OmniComm Systems Announces Acquisition of EDC Business of eResearchTechnology
24 June 2009 - 6:15AM
PR Newswire (US)
- Acquisition Extends the Company's Suite of Products and Increases
Breadth of EDC Customers - FORT LAUDERDALE, Fla. and PHILADELPHIA,
June 23 /PRNewswire-FirstCall/ -- OmniComm Systems, Inc.(R)
(OTC:OMCM) (BULLETIN BOARD: OMCM) ("OmniComm"), a leader in
integrated electronic data capture (EDC) solutions for clinical
trials, and eResearchTechnology, Inc. (NASDAQ:ERES) ("ERT"), a
global provider of technology and services that enable the
pharmaceutical, biotechnology, and medical device industries
worldwide to collect, interpret, and distribute cardiac safety and
clinical data, today announced that OmniComm has acquired the EDC
business of ERT. "We believe strongly in the long-term growth of
the EDC and eClinical markets. We have positioned ourselves to be a
leading provider of EDC solutions and expect this transaction to
allow us to grow more rapidly. By combining the two EDC businesses,
OmniComm extends and deepens its roster of EDC customers and gains
several key technologies that can be added to the TrialMaster(R)
eClinical suite of applications," stated Cornelis F. Wit, CEO of
OmniComm Systems. "We believe that we will be able to leverage our
existing EDC infrastructure and expertise to further penetrate the
combined portfolio of customers." Mr. Wit continued, "The eClinical
industry is going through a period of consolidation, and we believe
that only those firms that can combine superior products and
services along with a demonstrated ability to deliver a broad array
of solutions will be able to effectively compete. We are dedicated
to broadening the products and services we offer and developing as
diverse a client base as possible. Our expansion into Europe during
2007-2008 was the first prong of executing on this strategy. ERT
has served several markets, including the governmental sector and
Fortune 500 sponsors, that complement our focus on biotech and
medical device clinical trial sponsors." Dr. Michael McKelvey,
ERT's President and CEO, commented, "We have been involved with our
EDC business for many years and have a loyal customer and employee
base. However, it is clear that a more significant and focused
investment is required to be successful in today's EDC market. We
are pleased to work with OmniComm to transition our customers and
staff to their organization. We will continue to expand our core
cardiac safety and ePRO business lines." Revenues of the ERT EDC
business were $5.9 million in the year ended December 31, 2008 and
$1.4 million in the three months ended March 31, 2009. ERT
anticipates that the sale, excluding any impact of one-time charges
related to the sale, will not affect the Company's previously
issued 2009 fiscal year guidance. Under the terms of the
transaction, OmniComm issued 8.1 million shares of common stock and
assumed certain liabilities including deferred revenue relating to
ERT's EDC business in exchange for the EDC assets of ERT, which
primarily include its EDC software, applications, and fixed assets
and $1.15 million in cash paid by ERT. OmniComm will be opening a
new branch office in the New Jersey area and will be transitioning
the majority of the ERT EDC support team to this new office to
provide on-going support and maintenance to the ERT customers it
acquires. About OmniComm OmniComm Systems, Inc.
(http://www.omnicomm.com/) provides customer-driven Internet
solutions to pharmaceutical, biotechnology, research, and medical
device organizations that conduct life changing clinical trial
research. OmniComm's growing base of satisfied customers is a
direct result of the company's commitment to deliver products and
services that ensure ease of use, faster study build, ease of
integration and better performance. OmniComm's client intuitive
pricing model allows companies that range from small, to mid-size
to large-scale institutions to safely and efficiently capitalize on
their clinical research investments. OmniComm Systems, Inc. has
corporate headquarters in Ft. Lauderdale, Florida with offices in
Bonn, Chicago, Germany, Tula, Russia, California, New York, New
Jersey, North Carolina, Tennessee, Massachusetts, and Georgia.
About eResearchTechnology, Inc. (ERT) Based in Philadelphia, PA,
ERT (eResearchTechnology, Inc.) (http://www.ert.com/) is a provider
of cardiac safety and ePRO technology and services to the global
biopharmaceutical and medical device industries. The Company is the
market leader in providing centralized core-diagnostic
electrocardiographic (ECG) technology and services to evaluate
cardiac safety in clinical development. Safe Harbor Disclaimer
Statements about OmniComm's future expectations, including without
limitation, future revenues and earnings, plans and objectives for
the future operations, future agreements, future economic
performance, operations and all other statements in this press
release other than historical facts are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and as
that term is defined in the Private Securities Litigation Reform
Act of 1995. OmniComm intends that such forward-looking statements
be subject to the Safe Harbors created thereby. Since these
statements involve risks and uncertainties, including but not
limited to economic competitive, governmental, contractual and
technological factors affecting OmniComm's operations, markets and
profitability, actual results could differ materially and adversely
from the expected results. Statements made by ERT 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
the Company's ability to obtain new contracts and accurately
estimate net revenues due to uncertain regulatory guidance,
variability in size, scope and duration of projects, and internal
issues at the sponsoring client, integration of acquisitions,
competitive factors, technological development, and market demand.
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 Form 10-K and 10-Q filed with the
Securities and Exchange Commission. The Company undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise. For more information, please contact Steve Johnson at
(954) 473-1254 or and Keith Schneck at (215) 282-5566 or .
DATASOURCE: eResearchTechnology, Inc. CONTACT: Steve Johnson of
OmniComm, +1-954-473-1254, , or Keith Schneck of ERT,
+1-215-282-5566, Web Site: http://www.ert.com/
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