Settlement of Historical Licence Dispute

RNS Number : 7171A

Instem plc

27 September 2022

 

Instem plc

  ("Instem", the "Group" or the "Company")

Settlement of Historical Contractual Licence Dispute

Further to the update provided in the Company's 2021 final results (released 26 April 2022), Instem plc (AIM: INS), a leading p rovider of IT solutions to the global life sciences market, announces that, following a German court hearing on 17 March 2022, full and final settlement has now been reached in respect of a one-off, historical contractual licence dispute dating back to 2017 with a former customer of Instem (the "Dispute").  The Dispute has no bearing on current operations.

Instem has agreed to pay a EUR 1.48m (approximately £1.3m) settlement, of which its insurer has agreed to contribute EUR 0.45m (approximately £0.4m), (the "Settlement"). It was a negotiated settlement with the customer and is not an admission of fault on Instem's behalf.

As previously announced, the Company had created a provision of £0.25m in respect of the Dispute. Therefore, the net charge to the Group's FY22 P&L following this settlement will be approximately £0.64m which will be accounted for as a non-recurring, exceptional item.

The Settlement will result in a net cash outflow of approximately £0.9m that will be made during October.

For further information, please contact:

Instem plc	Via Walbrook
Phil Reason, CEO
Nigel Goldsmith, CFO
Singer Capital Markets (Nominated Adviser & Broker)	[phone]
Peter Steel Alex Bond Rachel Hayes
Stifel Nicolaus Europe Limited (Joint Broker)	[phone]
Ben Maddison
Alex Price Richard Short
Walbrook Financial PR	[phone]
Tom Cooper	[e-mail]
Nick Rome

About Instem

Instem is a leading provider of IT solutions & services to the life sciences market delivering compelling solutions for Study Management, Regulatory Submissions, Clinical Trial Acceleration, and Informatics-based Insight Generation.

Instem solutions are in use by over 700 customers worldwide, including all of the largest 25 pharmaceutical companies, enabling clients to bring life enhancing products to market faster. Instem's portfolio of software solutions increases client productivity by automating study-related processes while offering the unique ability to generate new knowledge through the extraction and harmonisation of actionable scientific information.

Instem products and services address aspects of the entire drug development value chain, from discovery through to market launch. Management estimate that over 50% of all drugs on the market have been through some part of Instem's platform during their development.

To learn more about Instem solutions and its mission, please visit  www.instem.com

 

END

 

 

FURUNAARUSUKUUR