4th Dec 2019 13:36
(Alliance News) - Tern PLC on Wednesday said its portfolio company FVRVS Ltd has secured a new contract, worth GBP500,000, to create a virtual reality haptic simulation platform for a surgical procedure.
The AIM-listed investment firm did not disclose FVRVS's new client, but said that it is a pharmaceutical company. The order is expected to be delivered during 2020.
This is the first of a planned series of virtual reality simulations to be designed by FVRVS to support the unnamed client's ambitions to accelerate the safe and compliant use of their products.
FVRVS platform is used to create low-cost, measurable and scalable simulation experiences.
"FVRVS's award-winning technology will be employed by this pharmaceutical company to drive the uptake of its products, highlighting the broad array of medical markets available to our portfolio company," said Tern Chief Executive Al Sisto.
"We look forward to reporting on the future growth of this exciting business, as well as our other portfolio companies," Al Siston added.
Tern shares were trading 1.4% higher in London on Wednesday afternoon at 9.18 pence each.
By Evelina Grecenko; [email protected]
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