** Shares of biotech firm VivoSim Labs VIVS.O more than triple to $2.81 premarket

** Company expects more than 500% revenue growth in fiscal 2027, driven by demand for its drug safety testing services

** Says it received a $5 mln milestone payment from Eli Lilly LLY.N after the first patient was dosed in a mid-stage study of an inflammatory bowel disease drug LLY acquired from VivoSim

** VivoSim can receive up to $45 mln in additional milestone payments tied to the drug's development and sales targets

** VIVS says its lab-grown human tissue models help predict drug side effects and reduce reliance on animal testing

** Technology is attracting drug developers working on gene therapies and antibody-based medicines - VIVS

** As of last close, VIVS shares down ~54% YTD