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NewCardio, Inc., (OTC Bulletin Board: NWCI) a cardiac diagnostic technology provider, announced that a U.S.-based CRO that provides early phase and specialty clinical drug development services to the pharmaceutical industry, has signed an MSA, licensing NewCardio's QTinno™ software solution in order to deliver fully automated cardiac safety analysis in early phase QT studies.
In addition, the CRO has signed a services work order, including standard operating procedures (SOP) and validation kits, as well as professional services, in order to accelerate its readiness for delivering ECG core lab services to its sponsor customers. Revenue from the professional services agreement is expected to be recognized during March 2010 with the implementation scheduled to be complete within the next 4-6 weeks. NewCardio has recognized its first operating revenues as a result of this order.
"One of our target customers is clinical trial service providers, looking to deploy our proven technology to expand services and grow market opportunities. For this CRO, adding to its available scope of services, by utilizing QTinno, accomplished these two important goals," said Vincent Renz, NewCardio President and Chief Operating Officer.
QTinno is a software suite that provides an automated analysis of QT intervals and other ECG-based cardiac safety for the pharmaceutical industry and drug regulators.