Drug research and development company Instem announced on Monday that it has secured a significant contract extension from a company using its SEND platform.
The deal has been expanded by $400,000 to over $500,000 by the client, who is described by Instem as a top-five pre-clinical contract research organisation, and Instem has also seen the extension of several other existing SEND orders.
The company reports that more than half of the world's marketed drugs have been through some part of its platform during their development, through which Instem aims to help companies "efficiently access, capture, manage and enrich a wide array of data while generating new insight to advance their mission."
Phil Reason, chief executive of Instem, said: "We remain excited about the SEND market dynamics and are delighted with the strong start to the current year. Given our growing pipeline of new business opportunities and our refocused sales operations, we look forward to building on this momentum during the rest of the current year."
Meanwhile, Instem also released its financial results for the year ending 31 December on Monday, showing a 19% increase in revenues compared to the previous year, rising to £21.7m.
Recurring revenues and software as a service (SaaS) revenues drove these increases, scoring 9% and 10% respective rises to £12.8m and £4.4m.
"While new software license revenue was particularly strong in 2017, we also focused on opportunities to increase SaaS revenues and were very pleased to deliver an increase of over 10% during 2017, with both new SaaS customers and existing clients switching from on-premise to SaaS deployment," said Reason.
Following the strong revenues the company recorded a pre-tax profit of £0.8m, up from £0.2m the year before, and holds a net cash balance of £3.1m as at 31 December, down 26% on the same date in 2016.
"Instem products and services now address aspects of the entire drug development value chain, from discovery through to market launch, and are currently deployed by over 500 companies, including all of the largest 25 pharmaceutical companies in the world," said Reason.
As of 1600 GMT, Instem PLC's shares
were up 19.36% at 225.00p.