3 June 2020
("Instem" or the "Company")
Leading South Korean Contract Research Organisation adopts extensive suite of Preclinical Software and SEND Management Solutions
Instem plc (AIM: INS), a leading provider of IT solutions to the global life sciences market, announces that it has won a contract with Biotoxtech, a prominent non-clinical Contract Research Organization in South Korea. The contract is worth approximately $1 million, the majority of which will be recognised as revenue in 2020 and the balance in 2021.
Instem will provide a comprehensive package of preclinical data collection, analysis and regulatory submissions management solutions to automate and optimize study related processes at Biotoxtech’s R&D facility in South Korea’s North Chungcheong Province. Founded in 2000, Biotoxtech operates the largest R&D facility within South Korea and was the first in the region to receive certifications for Good Laboratory Practices by international regulators, including the US Food & Drug Administration.
The contract was awarded following a detailed competitive evaluation, in which Instem was recognized by the client as the global leader in the field of non-clinical IT solutions and the architect of the world’s leading technology for the creation of SEND submissions.
Phil Reason, CEO of Instem plc, said: "We are delighted with our latest contract win, which further demonstrates our ability to build on the strong momentum achieved last year and provides additional visibility over this year’s targets. South Korea has been investing heavily in its pharmaceutical R&D capabilities and has become a significant player on the global stage. We continue to have a strong footprint in the Asia-Pacific region and are working hard to ensure that we maintain our world leading market position – especially in the current climate."
For further information, please contact:
|Instem plc||Via Walbrook|
|Phil Reason, CEO|
|Nigel Goldsmith, CFO|
|N+1 Singer (Nominated Adviser & Broker)||+44 (0) 20 7496 3000|
|Wallbrook Financial PR||Tel: +44 (0) 20 7933 8780|
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 customers worldwide and enable our 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 supports over 500 clients through offices in the United States, United Kingdom, France, Japan, China and India.
To learn more about Instem solutions and its mission, please visit instem.com.