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Instem raises £15.75mln for acquisition opportunities

Broker N+1 Singer will carry out the placing at 435p, which is a 4.4% discount to yesterday’s close.

Instem PLC -

Instem PLC (LON:INS), the clinical data specialist, has raised £15.75mln through a placing alongside an additional secondary sale of £3mln worth of shares by certain directors.

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.

 

Quick facts: Instem PLC

Price: 454 GBX

AIM:INS
Market: AIM
Market Cap: £75.7 m
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Instem PLC's (LON:INS) Phil Reason speaks to Proactive London's Andrew Scott after announcing they've won a contract worth US$1mln to provide services to Biotoxtech, which runs the largest non-clinical research and development facility in South Korea. Reason adds that they've been 'really busy'...

on 4/6/20

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