Wednesday, January 30, 2013

Bio-Imaging Technologies to buy Etrials Worldwide - Triangle Business Journal:

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Chris Sakell, Etrials' director of marketing, said that the deal is expectes to be good for both companiewsbut that, for now, Etrials is not commentinv on how the acquisition would affecr its 100 employees because the deal has not yet been closed. The acquisitio n is expected to close in June. Until then, Sakell the company would continue to focua on businessas usual. The proposecd deal calls for Etrialws shareholders to receive a mix of cash and newlyissueed Bio-Imaging common and preferred stock that valuews each share of Etrials about 91 a 27 percent premium over the stock’s average closint price during the past month.
Morrisville-based Etrials ETWC) provides software used by drug companieas and contract research organizations in the runnintg ofclinical trials. Pennsylvania-based Bio-Imaging BITI) does business under the name The company, which has 450 employees, also provides clinica trial services, including the management of medical If the deal closew as expected, Bio-Imaging will acquire a company that has been on the downturn since peaking in early 2006. Over the past two years, the company has seen the departure of two includingcompany co-founder John Cline, and undergone two roundsd of restructuring, the most recent of whichy was .
The company also in Januarh against two of its former executive s anda competitor, accusingt them of stealing trade secretsz and violating confidentiality agreements. In a written BioClinica President and CEOMark L. Weinstein said he anticipate Etrials willcomplement BioClinica’s offerings as the Morrisville company is integrates into BioClinica’s clinical services division. It was not immediately clear what wouldr happen to the 100 or soEtrials employees. “Etrials is an excellent fit withour long-termm corporate strategy,” Weinstein said.
“This addition instantly broadens our eClinical product offering while leveraging our global operations and brand reputation for quality client service.” Etrials once was seen as an up-and-cominbg player at the intersection of software and the rapidlt growing clinical trials business. The company went public in a revers merger in 2004 but had hit tough times by 2007. In the fall of Etrials revealed in a securities filingf that it was with anunnamed company. Shares of which traded for as muchas $6.29 in Januaruy 2006, closed Monday at 71 cents a share.
With the acquisitionn of Etrials, BioClinica’s Weinstein said his company anticipated that its 2009 revenues will bebetween $65 millioj and $75 million. That compares with previouslyt issued guidanceof $60 milliomn to $63 million. As a result of the proposecd transaction, Etrials will not hold its firsr quarter earnings call schedulesd forMay 12.

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