|Pharma Lynx Signs MSA with NewCardio|
|By Staff and Wire Reports|
|Thursday, 16 September 2010 11:07|
NewCardio (OTC:NWCI), the 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 announced today that global contract research organization, Pharma Lynx has signed an MSA to license their QTinno(TM) solution for use in Phase 1 studies.
Pharma Lynx also signed a services work order to accelerate the integration of QTinno into its core clinical trial service offerings. NWCI believes that QTinno is the industry's most advanced, validated software solution for performing high quality, cost effective automated cardiac safety analysis in drug development.
"This agreement is further evidence of growing market awareness, and more importantly, market adoption of QTinno, our automated cardiac safety solution, as an alternative to the current methodologies employed in QTc studies, given its ability to deliver quality ECG analysis in a more timely and cost effective manner," said Vincent Renz, NewCardio's President and Chief Executive Officer.
"Forward thinking clinical trial service providers are responding to the demands of pharmaceutical sponsors to increase the breadth of their available products and services, minimizing the number of vendors to manage, and deliver those services in a more cost effective manner. QTinno enables them to meet both of those demands."
Shubhendra Varma, President/CEO commented, "We are delighted to enter into this professional relationship with NewCardio, which we believe is a critically important step towards improving drug cardiac safety assessment. This is particularly true in oncology, where thorough QT and other early-phase clinical studies face unique and very substantial technical and clinical challenges. We believe this partnership with NewCardio is a prestigious and important step that reinforces our firms commitment to meeting our sponsors' drug development needs, in Oncology and in other therapeutic arenas as well."
Shares of NWCI had been trending downward steadily since April.
Earlier this month, NewCardio's President and CEO, purchased 128,000 Shares and reiterated his confidence in the company's long-term success and goals.
In conjunction with the December 2007 $8.2 million PIPE financing, on August 27, 2010, several early investors, including select members of the board of directors, pursuant to lock-up agreements they delivered to facilitate the PIPE financing, entered a lock-up period whereby they cannot sell any NewCardio stock for the one year through August 27, 2011. This group represents more than one-third of the approximately 30 million shares of common stock outstanding.