Instem Plc (LON:INS), which has developed software used by drug companies in clinical trials, has won four new contracts for its submit product worth US$800,000.
The largest of the new deals was with a top 10 pharma company that is also an existing client.
Two others were with Japanese firms submitting products to the US Food & Drug Administration (FDA) for regulatory approval.
Chief executive Phil Reason said: “These contracts, plus the one in China, underpin our expectations for the group for the year and further illustrate how Instem is cementing deeper, longer lasting relationships with its clients as the Company continues to benefit from the FDA mandate requiring pre-clinical study submissions to comply with SEND."
Instem’s submit suite complies with the FDA’s SEND initiative. SEND stands for Standard for Exchange of Non-clinical Data and is an industry-wide edict that governs the way information is relayed.
The product seems to be gaining some traction with the company reporting last month it had won orders worth US$800,000.