Instem stands to benefit from a December 2014 FDA mandate requiring pre-clinical study submissions to comply with SEND (the Standard for Exchange of Nonclinical Data). This note describes SEND, details its impact on the industry, and quantifies the potential value for Instem. Recent wins provide clear evidence that SEND is starting to drive sales; we suggest that the FDA’s move provides a long-term positive growth driver of which investors should be aware.