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Company News Release
Integrated EDC and Imaging Core Lab Services Improve Efficiency, Quality and Data Visibility for Life Science Companies
ORLANDO, FL, April 28, 2009 – Bio-Imaging Technologies, Inc. (NASDAQ: BITI) and its Phoenix Data Systems division today announced that they are re-branding the two companies under the name of BioClinica (the “Company”), thereby completing the final stages of an operational merger that started a year ago. With a legacy of more than two decades of experience and industry leadership, BioClinica combines electronic data capture (EDC) services and medical image management to offer a single, integrated solution that increases efficiency and decreases costs for pharmaceutical, biotechnology and medical device companies through all stages of clinical trials. BioClinica, as well, continues to provide traditional EDC and imaging core lab services to its customers. The Company will be at CRO Partnerships, April 28-30 (booth 408), showcasing the capabilities of its integrated solution.
“The new brand better represents what our customers require to succeed, integrated solutions that track and manage more of their clinical data,” said Mark Weinstein, President and CEO of BioClinica. “The speed and accuracy of this combination helps to mend the current broken clinical trial process. We look forward to extending our Imaging Core Lab leadership with comprehensive EDC services, and helping life science companies to manage their clinical trials with greater efficiency, quality and improved data visibility.”
Processing and managing clinical data is a costly and time-consuming challenge for today’s life science companies. Medical imaging technologies generate more data than ever before, requiring even more resources to manage and turn it into useful information. As the volume and the complexity of patient data increases exponentially, more expertise and better tools are required to manage this data-from study start-up and initiation through data collection and the delivery of final results. EDC is essential to this process, providing a central hub to coordinate and organize the collection and dissemination of clean data. Integrated reporting enables customers to see the results faster than conventional methods, offering real-time analytics that make data instantly available to view or report. Integrated delivery eliminates the need for time consuming and costly data reconciliation at the end of a study. With these capabilities, BioClinica delivers next generation clinical outsourcing results, through improved and accelerated clinical trial processes.
“We believe that the combination of Bio-Imaging and Phoenix Data Systems as BioClinica creates a powerful new voice in the clinical services space by combining superior customer service and expert consultative support for data image management and EDC. With a legacy of more than two successful decades, BioClinica has an established history of reliability where many have failed. The Company is financially stable, with no debt, and a substantial backlog of signed business. All of these attributes attest to a Company with a strong foundation as well as the experience and knowledge to reshape the industry,” continued Weinstein.
Stockholders of the Company will vote at the Company’s 2009 Annual Meeting to formally change the name of Bio-Imaging Technologies, Inc. to BioClinica. In the meantime, the Company will operate under the BioClinica d/b/a.
BioClinica is a leading global provider of clinical trials services, helping to support drug and product development efforts through all phases of the clinical trial process. Created from the acquisition of Phoenix Data Systems, Inc. by Bio-Imaging Technologies, Inc, BioClinica offers industry-leading medical image management and best-of-breed electronic data capture to companies in the life sciences industry. In addition BioClinica offers solutions that combine these core services to maximize efficiency and manageability throughout the entire lifecycle of the clinical development. With more than 2,000 successful trials, BioClinica is unsurpassed in its knowledge and experience, helping bring many of today’s drugs from early phase development through final approval. BioClinica operates two state-of-the-art, FDA-compliant core labs in the United States and Europe, with business offices in the United States, France, Germany, United Kingdom and the Netherlands. For more information, please visit www.bioclinica.com.
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the
Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the consummation and the successful integration of current and proposed acquisitions, the timing of projects due to the variability in size, scope and duration of projects, estimates and guidance made by management with respect to the Company’s financial results, backlog, critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance. You should review the Company’s filings, especially risk factors contained in the Form 10-K and the recent Form 10-Q.