8 Mar 2012 07:00
8 March 2012
Instem plc
("Instem", or the "Company")
Issue of Equity and Director/PDMR Shareholding
Instem plc (AIM: INS.L), a leading provider of IT applications to the global early development healthcare market, announces that in accordance with the contractual terms of the purchase agreement dated 3 March 2011 in respect of BioWisdom Ltd, subsequently renamed Instem Scientific Limited ("Instem Scientific"), it has issued 50,371 ordinary shares of 10 pence each ("Ordinary Shares") at a price of 167.5p per share to the vendors of Instem Scientific. The new Ordinary Shares are subject to customary orderly market provisions.
The shares represent 50% of the first payment of deferred consideration in respect of the Instem Scientific acquisition, the balance being payable in cash. A further payment is expected to be made subject to the performance of the acquired business in calendar year 2012.
In connection with the above, Dr. Gordon Baxter, Chief Scientific Officer of the Company and founder of Instem Scientific, was issued with 6,308 Ordinary Shares. Following this issue, Dr. Baxter has a beneficial interest in 6,308 Ordinary Shares representing 0.05% of the enlarged issued share capital of the Company, and options over a further 101,351 Ordinary Shares.
Application has been made to the London Stock Exchange for Admission of the newly allotted shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM as soon as is practicable.
Following the above allotment, the Company's issued share capital consists of 11,764,657 Ordinary Shares, each share carrying one voting right. The Company does not hold any Ordinary Shares in Treasury. The figure of 11,764,657 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.
Phil Reason, CEO of Instem commented, "The acquisition of BioWisdom in March 2011 significantly strengthened our position in the data mining and data sharing market and we have been pleased with the successful integration of the business into the enlarged Instem group."
For further information, please contact:
Instem plc | +44 (0) 1785 825600 |
Phil Reason, CEO | |
Nigel Goldsmith, CFO | |
N+1 Brewin (Financial Adviser, Nominated Adviser & Broker) | +44 (0) 20 3201 3710 |
Aubrey Powell | |
Luke Boyce | |
Newgate Threadneedle | +44 (0) 20 7653 9850 |
Caroline Evans-Jones | |
Fiona Conroy | |
About Instem plc
Instem (AIM:INS.L) is a leading supplier of IT solutions to the early development healthcare market. Instem's pre-clinical study management solutions accelerate drug and chemical development by increasing productivity, automating processes and enhancing practices that lead to safer and more effective drugs.
In March 2011 Instem acquired BioWisdom, a leading provider of software solutions for extracting intelligence from R&D related healthcare data. The acquisition broadened and strengthened Instem's Centrus™ product suite, accelerating the product development roadmap. BioWisdom was subsequently renamed and rebranded Instem Scientific in January 2012.
Instem has over 130 customers in North America, Europe, China, India and Japan, including sixteen of the top twenty pharmaceutical and biotech companies such as GlaxoSmithKline and AstraZeneca. The Company employs over 110 people in six offices in the U.S, UK, and China; with additional resource locations in India and a full service distributor in Japan. It is estimated that approximately half of the world's pre-clinical drug safety data has been collected over the last 20 years via Instem software.
To learn more about Instem please visit the Company's website, www.instem.com, or its investor centre http://investors.instem.com/.