FundamentalVR secures three-year follow on order

RNS Number : 2346G

Tern PLC

24 November 2020

 

REACH

24 November 2020

Tern Plc

("Tern" or the "Company")

FundamentalVR secures three-year follow on order with global pharma company

Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things ("IoT"), is pleased to announce that its portfolio company, FVRVS Limited ("FundamentalVR"), has recently secured a three year contract worth £0.4 million from an existing client, which is a global pharmaceutical company ("the Client"), to accelerate the safe and compliant use of the Client's product.

The contract will deliver recurring annual revenues over its three-year term from licences and support, to enable a global rollout of the Client's training solution using FundamentalVR's Fundamental Surgery virtual reality platform.  This contract follows on from an initial £0.5 million contract from the Client announced in December 2019. The rollout of the virtual reality simulation is intended to deliver the Client's ambitions to accelerate the safe and compliant use of their products by using FundamentalVR's unique HapticVR ^TM technology.

Al Sisto, Tern CEO, said: "We are delighted to see that FundamentalVR has secured this significant follow-on contract from a global pharmaceutical company.  This contract follows the successful completion of the initial configuration of the Fundamental Surgery platform for the Client.

"FundamentalVR has made significant progress during 2020 and is working with a variety of companies to implement its immersive, data driven medical educational simulations for other pharma company applications, as well as those in the orthopaedic and ophthalmology areas. We look forward to reporting on further developments at FundamentalVR and with our other portfolio companies in due course."

Enquiries

Tern Plc Al Sisto (CEO) Sarah Payne (CFO)	via IFC Advisory
Allenby Capital Limited (Nominated Adviser and Broker) David Worlidge / Alex Brearley (Corporate Finance) Guy McDougall (Equity Sales)	Tel: [phone]
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Florence Chandler	Tel: [phone] [e-mail]

About FundamentalVR

FundamentalVR delivers VR haptic 'flight simulators' for surgery creating a safe, measurable and repeatable space to refine skills.  FundamentalVR's goal is to transform the way surgeons prepare, practice, and refine their skills. It has built an immersive, surgical simulation application platform, Fundamental Surgery , to provide medical professionals with the opportunity to rehearse, practice, and test themselves within a safe, controllable space that is as close to real-life as possible.

Tern's shareholding in FundamentalVR is 26.9% and as at 30 June 2020 this holding had a book valuation of £3.0 million.

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