Completion of Acquisition of d-wise, Issue of Equity and Total Voting Rights

01 April 2021

Instem plc
(“Instem” or “the Company” or “the Group”)

Completion of Acquisition of d-wise, Issue of Equity and Total Voting Rights

Further to the Company’s announcement on 22 March 2021, Instem plc (AIM: INS), a leading provider of IT solutions to the global life sciences market, is pleased to confirm that the acquisition of d-Wise Technologies, Inc. ("d-wise") legally completed on 1 April 2021.

Issue of Equity

In connection with the Acquisition, application has been made to the London Stock Exchange for the admission of the 868,203 Initial Consideration Shares to AIM ("Admission").  It is expected that Admission will occur and that dealings will commence at 8.00 a.m. on or around 14 April 2021.  The Initial Consideration Shares will rank pari passu with the existing ordinary shares in the Company. 

Under the terms of the Acquisition, the Initial Consideration Shares will be credited to DWT Holdings, Inc. (“DWTH”, a holding Company created for the purpose of receiving the shares pursuant to the Acquisition). DWTH will, in due course, transfer the Initial Consideration Shares to the two d-wise founding shareholders and 16 further employees.

Total Voting Rights
Following the issue and allotment of the above Initial Consideration Shares, the Company's issued share capital comprises 21,742,032 ordinary shares of 10 pence each. The Company does not hold any ordinary shares in treasury, therefore the total number of voting rights in the Company is 21,742,032.
The figure of 21,742,032 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Unless otherwise defined, capitalised terms used in this announcement have the same meaning given to them in the announcement of 22 March 2021.

Phil Reason, CEO of Instem, commented: "d-wise, together with the recent acquisition of The Edge, immediately transforms our scale, as illustrated by our estimates of the pro forma unaudited revenues and adjusted EBITDA for the enlarged Group in the 12 months ended 31 December 2020 of approximately £49m and £10m respectively. Since announcing the d-wise Acquisition, we have had the opportunity to speak to many of our institutional and retail shareholders, who have been universally enthusiastic about the transaction and we look forward to updating on further progress as we proceed with the integration of both businesses.”

For further information, please contact:

Instem plc www.instem.com
Phil Reason, CEO Via Walbrook
Nigel Goldsmith, CFO  
N+1 Singer (Nominated Adviser & Broker) +44 (0) 20 7496 3000
Peter Steel  
Alex Bond  
Rachel Hayes  
Wallbrook Financial PR Tel: +44 (0) 20 7933 8780
Tom Cooper instem@walbrookpr.com
Nick Rome  
Nicholas Johnson  

About Instem

Instem is a leading provider of IT solutions & services to the life sciences market delivering compelling solutions for Study Management and Data Collection; Regulatory Solutions for Submissions and Compliance; and Informatics-based Insight Generation.

Instem solutions are in use by over 600 customers worldwide, including all the largest 25 pharmaceutical companies, enabling clients to bring life enhancing products to market faster. 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 harmonisation of actionable scientific information.

Instem products and services address aspects of the entire drug development value chain, from discovery through to market launch. Management estimate that over 50% of all drugs on the market have been through some part of Instem's platform at some stage of their development.

To learn more about Instem solutions and its mission, please visit instem.com.