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Pharsight Corporation (Nasdaq:PHST), a provider of software, strategic consulting, and regulatory services for optimizing clinical drug development, and CRI Worldwide, a provider of clinical research services to the global pharmaceutical and biotech industries, announced that they have formed an alliance to offer combined services.
Pharsight and CRI Worldwide Establish Alliance
Combined Capability Offers Trial Design, Simulation, Execution, Analysis, and Reporting
MOUNTAIN VIEW, Calif., and CLEMENTON, N.J., July 22, 2008 (PRIME NEWSWIRE) -- Pharsight Corporation (Nasdaq:PHST), a leading provider of software, strategic consulting, and regulatory services for optimizing clinical drug development, and CRI Worldwide, a leading provider of clinical research services to the global pharmaceutical and biotech industries, today announced that they have formed an alliance to offer combined services including trial design, simulation, execution, analysis and reporting. The alliance provides a broader solution to customers and addresses the growing need for drug development companies to improve the efficiency in their performance and analysis of clinical trials.
"Our clients recognize the value of linking CRI's clinical trial execution capability with Pharsight's state-of-the-art design, analysis, and reporting expertise," said Ken King, chief executive officer of CRI Worldwide. "The client can expect faster delivery of results, a more informative trial, and a higher likelihood of success."
"Pharsight is a world leader in the modeling, analysis and reporting of data originating in clinical pharmacology trials," said Shawn O'Connor, president, chief executive officer, and chairman of Pharsight. "Our alliance with CRI will allow us to get involved earlier in the process when the client is contracting with the clinic and the trial is still being designed. On the back end, we will work with CRI to ensure seamless data transfers and rapid turnaround of regulatory analysis and reporting."
About Pharsight Corporation
Pharsight Corporation develops and markets integrated products and services that enable pharmaceutical and biotechnology companies to achieve significant and enduring improvements in the development and use of therapeutic products. The company's goal is to help customers reduce the time, cost and risk of drug development, as well as optimize the post-approval marketing and use of pharmaceutical products.
Pharsight's approach enhances the fundamental element of drug development success: strong decision-making. By adopting the Pharsight approach, customers acquire a new decision-making process with the potential to systematically improve every level and phase of their business and scientific processes. Pharsight Corporation is headquartered in Mountain View, California. Information about Pharsight is available at http://www.pharsight.com.
About CRI Worldwide
CRI Worldwide, Inc., with headquarters in Clementon, NJ, is a leading provider of Phase I-IV clinical development testing and research services for central nervous system (CNS), psychiatric, pain and other drug compounds. The company conducts inpatient and outpatient studies in fully licensed and accredited acute care hospitals. More information is available at http://www.criww.com.
Forward Looking Statements
The statements in this press release related to the performance of Pharsight products and services and Pharsight's alliance with CRI Worldwide are forward-looking statements. Forward-looking statements are inherently speculative, and actual results may differ materially from Pharsight's expectations due to a variety of factors, including: changes in FDA regulations may affect demand for the product and services; and customers may not perceive the benefits of the products and services to be the same as Pharsight believes them to be. Other risk factors relating to Pharsight are disclosed in the company's most recent Form 10-K filed with the Securities and Exchange Commission on June 30, 2008. All forward-looking statements are based on information available to the company on the date hereof, and the company assumes no obligation to update such statements.
Pharsight is a registered trademark of Pharsight Corporation. CRI Worldwide is a registered trademark of CRI Worldwide.