viewTern PLC

Tern PLC - Further FundamentalVR contract win

RNS Number : 1891H
Tern PLC
02 December 2020



2 December 2020


Tern Plc

("Tern" or the "Company")


Further FundamentalVR contract win


Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things ("IoT"), is pleased to announce that its portfolio company, FVRVS Limited ("FundamentalVR"), has secured a further £0.4 million contract with an existing client, one of the world's leading pharmaceutical companies (the "Client"), to support training and adoption of its Ocular Gene Therapy product.


The contract covers ongoing repeat licences and support to continue the global rollout of the Client's virtual reality training solution, built by FundamentalVR. The rollout of the virtual reality simulation is intended to deliver the Client's ambitions to accelerate the safe and compliant use of its products.  The Client will harness FundamentalVR's unique HapticVR technology, combining real life medical devices with virtual "digital twins" of those devices, allowing surgeons to interact with virtual patient tissue.


FundamentalVR's award winning platform combines immersive virtual reality with cutting-edge haptics (the sense of touch, weight, pressure and resistance) to create low-cost, measurable and scalable simulation experiences to accelerate medical product and procedural safe, compliant adoption. The platform allows its users to participate in safe, remote and multiuser skills training which is becoming increasingly important in light of Covid-19.


Commenting Al Sisto, CEO of Tern, said: "We are delighted that FundamentalVR has secured its third significant contract in the space of a week. FundamentalVR's virtual reality training solutions are gaining real traction in the market and are addressing a need that has been brought into strong focus by the Covid-19 pandemic.


"Our other portfolio companies are also making good progress and we look forward to announcing further significant developments in due course."




Tern Plc

Al Sisto (CEO)

Sarah Payne (CFO)

via IFC Advisory


Allenby Capital Limited

(Nominated Adviser and Broker)

David Worlidge / Alex Brearley (Corporate Finance)

Guy McDougall (Equity Sales)


Tel: 0203 328 5656


IFC Advisory

(Financial PR and IR)

Tim Metcalfe

Graham Herring

Florence Chandler


Tel: 0203 934 6630



About FundamentalVR


FundamentalVR delivers VR haptic 'flight simulators' for surgery creating a safe, measurable and repeatable space to refine skills.  FundamentalVR's goal is to transform the way surgeons prepare, practice, and refine their skills. It has built an immersive, surgical simulation application platform, Fundamental Surgery, to provide medical professionals with the opportunity to rehearse, practice, and test themselves within a safe, controllable space that is as close to real-life as possible.


Tern's shareholding in FundamentalVR is 26.9% and as at 30 June 2020 this holding had a book valuation of £3.0 million.


About Reach announcements


This is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.


This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

Quick facts: Tern PLC

Price: -

Market: AIM
Market Cap: -

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


4 min read