TIDMHVO

RNS Number : 9332O

hVIVO PLC

06 February 2023

hVIVO plc

("hVIVO" or the "Company")

Long Term Incentive Plan / PDMR Notification

and Related Party Transaction

hVIVO plc (AIM & Euronext: HVO) (formerly Open Orphan plc), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that on 6 February 2023, the Company implemented a Long Term Incentive Plan ("LTIP") for Yamin 'Mo' Khan, the Company's Chief Executive Officer.

The LTIP has been designed to reward, incentivise and retain Mr Khan to deliver sustainable growth for shareholders. The deemed date of award is 24 February 2022, which is the date Mr Khan was appointed CEO. Under the LTIP, Mr Khan has been awarded 7,227,273 nominal cost long term incentive options (" LTIP Options ") over ordinary shares of GBP0.001 each in the Company.

Vesting of the LTIP Options is conditional upon a three-year total shareholder return ("TSR") performance against an initial 11p reference price. A portion of the LTIP Options will vest on the third anniversary of the date of award subject to the achievement of a minimum 10% CAGR TSR performance increasing on a straight-line basis to vesting in full subject to the achievement of a 22.5% CAGR TSR performance.

The award of the LTIP Options is also subject to continued employment, malus and clawback provisions and will vest in full on a takeover of the Company.

Related Party Transaction

As a director of the Company, Yamin 'Mo' Khan is deemed to be a related party under the AIM Rules for Companies (the "AIM Rules") and, on account of the award of LTIP Options, the implementation of the LTIP and the award of the LTIP Options constitute a related party transaction for the purposes of Rule 13 of the AIM Rules.

The directors of the Group (excluding Mr Khan) consider, having consulted with Liberum, the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

For further information please contact:

 
 hVIVO plc                                                                                +44 (0) 20 7756 1300 
 Yamin 'Mo' Khan, Chief Executive Officer 
  Stephen Pinkerton, Chief Financial Officer 
 
 Liberum Capital (Nominated Adviser and Joint Broker)                                     +44 (0) 20 3100 2000 
 Ben Cryer, Edward Mansfield, Phil Walker, Will King 
 
 finnCap plc (Joint Broker)                                                               +44 (0) 20 7220 0500 
 Geoff Nash, Charlie Beeson, Nigel Birks, Harriet Ward (ECM) 
 
 Davy (Euronext Growth Adviser and Joint Broker)                                           +353 (0) 1 679 6363 
 Anthony Farrell, Niall Gilchrist 
 
 Walbrook PR (Financial PR & IR)                                  +44 (0) 20 7933 8780 or hvivo@walbrookpr.com 
  Stephanie Cuthbert / Phillip Marriage /                        +44 (0) 7796 794 663 / +44 (0) 7867 984 082 / 
  Louis Ashe-Jepson                                                                       +44 (0) 7747 515 393

Notes to Editors

hVIVO plc (ticker: HVO) (formerly Open Orphan plc) is a rapidly growing specialist contract research organisation (CRO) and the world leader in testing infectious and respiratory disease vaccines and therapeutics using human challenge clinical trials. The Group provides end-to-end early clinical development services to its large, established and growing repeat client base, which includes four of the top 10 largest global biopharma companies.

The Group's fast-growing services business includes a unique portfolio of 10+ human challenge models to test a broad range of infectious and respiratory disease products, world class challenge agent manufacturing, specialist drug development and clinical consultancy services via its Venn Life Sciences brand, and a lab offering via its hLAB brand, which includes virology, immunology biomarker and molecular testing. The Group offers additional clinical field trial services such as patient recruitment and clinical trial site services.

hVIVO runs challenge studies in London from its Whitechapel quarantine clinic, its state-of-the-art QMB clinic with its highly specialised on-site virology and immunology laboratory, and its clinic in Plumbers Row. To recruit volunteers / patients for its studies, the Company leverages its unique clinical trial recruitment capacity via its FluCamp volunteer screening facilities in London and Manchester.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

 
 1     Details of the person discharging managerial responsibilities/person 
        closely associated 
 a.    Name of PDMR                               Yamin 'Mo' Khan 
      -----------------------------------------  ----------------------------------- 
 2     Reason for notification 
      ------------------------------------------------------------------------------ 
 a.    Position/Status                            CEO 
      -----------------------------------------  ----------------------------------- 
 b.    Initial notification/                      Initial 
        Amendment 
      -----------------------------------------  ----------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      ------------------------------------------------------------------------------ 
 a.    Name                                       hVIVO plc 
      -----------------------------------------  ----------------------------------- 
 b.    LEI                                        213800VT5KBM7JLIV118 
      -----------------------------------------  ----------------------------------- 
 4     Details of the transaction(s): section to be repeated for (i) 
        each type of instrument; (ii) each type of transaction; (iii) 
        each date; and (iv) each place where transactions have been 
        conducted 
      ------------------------------------------------------------------------------ 
 a.    Description of the                         Ordinary shares of GBP0.001 each 
        financial instrument, 
        type of instrument                         ESVUFR 
                                                   ISIN GB00B9275X97 
        Identification Code 
      -----------------------------------------  ----------------------------------- 
 b.    Nature of the transaction                  Grant of options under LTIP 
      -----------------------------------------  ----------------------------------- 
 c.    Price(s) and volume(s)                     Price(s)          Volume(s) 
      -----------------------------------------  ----------------  ----------------- 
                                                  0.001             7,227,273 
 ----------------------------------------------  ----------------  ----------------- 
       Aggregated information 
 
        - Aggregated Volume                         7,227,273 
 
 d.     - Price                                     0.001 
      -----------------------------------------  ----------------------------------- 
 e.    Date of the transaction                    6 February 2023 
      -----------------------------------------  ----------------------------------- 
 f.    Place of the transaction                   Outside a trading venue 
      -----------------------------------------  -----------------------------------

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February 06, 2023 02:05 ET (07:05 GMT)

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