Instem PLC (AIM:INS) said it has entered into a contract extension with a publicly traded global contract research organisation (CRO) worth approximately US$1.4mln (£1.2mln) whereby over 900 additional users of Instem’s Provantis non-clinical study management platform will join the CRO.
As a result, the CRO will now have around 7,400 Provantis users, helping the CRO to meet demand for its non-clinical study services, which continues to grow across the pharmaceutical, biotech and agrochemical markets.
The contract value comprises US$1.2mln of mainly perpetual license revenue and a small amount of historically accumulated, directly associated annual support revenue, with recurring annual support fees of US$0.2mln to be recognised from 2023 onwards.
Phil Reason, Instem’s chief executive, commented: "We are delighted to have further strengthened our long-standing relationship with the client.
“This endorsement further highlights the strength of our offering, sector standing and the buoyant industry demand for non-clinical studies, which has generated software license growth from many of our CRO clients."