Instem plc Multi-year Contract Extension & New Awards (7456T)
December 18 2012 - 2:00AM
UK Regulatory
TIDMINS
RNS Number : 7456T
Instem plc
18 December 2012
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(TM) 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/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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