You can almost hear the sighs of relief from management of Instem Technologies. After concluding several contract negotiations in late 2012, the clinical trials software provider now expects results for the year ended 31 December to be in-line with market forecasts. As late as Christmas Eve, Instem wasn’t sure it would make it (see Christmas Eve trading updates).
Instem signed deals with unnamed but high profile players in the pharmaceutical and research industries, including a top 10 global biopharma company, several preclinical contract research organisations and JOINN, China's largest provider of pre-clinical studies. These deals apparently covered Instem’s entire product set including Provantis for study workflow automation and Centrus for data extraction. Instem has a number of other products that can be used to interrogate the research data for analytics purposes.
Following the good news year end, Instem will now get a cash boost in the first quarter of 2013. This will be very welcome since its cash balance stood at £2.2m on 31 December 2012, down 24% on 2011.