NewCardio Completes First Revenue-Generating Study Using QTinno
SANTA CLARA, Calif., Aug. 4 NewCardio, Inc., (OTC Bulletin Board: NWCI) a cardiac diagnostic technology provider, announced today that, in collaboration with a leading global biopharmaceutical services provider that signed a Master Services Agreement (MSA) for the use of NewCardio's QTinno(TM) software solution earlier this year, the first revenue generating study has been completed.
NewCardio successfully installed QTinno at one of their Phase 1 units, enabling the sponsor to complete a small initial study. The data will provide an initial cardiac safety profile which can then be used to determine the next steps for the compound which could include further QT analysis or potential out-licensing of the compound. NewCardio expects to recognize the modest revenue from this study during the third quarter.
"The successful completion of this study, which satisfied all NewCardio's expectations for accuracy and timeliness, will facilitate the ongoing transition to more automated studies in the future," said Vincent Renz, NewCardio's President and Chief Operating Officer. "QTinno was implemented to help perform a small Phase 1 study rapidly and at low cost for their sponsor, providing useful data indicating the cardiac safety profile of the drug. We are excited to have achieved this milestone, and look forward to this leading to additional business with the biopharmaceutical services provider as well as this sponsor in the future."
NewCardio's innovative 3-D ECG platform technology dramatically improves the accuracy and significantly increases the diagnostic value of the standard 12-lead ECG. NewCardio's lead product, QTinno, is a software suite that provides automated, comprehensive cardiac safety analysis as defined in the ICH E14 Guidance for Clinical Evaluation of QT/QTc Interval Prolongation and Proarrhythmic Potential for Non-Antiarrhythmic Drugs. The Company believes that QTinno, based on NewCardio's technology and approach, is the industry's most advanced, validated solution for performing high quality, cost effective automated cardiac safety analysis in drug development.
About NewCardio, Inc.
NewCardio is a cardiac diagnostic and services company developing and marketing proprietary software platform technologies to provide higher accuracy to, and increase the value of, the standard 12-lead ECG. NewCardio's 3-D ECG software platform reduces the time and expense involved in assessing cardiac status while increasing the ability to diagnose clinically significant conditions which were previously difficult to detect. NewCardio's software products and services significantly improve the diagnosis and monitoring of cardiovascular disease, as well as cardiac safety assessment of drugs under development. For more information, visit www.newcardio.com.
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SOURCE NewCardio, Inc.
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