18 Dec 2012 07:00
18 December 2012
Embargoed for 07:00
Instem plc
("Instem", the "Company" or the "Group")
Multi-year Contract Extension & New Awards with Top CRO
Instem plc (AIM: INS), a leading provider of IT solutions to the global early development healthcare market, announces today that it has signed a five year contract extension with its largest client, a leading Contract Research Organisation ("CRO"), for its software and services. In addition to the renewal of a longstanding Provantis contract at an increased annual seven-figure US dollar amount, the CRO has purchased additional Instem products and services with a value in excess of $400,000, the majority of which will be recognised in the current year.
Under the terms of the agreement, Instem will provide the CRO with the newly launched Logbook product and further SEND (Standard for Exchange of Nonclinical Data) related modules from the Centrus™ suite that will considerably extend its leadership in this area. Instem has the exclusive distribution rights to Logbook in life sciences R&D, sharing sales revenue equally with its development partner, a small independent company with deep Provantis experience.
Phil Reason, CEO of Instem plc, commented: "Having worked extremely closely with this client for many years, supporting them as they grew organically and acquisitively, we are delighted that we will be continuing to work with them for a further five years. This contract extension provides Instem with an enhanced level of visibility for future years and we are particularly pleased that this is one of the first sales of the newly launched Logbook solution which is generating encouraging levels of interest throughout all of our global markets."
This order is one of the contracts referred to in the announcement made on 3 December 2012 as being currently under negotiation at that time and which have a possibility of closure before the year end. Other contracts remain under current negotiation and some of these are required to meet revenue and profit expectations for the year. Instem expects to update on trading prior to closing the financial year ending 31 December 2012.
For further information, please contact:
Instem plc | +44 (0) 1785 825 600 |
Phil Reason, CEO | |
Nigel Goldsmith, CFO | |
N+1 Singer (Nominated Adviser & Broker) | +44 (0) 20 7496 3000 |
Aubrey Powell | |
Joe Stroud | |
Newgate Threadneedle | +44 (0) 20 7653 9850 |
Caroline Evans-Jones | |
Fiona Conroy |
About Instem plc
Instem 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.
Instem has over 130 customers in North America, Europe, China, India and Japan, including 16 of the top 20 pharmaceutical and biotech companies such as GlaxoSmithKline and AstraZeneca. The Group employs over 110 people in seven offices in the US, UK, China and India; and has 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, making Instem an ideal partner to help unlock the scientific/commercial value from these legacy repositories.
To learn more about Instem please visit the Company's website, www.instem.com, or its investor centre http://investors.instem.com/