PHILADELPHIA, Dec. 6 /PRNewswire-FirstCall/ -- eResearchTechnology, Inc. (eRT), (Nasdaq: ERES - News), a leading provider of centralized electrocardiographic (ECG) collection and interpretation services, announced today that it has been awarded approximately $8.6 million in cardiac safety monitoring and services since the last update on October 26. The recent awards drive total bookings for the fourth quarter thus far to $19.3 million.
Highlights of the awards include: -- Two Thorough QT studies totaling approximately $2.5 million from emerging drug developers in the U.S. and Europe. This brings the number of Thorough QT studies for the quarter thus far to 3 totaling approximately $3.9 million. -- A later phase program award valued at more than $1.0 million from a Top 50 drug developer. The number of program awards totals 3 valued at $8.6 million thus far for the quarter. -- Continued strength in new routine studies in existing customers as well as new studies in first time customers.
eRT will provide comprehensive support, including provision of digital 12-lead ECG equipment designed to facilitate collection of cardiac safety data that is subsequently provided to eRT for analysis. eRT will perform digital collection, measurement, interpretation, review, and distribution of cardiac safety data through its EXPeRT® workflow enabled data handling technology, the first solution in production that was designed explicitly to meet emerging international regulatory guidance and technical standards.
"We are pleased with our continued progress in new signings which demonstrates continued strong and increasing demand for eRT's cardiac safety services," said Scott Grisanti, senior vice president of business development and chief marketing officer at eRT. "Our success continues to be based upon our unique ability to satisfy the demands of large and emerging growth companies that are addressing the rigors of cardiac safety as defined in the E14 guidance by conducting thorough QT studies prior to conducting more intensive later phase programs. Based on our progress thus far this quarter, we are confident that we will finish strong in 2005 setting the stage for accelerated growth in 2006."
Based in Philadelphia, PA, eResearchTechnology, Inc. (http://www.eRT.com) is a provider of technology and services to the pharmaceutical, biotechnology and medical device industries on a global basis. The company is a market leader in providing centralized core-diagnostic electrocardiographic (ECG) technology and services to evaluate cardiac safety in clinical development. The company is also a leader in providing technology and services to streamline the clinical trials process by enabling its customers to automate the collection, analysis, and distribution of clinical data in all phases of clinical development.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. The sponsors may cancel these agreements at their sole discretion. As a result, actual results may differ materially from any financial outlooks stated herein. Further information on potential factors that could affect the company's financial results can be found in the company's Reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission.
Source: eResearchTechnology, Inc.
