Instem PLC (AIM:INS), which provides software and technology-enabled services to the life sciences industry, is set to make a substantial impact in the pharmaceutical industry through its expansion into in silico research, according to chief executive Phil Reason.
In silico research refers to the use of computational modelling or simulation in scientific experiments, research, or trials. The term, derived from the Latin phrase "in silico," literally means "in silicon," in reference to silicon-based computer chips.
In the context of drug discovery or biomedical research, in silico methods might involve using computational models to simulate and analyse biological systems, including the interaction of potential new drugs with their target molecules in the body.
Saving time and resource
This can help researchers understand how a drug might work before it's ever tested in a lab, potentially saving time and resources by predicting outcomes and reducing the need for physical, in vitro (test tube) or in vivo (in living organisms) experiments.
CEO Reason in an interview with Proactive explained that the company's recently-added ToxHub business, a data repository with tools for data exploration, will enhance their AI-enabled technologies.
This will generate modest revenue in 2023, increasing steadily through 2025, Reason said.
He was speaking after the release of full-year results, which showed 59% of the company’s revenues are generated from recurring software as a service and support.
The company also retained 98% of its recurring revenue year-on-year, indicating a strong business performance, Reason pointed out.
In addition, Instem secured a five-year renewal of its contract with the US National Toxicology Programme, potentially worth US$16.5mln. The first two orders under this contract will generate US$2mln over the next 12 months.