Instem plc SEND Contract Extension and SEND Update
March 26 2018 - 1:01AM
RNS Non-Regulatory
TIDMINS
Instem plc
26 March 2018
26 March 2018
Instem plc
("Instem" or the "Company")
SEND Contract Extension and SEND Update
A top five preclinical Contract Research Organisation extends
its 2018 SEND outsourced Services contract to over $0.5 million
SEND related services increase significantly year-on-year
Instem plc (AIM: INS), a leading provider of IT solutions to the
global life sciences market, announces a SEND ("Standard for the
Exchange of Nonclinical Data") services contract extension and
provides an update for SEND related services.
SEND Services Contract Extension
Following the SEND contract win announced on 16 January 2018, a
second top five preclinical Contract Research Organisation ('CRO')
has extended its technology enabled outsourced SEND Services
contract to in excess of $0.5 million, with an additional $0.4
million contract award, all of which is expected to be recognised
this current financial year.
SEND Update
Orders for the Company's technology-enabled SEND Services have
grown strongly year-on-year with 25 orders during the two-month
period ended 28 February 2018, compared with six orders for the
equivalent period last year. The Company has also extended several
orders with existing clients in addition to the CRO extension
highlighted above.
New orders came from 17 unique clients during the period,
compared with six for the equivalent period last year and Instem
continues to win the overwhelming majority of all business quoted
for.
This rapid growth has largely been driven by the IND
('Investigational New Drug') legislation from the FDA, which
mandated that studies started after 17 December 2017 and included
in IND regulatory submissions must use the electronic SEND format.
This will result in considerably more submissions using the SEND
format.
Furthermore, the Company has a strong SEND new business pipeline
with both the number and average value of SEND services contracts
increasing year on year, as well as a healthy prospect pipeline for
its SEND software suite.
Expanded Team
The Company has embarked upon a global recruitment program to
help meet contractual client demand and, as planned, has in 2018
added ten highly experienced consultants and information scientists
in the UK, USA and India. Instem's outsourced SEND services team of
30 practitioners is the largest dedicated outsourced SEND team in
the industry and its software tools & outsourced services are
the most widely adopted, serving clients across 18 countries.
Phil Reason, CEO of Instem plc, commented: "Over 50% of the
world's marketed drugs have been through some part of the Instem
platform at some stage of their development and our market leading
SEND technology platform and comprehensive service offering
position us well to both upsell SEND services to existing clients
and cross-sell SEND services to new customers".
"We remain excited about the SEND market dynamics and are
delighted with the strong start to the current year. Given our
growing pipeline of new business opportunities and our refocused
sales operations, we look forward to building on this momentum
during the rest of the current year."
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
Richard Lindley
James White
Walbrook Financial PR +44 (0) 20 7933 8780
Paul Cornelius instem@walbrookpr.com
Helen Cresswell
Sam Allen
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 500 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 now address aspects of the entire
drug development value chain, from discovery through to market
launch. Management estimates 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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