Multi-year Contract Extension & New Awards with Top CRO
18 December 2012
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™ 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 | www.instem.com |
| Phil Reason, CEO | +44 (0) 1785 825600 |
| 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 | |
| Paul Whittington |
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.