Tern PLC: New commercial order for FundamentalVR (847089)
July 25 2019 - 10:25AM
UK Regulatory
Tern PLC (TERN)
Tern PLC: New commercial order for FundamentalVR
25-Jul-2019 / 15:25 GMT/BST
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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 GBP0.5 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
Tern plc Via Newgate Communications
Al Sisto, CEO
Sarah Payne, Finance Director
Allenby Capital Limited Tel: 020 3328 5656
(Nomad and Joint broker)
David Worlidge/Alex Brearley
Whitman Howard Tel: 020 7659 1234
(Joint broker)
Nick Lovering/Christopher Furness
Newgate Communications Tel: 020 3757 6880
PR
Elisabeth Cowell/Fiona Norman
ISIN: GB00BFPMV798
Category Code: MSCH
TIDM: TERN
LEI Code: 2138005F87SODHL9CQ36
Sequence No.: 14688
EQS News ID: 847089
End of Announcement EQS News Service
(END) Dow Jones Newswires
July 25, 2019 10:25 ET (14:25 GMT)
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