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Instem hails contract extension for SEND platform; demand growing significantly

The client, described as a top-five pre-clinical contract research organisation, has increased the size of the deal by US$400,000 to US$500,000
researcher filling a vial
SEND stands for Standard for the Exchange of Nonclinical Data and Instem’s innovative system allows a more efficient review of information, “offering improved data quality, accessibility and predictability”

Instem Plc (LON:INS), the technology provider to the drugs industry, has announced a significant contract extension from a company using its SEND platform.

The client, described as a top-five pre-clinical contract research organisation, has increased the size of the deal by US$400,000 to US$500,000.

READ: Instem's increasingly SaaSy profile should improve revenue visibility and enhance margins

SEND stands for Standard for the Exchange of Nonclinical Data and Instem’s innovative system allows a more efficient review of information, “offering improved data quality, accessibility and predictability”.

Industry traction appears to be growing with 25 orders from 17 different clients during the two-month period ended February 28, compared with six for the equivalent period last year. 

The company said it has also extended “several orders” with existing clients and it has a healthy prospect pipeline.

WATCH: Instem welcomes significant contract extension for SEND platform

To help meet demand, Instem has recruited 10 new consultants and information scientists in the UK, US and India.

"Over 50% of the world's marketed drugs have been through some part of the Instem platform at some stage of their development,” said Instem chief executive, Phil Reason.

“Our market leading SEND technology platform and comprehensive service offering position us well to both upsell SEND services to existing clients and cross-sell SEND services to new customers.

"We remain excited about the SEND market dynamics and are delighted with the strong start to the current year.

“Given our growing pipeline of new business opportunities and our refocused sales operations, we look forward to building on this momentum during the rest of the current year."

 

 

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