Last checked at 25 Jul 2019 15:25
Tern PLC (TERN) Tern PLC: New commercial order for FundamentalVR 25-Jul-2019 / 15:25 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 25 July 2019 Tern Plc ("Tern" or the "Company") New commercial order for FundamentalVR Tern Plc (AIM: TERN), the investment company specialising in the Internet of Things ("IoT"), is pleased to announce that FVRVS Limited ("FundamentalVR"), a leading virtual reality ("VR") training and data analysis technology platform, and one of Tern's existing portfolio companies, has secured an order of approximately £0.5 million to create an additional VR simulation, for one of the world's leading pharmaceutical companies. This is the second order in a planned series of virtual reality simulations specifically designed to support that pharmaceutical company's ambitions to accelerate the safe and compliant use of their products. The majority of this order will be completed during 2019. FundamentalVR's award winning platform combines immersive virtual reality with cutting-edge haptics (the sense of touch) to create low-cost and scalable simulation experiences, to offer a new way to allow skills development for surgeons and medical professionals. This second implementation will be used to teach surgeons how to practice safe administration of the product, enabling the individual surgeon to benchmark their skills against a recommended approach to provide data they can use to improve patient outcomes. The multi-stage virtual reality approach has become the template for product education by the pharmaceutical client, utilising FundamentalVR's virtual reality with haptics platform. Tern CEO, Al Sisto, said, "We're pleased to note this follow-on order for FundamentalVR. We have found that the adoption of its platform has been key in accelerating the competency and confidence surgeons now have when it comes to using medical devices and practicing innovative medical procedures, with FundamentalVR having the ability to shorten the time for market acceptance. We look forward to announcing further adoption of the platform in due course." **ENDS** Enquiries
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| ISIN: | GB00BFPMV798 |
| Category Code: | MSCH |
| TIDM: | TERN |
| LEI Code: | 2138005F87SODHL9CQ36 |
| Sequence No.: | 14688 |
| EQS News ID: | 847089 |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.