Further FundamentalVR contract win

RNS Number : 1891H

Tern PLC

02 December 2020

 

REACH

2 December 2020

Tern Plc

("Tern" or the "Company")

Further FundamentalVR contract win

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 secured a further £0.4 million contract with an existing client, one of the world's leading pharmaceutical companies (the "Client"), to support training and adoption of its Ocular Gene Therapy product.

The contract covers ongoing repeat licences and support to continue the global rollout of the Client's virtual reality training solution, built by FundamentalVR. The rollout of the virtual reality simulation is intended to deliver the Client's ambitions to accelerate the safe and compliant use of its products.  The Client will harness FundamentalVR's unique HapticVR technology, combining real life medical devices with virtual "digital twins" of those devices, allowing surgeons to interact with virtual patient tissue.

FundamentalVR's award winning platform combines immersive virtual reality with cutting-edge haptics (the sense of touch, weight, pressure and resistance) to create low-cost, measurable and scalable simulation experiences to accelerate medical product and procedural safe, compliant adoption. The platform allows its users to participate in safe, remote and multiuser skills training which is becoming increasingly important in light of Covid-19.

Commenting Al Sisto, CEO of Tern, said : "We are delighted that FundamentalVR has secured its third significant contract in the space of a week. FundamentalVR's virtual reality training solutions are gaining real traction in the market and are addressing a need that has been brought into strong focus by the Covid-19 pandemic.

"Our other portfolio companies are also making good progress and we look forward to announcing further significant developments 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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