3 Jun 2020 07:01
Instem plc
("Instem" or the "Company")
Contract Win
Leading South Korean Contract Research Organisation adopts extensive suite of Preclinical Software and SEND Management Solutions
Instem plc (AIM: INS), a leading provider of IT solutions to the global life sciences market, announces that it has won a contract with Biotoxtech, a prominent non-clinical Contract Research Organization in South Korea. The contract is worth approximately $1 million, the majority of which will be recognised as revenue in 2020 and the balance in 2021.
Instem will provide a comprehensive package of preclinical data collection, analysis and regulatory submissions management solutions to automate and optimize study related processes at Biotoxtech's R&D facility in South Korea's North Chungcheong Province. Founded in 2000, Biotoxtech operates the largest R&D facility within South Korea and was the first in the region to receive certifications for Good Laboratory Practices by international regulators, including the US Food & Drug Administration.
The contract was awarded following a detailed competitive evaluation, in which Instem was recognized by the client as the global leader in the field of non-clinical IT solutions and the architect of the world's leading technology for the creation of SEND submissions.
Phil Reason, CEO of Instem plc, said: "We are delighted with our latest contract win, which further demonstrates our ability to build on the strong momentum achieved last year and provides additional visibility over this year's targets. South Korea has been investing heavily in its pharmaceutical R&D capabilities and has become a significant player on the global stage. We continue to have a strong footprint in the Asia-Pacific region and are working hard to ensure that we maintain our world leading market position - especially in the current climate."
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 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