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Instem Plc 'very positive about 2017 clinical opportunites'

Instem Plc (LON:INS) said the performance of its clinical arm had further deteriorated since it last updated and will fall “materially short” of its financial targets.

The remainder of the business, which provides analytical software to drug developers, has seen “increased momentum”.

On the stumbling blocks for the clinical arm of the business CEO Phil Reason tells Proactive: ''Generally speaking just less business being placed this calendar year than we had anticipated going into it. ''

''It's a competitive space with an established competitor and a newer entrant and with less business available we've all been fighting very hard trying to win our share of it .. there's plenty in the pipeline but it's taking longer to convert''.

''We will take a more cautious outlook on that part of the business in 2017 based on business awarded in the market in 2016 but very positive about the opportunities in clinical for 2017''.

Reason added: ''In the wider areas, the other parts of the Instem business are performing very well ... the SEND area particularly strong with the new regulation coming in helping that''.

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