NewCardio Announces Master Services Agreement with Top Five CRO
SANTA CLARA, Calif., Sept. 9 NewCardio, Inc., (OTC Bulletin Board: NWCI) a cardiac diagnostic and services company, today announced that a Top Five Clinical Research Organization (CRO), which is a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, has signed a Master Services Agreement (MSA) with NewCardio. Under the terms of this agreement, the CRO will receive a license to use NewCardio's QTinno(TM) software solution in all TQT studies where fully automated readings are obtained.
This Master Services Agreement enables the CRO to replace semi-automated methods and provide more advanced, higher quality, and more efficient fully automated studies made possible for the first time through the use of NewCardio's QTinno(TM) solution. It is anticipated that this CRO, with QTinno(TM) added to its existing clinical pharmacology offerings, will become a turnkey provider of TQT/QT studies to its customers. This will enable the CRO to capture additional revenue from previously outsourced cardiac safety studies and from customers due to its ability to provide more robust services with increased accuracy and efficiency.
"The adoption of QTinno(TM) by the clinical pharmacology units at this top five CRO will enable them to deliver quality TQT/QT studies with higher accuracy and lower intrinsic variability in a timely and cost-effective manner," said Vincent Renz, NewCardio's President and Chief Operating Officer. "The ability to extend the scope of services provided through its three clinical pharmacology units in the delivery of TQT/QT studies, effectively as a one-stop-shop provider, provides a powerful competitive advantage further differentiating itself from its competitors."
NewCardio's innovative 3D ECG platform technology dramatically improves the accuracy and significantly increases the diagnostic value of the standard 12-lead electrocardiogram (ECG). NewCardio's lead product is QTinno(TM), a software suite that provides an automated, comprehensive analysis of QT intervals and other ECG-based cardiac safety for the pharmaceutical industry and drug regulators. The Company believes that its QTinno(TM), software-based, analytical technology is the industry's first solution for the reliable automated analysis of ECGs used to determine cardiac toxicity during drug development.
About NewCardio, Inc.
NewCardio is a cardiac diagnostic and services company focused on the development of a proprietary platform technology to provide higher accuracy to, and increase the value of, the standard 12-lead electrocardiogram (ECG). NewCardio's development-stage software and hardware products and services are intended to improve the diagnosis and monitoring of cardiovascular disease (CVD), as well as cardiac safety assessment of drugs under development. NewCardio's three-dimensional ECG platform is designed to reduce the time and expense involved in assessing cardiac status while increasing the ability to diagnose clinically significant conditions which were previously difficult to detect. For more information, visit www.newcardio.com.
This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based on currently available information and assumptions made by management. Although we believe that the assumptions on which the forward-looking statements contained herein are based are reasonable, any of those assumptions could prove to be inaccurate given the inherent uncertainties as to the occurrence or nonoccurrence of future events. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including the potential risks and uncertainties set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2008 and relate to our business plan, our business strategy, development of our proprietary technology platform and our products, timing of such development, timing and results of clinical trials, level and timing of FDA regulatory clearance or review, market acceptance of our products, protection of our intellectual property, implementation of our strategic, operating and people initiatives, benefits to be derived from personnel and directors, ability to commercialize our products, our assumptions regarding cash flow from operations and cash on-hand, the amount and timing of operating costs and capital expenditures relating to the expansion of our business, operations and infrastructure, implementation of marketing programs, our key agreements and strategic alliances, our ability to obtain additional capital as, and when, needed, and on acceptable terms and general economic conditions specific to our industry, any of which could impact sales, costs and expenses and/or planned strategies and timing. Information concerning factors that could cause our actual results to differ materially from these forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission. We assume no obligation to, and do not currently intend to, update these forward-looking statements.
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SOURCE NewCardio, Inc.
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