Instem wins contract with Korean research firm Biotoxtech
By Josh White
Date: Wednesday 03 Jun 2020
(Sharecast News) - Life sciences IT company Instem has won a contract with South Korea-based non-clinical contract research organisation Biotoxtech, it announced on Wednesday, worth around $1m (£0.8m).
The AIM-traded firm said that the majority of that would be recognised as revenue in 2020, with the balance in 2021.
It said it would provide a package of preclinical data collection, analysis and regulatory submissions management products to "automate and optimise" study-related processes at Biotoxtech's research and development facility in the North Chungcheong province.
Instem said Biotoxtech operates the largest research and development facility in South Korea, and was the first in the region to receive certifications for 'Good Laboratory Practices' by international regulators, including the US Food and Drug Administration.
The contract was awarded following a competitive evaluation, the board noted.
"We are delighted with our latest contract win, which further demonstrates our ability to build on the strong momentum achieved last year and provides additional visibility over this year's targets," said chief executive officer Phil Reason.
"South Korea has been investing heavily in its pharmaceutical research and development 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 - especially in the current climate."
At 1505 BST, shares in Instem were up 6.48% at 511.11p.
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