Settlement of Historical Licence Dispute
27/09/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220927:nRSa7171Aa&default-theme=true
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 provider 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) +44 (0) 20 7496 3000
Peter Steel
Alex Bond
Rachel Hayes
Stifel Nicolaus Europe Limited (Joint Broker) +44 (0) 20 7710 7600
Ben Maddison
Alex Price
Richard Short
Walbrook Financial PR +44 (0) 20 7933 8780
Tom Cooper instem@walbrookpr.com
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 (http://www.instem.com/)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FURUNAARUSUKUUR