CLEVELAND, April 21 /PRNewswire-FirstCall/ -- DATATRAK International, Inc. , a technology company focused on global eClinical solutions for the clinical trials industry, today reported that over the past month it has experienced rapid acceptance and momentum in the clinical trials market related to the selection of its unified eClinical platform for nine new contracts. This new activity is coming from multiple customers and importantly is a collective reflection of the overall acceptance and excitement surrounding the capabilities of the DATATRAK eClinical(TM) product suite.
Consistent with DATATRAK’s strategy and vision for the future surrounding the expansion of its product platform, for virtually all of these projects the clinical trial sponsors have requested several functionalities in addition to traditional EDC. Such capabilities include medical coding and web-based randomization, as examples. The effortless consolidation of multiple information sources in a single database and product suite with DATATRAK eClinical(TM) was a compelling advantage for all of these clients.
New revenue lines have been created for DATATRAK from each of these clinical trials as a result of the additional capabilities that can now be offered to clinical trial sponsors. Because of the modular structure of DATATRAK eClinical(TM), customers have the flexibility to select any one of eleven functionalities for their clinical trial without the limitations and expenses involved with integration of data from disjointed sources.
A final example of increasing interest in DATATRAK eClinical(TM) is the election by an international CRO to standardize on this platform as an offering to its clients for electronic clinical trials. This relationship represents DATATRAK’s CRO Alliance strategy whereby the CRO can be empowered to become independent with this platform and can directly deliver to its clients the benefits of an architecturally unified electronic clinical trial. The CRO can brand this “eClinical offering” as part of their value-add to their clients, assisting in the overall enhancement of speed and safety of clinical development. Importantly, this structure favorably serves the business needs of all parties, by delivering performance and simplicity in contracting for the sponsors, providing new value-add revenue activities for the CRO and broadening the reach of DATATRAK’s technology around the world. Through these relationships, DATATRAK and the CRO can serve as a referral source for additional contracts for eClinical trials to each other because sponsors often seek recommendations regarding the best technology or the most experienced CROs that are capable of satisfying their requirements. Working through relationships and familiarities that have roots in such experience can yield efficiency and cost benefits for the ultimate paying customer.
DATATRAK intends on replicating this business structure with multiple CRO partners. DATATRAK believes that CROs will desire to be associated with the most complete eClinical suite in the market rather than settling for platforms that are relatively limited with only point-solution capabilities. The competitive advantage of the CROs selecting DATATRAK eClinical(TM) will be enhanced in the eyes of their clients as the market continues to progress towards the advantages of unification and away from the complexities and high costs of integration.
DATATRAK continues to abide by its policy of not announcing every contract award. However, this announcement is important because it displays minimal hesitancy of multiple customers from launching new clinical trials with the broader eClinical platform.
“This announcement is telling for a variety of reasons,” stated Dr. Jeffrey A. Green, President and Chief Executive Officer of DATATRAK International, Inc. “Some may have thought that as a result of our recent transaction, customers may be hesitant towards initiating new clinical trials with the DATATRAK eClinical(TM) platform. To date, this has not been the case, as evidenced by these facts as well as the enthusiasm generated from attendees at our User’s Group Meetings and the general market regarding our unified eClinical platform. The selection of our software for nine clinical trials from this breadth of customers is a new monthly record for the Company and signifies the advantages customers see from a multifunctional architecture. This announcement includes only a snapshot of the developing opportunities that we are seeing with DATATRAK eClinical(TM).”
DATATRAK International, Inc. is a worldwide technology company focused on the provision of multi-component eClinical solutions and related services for the clinical trials industry. The Company delivers a complete portfolio of software products that were created in order to accelerate clinical research data from investigative sites to clinical trial sponsors and ultimately the FDA, faster and more efficiently than manual methods or loosely integrated technologies. DATATRAK’s eClinical software suite can be deployed worldwide through an ASP offering or in a licensed Technology Transfer model that fully empowers its clients. The DATATRAK software suite and its earlier versions have successfully supported hundreds of international clinical trials involving thousands of clinical research sites and encompassing tens of thousands of patients in 56 countries. DATATRAK International, Inc.'s product suite has been utilized in some aspect of the clinical development of 15 separate drugs that have received regulatory approval from either the United States Food and Drug Administration or counterpart European bodies. DATATRAK International, Inc. has offices located in Cleveland, Ohio, Bonn, Germany, and Bryan, Texas. Its common stock is listed on the NASDAQ stock Market under the ticker symbol “DATA”. Visit the DATATRAK International, Inc. web site at www.datatrak.net.
Except for the historical information contained in this press release, the statements made in this release are forward-looking statements. Factors that may cause actual results to differ materially from those in the forward- looking statements include the ability of the Company to absorb corporate overhead and other fixed costs in order to successfully market its software; the development and fluctuations in the market for clinical trial technology; the degree of the Company’s success in obtaining new contracts; the timing of payments from customers and the timing of clinical trial sponsor decisions to conduct new clinical trials or cancel or delay ongoing trials; governmental regulation; the early stage of the Company’s business and operations; and general economic conditions. In addition, the Company’s success depends on the outcome of various strategic initiatives it has undertaken, all of which are based on assumptions made by the Company concerning trends in the clinical research market and the health care industry.
DATATRAK International, Inc.
CONTACT: Jeffrey A. Green, Pharm.D., FCP, President and Chief ExecutiveOfficer, +1-440-443-0082, ext. 112, or Terry C. Black, Chief FinancialOfficer, +1-440-443-0082, ext. 110, both of DATATRAK International, Inc.;or Investor Relations, Neal Feagans of Feagans Consulting, Inc,+1-303-449-1184, for DATATRAK International, Inc.
Web site: http://www.datatrak.net/
