Tern PLC: Additional Investment in FundamentalVR (739115)
October 30 2018 - 3:02AM
UK Regulatory
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Tern PLC (TERN)
Tern PLC: Additional Investment in FundamentalVR
30-Oct-2018 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
30 October 2018
Tern Plc ("Tern" or the "Company")
Additional Investment in FundamentalVR
Tern Plc (AIM: TERN), the investment company specialising in the Internet of
Things ("IoT"), is pleased to announce that it has made a further GBP1.1
million investment in FVRVS Limited ("FundamentalVR" or "Fundamental"), a
leading Virtual Reality ("VR") training and data analysis technology
platform and one of its existing portfolio companies. Fundamental's
award-winning platform combines immersive virtual reality with cutting-edge
haptics (the sense of touch) to create low-cost and scalable 'flight
simulator' experiences which offer a new way to facilitate skills
development for surgeons. This additional investment increases Tern's
holding in FundamentalVR from 18.3% to 34.7%.
This investment follows Fundamental's recent signing of a three year term
joint development agreement with the Mayo Foundation for Medical Education
and Research ("the Mayo Clinic"), the U.S. leading academic medical centre
which was voted Best Hospital in 2018 U.S. News & World Report rankings of
top hospitals in the USA, which will see the two parties collaborating on a
range of simulation and education products with an initial focus on the
General Surgery area. Additionally, the current release of the Fundamental
Surgery platform is now live in the Mayo Clinic's world-renowned simulation
centres located in Arizona, Florida and Minnesota.
This new alliance is expected to accelerate FundamentalVR's progress in
building out its procedures portfolio and enables the FundamentalVR team to
have access to leading surgical knowledge as well as 3D modelling, data
scientists and simulation specialists at the Mayo Clinic. The Mayo Clinic
and FundamentalVR are both ultimately focused on improving patient outcomes
and share the belief that the comparative data insight and measurement
collected and available through the FundamentalVR platform will have a
profoundly positive impact on medical outcomes and products around the
world.
Under the joint development agreement, the Mayo Clinic will receive
royalties on the sale of jointly developed licensed products and will
receive other consideration from FundamentalVR upon achieving certain
milestones.
FundamentalVR's current revenues from its existing procedures and its
pipeline of new procedures are expected to accelerate through the addition
of new procedures and potential licencing areas emanating from this new
partnership. Additionally, in the longer term FundamentalVR expects to build
additional revenue sources from its data insight, accreditation and
licensing of the development assets in complementary medical markets.
Based on FundamentalVR's latest statutory accounts for the year ended 31
December 2017, FundamentalVR had net assets of GBP886,019 and a loss for the
year of GBP247,921.
Tern CEO, Al Sisto, said, "FundamentalVR has proven its agility to rapidly
deliver on its strategy since our initial investment. We are really pleased
to provide this follow-on investment in this innovative company. They have
an ambitious strategy, forward revenue visibility and now, a prestigious
content partner that recognises the ability of their platform to
revolutionise surgical training and ultimately, patient outcomes. We are
pleased with their execution and the value it is creating in the business
and therefore delighted to have increased our ownership position."
This announcement contains inside information for the purposes of Article 7
of EU Regulation 596/2014.
**ENDS**
Enquiries
Tern plc Via Redleaf
Al Sisto, CEO
Sarah Payne, Finance Director
Allenby Capital Limited Tel: 0203 328 5656
(Nomad and Joint broker)
David Worlidge/Alex Brearley
Whitman Howard Tel: 020 7659 1234
(Joint broker)
Nick Lovering/Christopher Furness
Redleaf Communications Tel: 020 3757 6880
PR
Elisabeth Cowell/ Fiona Norman
ISIN: GB00BFPMV798
Category Code: MSCH
TIDM: TERN
LEI Code: 2138005F87SODHL9CQ36
Sequence No.: 6362
EQS News ID: 739115
End of Announcement EQS News Service
(END) Dow Jones Newswires
October 30, 2018 03:02 ET (07:02 GMT)
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