Large Life Science Developer and Manufacturer to Digitize on Kneat's Platform
Latest in string of wins underscores Kneat's market-leading position in digital validation for Life Science industry
Implementation of the software, which is initially for computer systems validation, is expected to go live in Q3 2023. The organization, which employs over 20,000 people, serves companies operating across all stages of pharmaceutical research, development and manufacturing, from more than 100 facilities worldwide.
With services ranging from basic research and diagnostic services to clinical development and manufacturing, Kneat's newest large customer holds excellent potential to expand beyond its initial implementation of Kneat. Leveraging the Kneat platform across multiple business divisions, sites, and processes is a common next step for large new customers, often requiring a number of licenses multiples that of the initial order.
CDMOs are an increasingly relevant component of the supply chain in the life science industry. Annual global revenues for CDMOs are projected to grow at a CAGR of 10% over the next several years, to
Today's announcement comes on the heels of Kneat's first user conference for European customers, VALIDATE EU, in
- Biogen, which reported productivity improvements greater than 100%, Cycle time improvements greater than 50% and Equipment Change Over resource cycle time efficiency improvements of 85%
Sharpeand Dohme, which reported a more than 50% reduction in Cycle time for test execution; a simplification of process steps from fifteen to just eight on average; and the elimination of reliance on three different quality management systems;
Fujirebio, which reported a 53% reduction in time for computer system validation projects; a reduction in the number of working days for script execution from 15 to just seven on average; and the elimination of reliance on a time-consuming 'hybrid' validation system.
These and many other client authored case studies can be found in Kneat's library of client stories. Kneat is planning to host an even larger number of customers, validation professionals and industry stakeholders at its third VALIDATE conference in
Kneat, a Canadian company with operational headquarters in Limerick,
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat's business development activities, the use and implementation timelines of Kneat's software within the customer's validation processes, the ability and intent of the customer to scale the use of Kneat's software within the customer's organization and the compliance of Kneat's platform under regulatory audit and inspection. While such forward-looking statements are expressed by Kneat, as stated in this release, in good faith and believed by Kneat to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties.
Kneat does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor's own risk.
For further information:
Katie Keita, Kneat Investor Relations
P: + 1 902-706-9074