Clinilabs Signs MSA with NewCardio, Inc. for QTinno


Company News Release

Clinilabs, a New York-based contract research organization that provides early phase and specialty clinical drug development services to the pharmaceutical industry, announced that it has signed a Master Services Agreement (MSA) with NewCardio, Inc. (OTC BB: NWCI), a cardiac diagnostic technology provider. Clinilabs has licensed NewCardio’s QTinno™ software solution in order to perform fully-automated cardiac safety analyses in cardiac intensive and thorough QT studies. In addition, Clinilabs has signed a services work order, including standard operating procedures (SOP) and validation kits, as well as professional services, so NewCardio can assist Clinilabs in developing an ECG core laboratory.

The Master Services Agreement enables Clinilabs to utilize QTinno to provide customers with accurate and efficient fully-automated cardiac safety studies at its clinical research unit (CRU) in Manhattan. The relationship with NewCardio also will enable Clinilabs to compete in the market for ECG core laboratory services by providing the professional services needed to integrate ECG core lab functions into Clinilabs’ existing core data center, which currently serves clinical trials in 33 countries. NewCardio is expected to recognize revenue from this relationship beginning in March 2010 with the installation and validation of its systems. Clinilabs is expected to recognize revenue as early as Q3 2010 from clinical trials conducted with the QTinno software solution.

"Our target customers are clinical trial service providers looking to deploy our technology to expand services and grow market opportunities. For Clinilabs, adding to its available scope of services by utilizing QTinno accomplished these two important goals," said Vincent Renz, NewCardio’s President and Chief Operating Officer.

Gary K. Zammit, PhD, President and CEO of Clinilabs, added, “NewCardio’s QTinno, coupled with its team’s history and expertise in delivering cardiac safety services to leading pharmaceutical companies, has given us an incredible opportunity to expand our service portfolio and deliver value to our clients. We can now provide a differentiated and low cost solution for ECG data analysis.”

Both NewCardio and Clinilabs will be present at the upcoming 19th Annual Partnerships in Clinical Trials conference to be held in Orlando, FL April 12-14th. NewCardio will be at booth # 624 and Clinilabs at booth # 650.

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