Proposed Placing of 2,500,000 New Ordinary Shares to raise £5.0 million
03 February 2016
Instem plc
("Instem", the "Company" or the "Group")
Proposed Placing of 2,500,000 New Ordinary Shares to raise £5.0 million
Posting of Circular and Notice of General Meeting
Instem, a leading provider of IT solutions to the global early development healthcare market, announces that it has conditionally raised £5.0 million before expenses through the placing of 2,500,000 New Ordinary Shares at 200 pence per share to fund growth through acquisition and also for working capital to enhance organic growth.
Key highlights of the Placing
- Proposal to raise £5.0 million (before fees and expenses) to fund strategic acquisitions and enhance organic growth
- Placing of 2,500,000 New Ordinary Shares at an issue price of 200 pence per share
- In addition to the placing of New Ordinary Shares, the DG 2008 Discretionary Settlement (of which David Gare, Chairman, is a trustee) and David Sherwin, Non-Executive Director, have agreed to sell 600,000 and 200,000 Existing Ordinary Shares, respectively, at the Placing Price
- As part of the Placing, Mike McGoun, Non-Executive Director, has subscribed for 22,500 Ordinary Shares
- The Placing is conditional, inter alia, on Shareholder approval
- The Circular is expected to be posted to Shareholders today
- General Meeting to be held at the offices of N+1 Singer, One Bartholomew Lane, London, EC2N 2AX at 1.00 p.m. on 23 February 2016
Commenting, Phil Reason, Chief Executive Officer, said:
“This fundraising comes at the ideal time as both Instem and our life sciences clients enjoyed great success in 2015. With record levels of potential new drugs moving through the earlier stages of the research and development pipeline, the industry is keen to deploy proven and innovative technologies that can increase their efficiency and effectiveness while maximising patient safety.”
“Deploying the capital raised on acquisitions that complement our existing market leading software products and services will ensure that we will continue to help our clients bring life enhancing products to market faster.”
“We are delighted that the placing was oversubscribed, with demand from both existing shareholders and new institutional investors.”
Download the full announcement
For further information, please contact:
| Instem plc | +44 (0) 1785 825600 |
| Phil Reason, CEO | www.instem.com |
| Nigel Goldsmith, CFO | |
| N+1 Singer (Nominated Adviser & Broker) | +44 (0) 20 7496 3000 |
| Richard Lindley | |
| Nick Owen | |
| James White | |
| Wallbrook Financial PR | Tel: +44 (0) 20 7933 8000 |
| Paul Cornelius | or instem@walbrookpr.com |
| Sam Allen | |
| Helen Cresswell |
About Instem
Instem is a leading supplier of IT applications to the early development healthcare market delivering compelling solutions for data collection, management and analysis across the R&D continuum. Instem applications are in use by customers worldwide, meeting the rapidlyexpanding needs of life science and healthcare organisations for data-driven decision making leading to safer, more effective products.
Instem’s portfolio of software solutions increases client productivity by automating study-related processes while offering the unique ability to generate new knowledge through the extraction and harmonization of actionable scientific information.
Instem supports over 450 clients through full service offices in the United States, United Kingdom and China with additional locations in Japan and India.
To learn more about Instem solutions and its mission, please visit instem.com.