Instem plc New Business Update
15 Dicembre 2020 - 8:00AM
RNS Non-Regulatory
TIDMINS
Instem plc
15 December 2020
Instem plc
("Instem" or "the Company")
New Business Update
To Generate Additional GBP2.2m Revenue from Existing Client
Instem plc (AIM: INS), a leading provider of IT solutions to the
global life sciences market, announces that the Company has been
awarded new business worth c.GBP2.2m by one of its key clients,
incorporating additional software licencing, annual support and
funded product development revenue streams. This further
strengthens this long-standing relationship, the value we bring to
one another and the resulting benefits to the wider life sciences
research and development market.
Approximately 35% of the total order value will be recognised in
2020, with the remainder being recognised in 2021. Furthermore,
annual recurring revenue generated by the client is expected to
increase by approximately GBP0.5 million, providing future revenue
visibility, already a significant strength of the Company's
business model.
The additional contracts include the expansion of the client's
Provantis(R) user base , by over 25%, reflecting the continuing
growth in non-clinical research development. Instem will also
provide the client with SEND (the Standard for the Exchange of
Non-clinical Data) staff augmentation support , which w ill act as
an extension of their staff to help address growing future demand
(and backlog) for SEND study services. Among other things, the
funded product development work will involve Provantis integration
with a leading, third party digital pathology solution, offering
the potential for significant future productivity enhancement and
facilitating the work of an increasingly distributed pathologist
community.
Phil Reason, CEO of Instem plc, said: "We are delighted to have
further strengthened our long-standing relationship with this key
existing client. This provides welcome endorsement of our product
suite and our ability to win and deliver contracts of scale for new
and existing clients. The market fundamentals remain strong and we
look forward to benefitting from further cross-selling and
up-selling opportunities within our existing client base."
For further information, please contact:
Instem plc Via Walbrook
Phil Reason, CEO
Nigel Goldsmith, CFO
N+1 Singer (Nominated Adviser
& Broker) +44 (0) 20 7496 3000
Peter Steel
Alex Bond
Rachel Hayes
Walbrook Financial PR +44 (0) 20 7933 8780
Tom Cooper instem@walbrookpr.com
Nick Rome
Nicholas Johnson
About Instem
Instem is a leading provider of IT solutions & services to
the life sciences market delivering compelling solutions for Study
Management and Data Collection; Regulatory Solutions for
Submissions and Compliance; and Informatics-based Insight
Generation.
Instem solutions are in use by over 500 customers worldwide,
including all the largest 25 pharmaceutical companies, enabling
clients to bring life enhancing products to market faster. Instem's
portfolio of software solutions increases client productivity by
automating study-related processes while offering the unique
ability to generate new knowledge through the extraction and
harmonisation of actionable scientific information.
Instem products and services address aspects of the entire drug
development value chain, from discovery through to market launch.
Management estimate that over 50% of all drugs on the market have
been through some part of Instem's platform at some stage of their
development.
To learn more about Instem solutions and its mission, please visit www.instem.com
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END
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