The AIM-listed company said it will use the money for bolt-on acquisitions and more substantial targets.
Broker N+1 Singer carried out the placing through a bookbuild at 435p, or a 4.4% discount to yesterday’s close.
Instem, which specialises in the supply of information technology to the life sciences market, recently reported strong organic revenue growth in 2019.
Revenues during the year were around 13% higher than in 2018 at £25.7mln.
The company was also recently awarded a contract by Biotoxtech, one of the leading research companies in Korea to provide a comprehensive package for preclinical data collection.