INS.L Share News (INS)

(ShareCast News) - Instem has won a pair of contracts for its Submit software platform, which helps the drug development industry comply with the US regulator's new data initiative.AIM-listed Instem said the two new contracts with existing 'top 25' global pharmaceutical customers were worth a combined value of approximately $0.8m, most of which will recognised in the current financial year.Submit helps drugmakers comply with the US Food and Drug Administration's Standard for Exchange of Nonclinical Data (SEND) initiative, which was ratified in December 2014.The two contracts will commence immediately and predominantly comprise of perpetual software licence fees. Instem chief executive Phil Reason said the deals provided further evidence of how the company was starting to benefit from the FDA mandate requiring pre-clinical study submissions to comply with SEND."The Instem team has led and participated in the creation of the SEND standard for over 10 years and brings over 30 years of experience in developing, delivering and supporting world-class nonclinical systems and solutions for the scientific community," he added.Instem, which is due to report full year numbers are on 5 April, claims Submit is the most widely licensed set of SEND tools around the world, installed in over 34 sites across 12 countries.Shares in the company were largely unmoved on the news at 205.11p.