16th Oct 2019 12:10
(Alliance News) - Instem PLC on Wednesday said orders for its informatics services rose sharply in the first nine months of the year with four more new clients in 2019.
Shares in Instem were up 2.5% at 369.00 pence in London in afternoon trade.
Instem is a life sciences IT company and gave an update on its "Informatics target safety assessment related services". A TSA is used to look for possible risks and challenges with modulating a drug target. Informatics is presently a "relatively small part" of Instem's business.
In the nine months to September 30, informatics services orders rose 58% year-on-year to around GBP840,000. Total order numbers increased by 90% with orders now from 10 unique clients, versus just six the year before. Moreover, relationships with "several existing clients" were extended.
Furthermore, Instem said demand for its "gene or drug target specific" TSAs has risen, with the TSA order count up 40% year-on-year.
Instem described its new business pipeline as "strong" and said the number and average value of its contracts has risen from 2018. It said the market backdrop is "positive" with a "growing demand for TSA services".
Chief Executive Phil Reason said: "While informatics is currently a relatively small part of our operations, the fact that it is growing so rapidly bodes well for our overall strategy. We are very excited by the potential here and see this as an increasingly important part of our offering."
By Anna Farley; [email protected]
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