What the company does
In short, its tech helps its customers to bring their products to market faster.
The AIM firm owns more than a dozen software applications, including its flagship SEND technology. SEND stands for Standard for the Exchange of Nonclinical Data and is a protocol set up by the US Food and Drug Administration. It ensures that companies present data in a consistent format.
Among Instem’s other top products is Samarind – a software-as-a-service (SaaS) platform that enables companies to register and track their regulated products worldwide by maintaining a single integrated database, which is then used to update drugs watchdogs as products change over time.
Leadscope, which has developed a suite of products that use sophisticated artificial intelligence and machine-learning algorithms to predict potentially harmful drug side effects, was acquired in November.
How is it doing?
The company said there has been some uncertainty due to the coronavirus outbreak, but most of its revenue comes from clients with laboratories that are regarded as essential businesses, while many are working on COVID-19 related vaccines and therapies.
In June it won a contract worth US$1mln to provide services to Biotoxtech, which runs the largest non-clinical research and development facility in South Korea.
In the year to 31 December, revenues rose 13% to £25.7mln and underlying profits (adjusted EBITDA) increased to £4.9mln from £4.1mln.
What the boss says: Phil Reason, chief executive
“We have remained very busy, have good visibility over a strong H1 2020 performance and continue to have confidence in the longer-term outlook for the business, supported by a strong cash balance at the end of April 2020 of £8.3mln."
“South Korea has been investing heavily in its pharmaceutical R&D capabilities and has become a significant player on the global stage. We continue to have a strong footprint in the Asia-Pacific region and are working hard to ensure that we maintain our world-leading market position."