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Instem (LON:INS), which supplies software used by firms carrying out early stage clinical trials, has announced it has landed three orders for its ALPHADAS product suite worth around £1.4mln.
It has signed two new customers as well as bringing in additional business from an existing client.
As the majority of the contract value comprises perpetual license fees, professional services and ongoing maintenance, Instem said it expected most of this revenue will be recognised in the current financial year.
Chief executive Phil Reason said: "These three new contract wins evidence the improving market backdrop in pre-clinical that we have been experiencing over the past twelve months, which has now stimulated increased activity in the early-phase clinical market.
“We believe we won these contracts, with both new and existing clients, due to our comprehensive product suite in combination with the market leading expertise of our clinical team and the overall strength of the group."
The shares, up 57% in the year to date, added a further 10% to 212p, valuing Instem at £26.2mln.
Broker N+1 Singer said: “The three contract wins announced this morning are a useful reminder that Instem has growth opportunities across its portfolio.”