Orphan had agreed to commit to resource sharing and joint marketing to achieve a stronger commercial position in that market.

A group of private individuals had been identified as offering the best source of funds, Venn said.

They had subscribed for a two-year loan note with a principal of £1m and a 10% coupon. The interest on the notes would be paid biannually.

At 9:47am: [LON:VENN] Venn Life Sciences Holdings PLC share price was -0.1p at 2.1p

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