Tern investment wins contract with pharma group

Internet-of-things investor Tern has seen one of its portfolio companies receive an initial order valued at more than £150,000 from an unnamed major pharmaceutical company.

FundamentalVR, a virtual reality training and data analysis technology platform, will create a VR simulation for the mystery global pharma outfit.

Tern stated the project was just the first in a planned series of VR experiences that FundamentalVR's client was commissioning to inform, educate and measure awareness and compliant, safe use of their products and was expected to become a template for future product launches.

Al Sisto, the AIM-listed group's chief executive, said: "This is a new approach to pharma and medical device product introductions, which we believe will accelerate the adoption of new medical products in building out the use procedures in a repeatable practice scenario were the individual's performance can be measured against a standard and his/her peers.

"FundamentalVR and its customers share the belief that the comparative data insights and measurements collected and available through the FundamentalVR platform will have a profoundly positive impact on medical outcomes and products around the world."

As of 1230 GMT, Tern shares had climbed 4% to 10.66p.