22 Dec 2022 07:00
Instem plc
("Instem", the "Group" or the "Company")
Contract Extension with Leading CRO
Instem plc (AIM: INS), a leading provider of IT solutions to the global life sciences market, announces that it has entered into a contract extension worth c.$1.4m for over 900 additional users of the Group's Provantis non-clinical study management platform with an existing leading publicly traded global contract research organisation ("CRO" or "Client"). As a result, the CRO will now have c. 7,400 Provantis users.
The contract value comprises c.$1.2m of mainly perpetual license revenue and a small amount of historically accumulated, directly associated annual support revenue, which will be recognised in 2022, with recurring annual support fees of c.$0.2m to be recognised from FY2023 onwards.
The significantly expanded number of users of the Provantis platform will help the Client to meet demand for its non-clinical study services, which continue to grow across the pharmaceutical, biotech and agrochemical markets.
This is another significant contract for the Company and will help to underpin management expectations for the current and future years.
Phil Reason, Instem Chief Executive, commented: "We are delighted to have further strengthened our long-standing relationship with the Client. This endorsement further highlights the strength of our offering, sector standing and the buoyant industry demand for non-clinical studies, which has generated software license growth from many of our CRO clients."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
For further information, please contact:
Instem plc | Via Walbrook |
Phil Reason, CEO | |
Nigel Goldsmith, CFO | |
Singer Capital Markets (Nominated Adviser & Broker) | +44 (0) 20 7496 3000 |
Peter SteelAlex Bond | |
Stifel Nicolaus Europe Limited (Joint Broker) | +44 (0) 20 7710 7600 |
Ben Maddison |
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Alex Price Richard Short |
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Walbrook Financial PR | +44 (0) 20 7933 8780 |
Tom Cooper | instem@walbrookpr.com |
Nick Rome | |
About Instem
Instem is a leading provider of IT solutions & services to the life sciences market delivering compelling solutions for Study Management, Regulatory Submissions, Clinical Trial Acceleration, and Informatics-based Insight Generation.
Instem solutions are in use by over 700 customers worldwide, including all of 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 during their development.
To learn more about Instem solutions and its mission, please visit www.instem.com