Datatrak receives $3.3m from new business

By Staff Reporter

- Last updated on GMT

Related tags: Datatrak, Clinical trial

Business is looking good for eClinical solutions provider Datatrak,
as the company has received commitments for six new projects from
three customers at an initial contract value of approximately $3.3m
(€2.6m).

It's an illustration of the popularity of Datatrak's products, which include its eClinical platform. The multicomponent platform, which features separate capabilities in a menu selection process but still part of one architecture, is increasingly being recognised as advantageous by customers because it avoids the complexities, risks and costs associated with integrating unrelated applications from separate providers. According to Datatrak, the six new clinical trial projects multibillion-dollar pharmaceutical or biotechnology customers. Two are based in North America and one is headquartered in Europe. Datatrak said: "Two are existing customers and one is a new addition to the 42 companies now using Datatrak's product suites in their global research and development efforts.""Most of the trials in this set of new awards are categorised as Phase III, IIIb or IV clinical trials," they added. ​ they added. All of the pending contracts are anticipated to be signed over the next couple of weeks resulting in initial revenue recognition by Datatrak commencing late in the current fiscal quarter with the majority of the revenue being recognised over the next two years. Approximately $1.9m of the total is part of the previously announced (September 25, 2006) $3m of expected commitments by the end of 2007 from a multibillion-dollar North American client. All of the clinical trials in this group of six exceed the current average clinical trial size budget of $175,000 to $200,000 specified in the Company s recent conference call and public presentations, with the largest being over $900,000. "We are pleased to see that the strategies behind our movement to the eClinical platform are being supported in the marketplace through continued momentum and the awarding of new business,"​ said Dr. Jeffrey Green, President and Chief Executive Officer of Datatrak. "One is a customer that we previously announced is standardising on Datatrak eClinical as their platform for all future clinical trials, one customer has previously performed multiple trials with the Version 4.0 product suite and is now initiating these new trials with the broader eClinical platform and one customer is new to our Company and product offerings."​ Green added that the level of new business adds additional confidence to offer the leading products and services to meet the growing demands of the clinical trials industry and bodes well for the mid to long term growth potential of the Company.

Related topics: Clinical Development

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