First Day of Dealings on AIM
This announcement is not an admission document. This announcement does not constitute an offer to sell or the solicitation of an offer to buy Ordinary Shares in any jurisdiction in which such offer or solicitation is unlawful. In particular, this announcement is not for distribution in or into Australia, Canada, Japan, the Republic of Ireland the Republic of South Africa, or the United States of America.
The Ordinary Shares have not been and will not be registered under the United States Securities Act 1933 (as amended) nor under the applicable securities legislation of the United States of America or any province or territory of Australia, Canada, Japan, the Republic of Ireland, or United States of America, territory or possession where to do so may contravene local securities laws or regulations. Accordingly, the Ordinary Shares may not, subject to certain exemptions, be offered or sold directly or indirectly in or into Australia, Canada, Japan, the Republic of Ireland, the Republic of South Africa, or to the United States of America or to, or for the account or benefit of, US persons or any national, resident or citizen of the United States of America, Australia, Canada, Japan, the Republic of Ireland or the Republic of South Africa.
The distribution of this announcement in other jurisdictions may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
13 October 2010
Embargoed for 07:00
Instem Life Science Systems plc
("Instem" or the "Company")
COMMENCEMENT OF DEALING IN SHARES
Instem Life Science Systems plc (AIM:INS.L), a leading provider of IT applications to the global early development healthcare market, is pleased to announce that dealings will commence today in its Ordinary Shares following its admission to AIM, under the ticker INS.
Instem has raised £9.15 million (prior to expenses) through a placing by Brewin Dolphin of 5,228,376 new Ordinary Shares at the placing price of 175p per share. Following the placing, there will be 11,714,286 Ordinary Shares in issue, giving Instem a market capitalisation of £20.50 million at the placing price. The percentage of Ordinary Shares in public hands on Admission will be approximately 45 per cent.
Based in Staffordshire, Instem is the leading provider of Early Development Safety Assessment software, providing its services to over 80 customers, including seven of the top ten global pharmaceutical and biotech companies. The Company has in place a reputable and established business, primarily in North America, Europe and the UK, and expects to grow organically, and where appropriate, acquisitively to accelerate its growth trajectory. General market drivers such as increased R&D productivity requirements, increasing regulatory pressure, growing Far Eastern markets and the ongoing trend to outsource are expected to drive increased demand for Instem's solutions.
Phil Reason, CEO of Instem Life Science Systems plc, commented, "We have been delighted with the response from investors and believe AIM will provide us with an excellent platform as we seek to further our market leading position through both organic and acquisitive growth."
For further information, please contact:
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Instem Life Science Systems plc |
+44 (0) 1785 825600 |
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Phil Reason, CEO |
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Jim McLauchlan, CFO |
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Brewin Dolphin - Financial Advisor, Broker & NOMAD |
+44 (0) 0845 213 4730 |
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Mark Brady |
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Sean Wyndham-Quin |
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Rickitt Mitchell - Joint Financial Advisor to the Company |
+44 (0) 161 834 0600 |
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Matthew Bryden-Smith |
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Neil Mitchell |
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Threadneedle Communications |
+44 (0) 20 7653 9850 |
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Caroline Evans-Jones |
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Fiona Conroy |
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Josh Royston |
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About Instem Life Science Systems plc
Instem (AIM:INS.L) is a leading supplier of IT solutions to the early development healthcare market. Instem's study management solutions accelerate drug and chemical development by increasing productivity, automating processes and enhancing practices that lead to safer and more effective drugs.
Instem has over 80 customers in North America, Europe, China, India and Japan, including seven of the top ten pharmaceutical and biotech companies such as GlaxoSmithKline and AstraZeneca. The Company employs over 100 people in six offices in the U.S, UK, and China; with additional resource locations in India and a full service distributor location in Japan. It is estimated that approximately half of the world's pre-clinical drug safety data has been collected over the last 20 years via Instem software.
To learn more about Instem please visit the Company's website, www.instem-lss.com, or its investor centre http://investors.instem-lss.com/.
This information is provided by RNS
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