Newcardio, Inc. (NWCI)

[califax]

Clinilabs Signs MSA with NewCardio, Inc. for QTinno

Date : 04/08/2010 @ 8:00AM
Source : PR Newswire
Stock : Newcardio (BB) (NWCI)

http://ih.advfn.com/p.php?pid=nmona&cb=1270728608&article=42299034&symbol=NB%5ENWCI

Master Services Agreement Enables Clinilabs to Add ECG Core Lab Services, Extending its Scope of Services and Capturing Additional Revenue

PR Newswire

NEW YORK, April 8

NEW YORK, April 8 /PRNewswire-FirstCall/ --

Clinilabs, a New York-based contract research organization that provides early phase and specialty clinical drug development services to the pharmaceutical industry, announced today that it has signed a Master Services Agreement (MSA) with NewCardio, Inc. (OTC Bulletin Board: NWCI), a cardiac diagnostic technology provider. Clinilabs has licensed NewCardio's QTinno™ software solution in order to perform fully-automated cardiac safety analyses in cardiac intensive and thorough QT studies. In addition, Clinilabs has signed a services work order, including standard operating procedures (SOP) and validation kits, as well as professional services, so NewCardio can assist Clinilabs in developing an ECG core laboratory.

The Master Services Agreement enables Clinilabs to utilize QTinno to provide customers with advanced, accurate, and efficient fully-automated cardiac safety studies at its clinical research unit (CRU) in Manhattan. The relationship with NewCardio also will enable Clinilabs to compete in the market for ECG core laboratory services by providing the professional services needed to integrate ECG core lab functions into Clinilabs' existing core data center, which currently serves clinical trials in 33 countries. NewCardio is expected to recognize revenue from this relationship beginning in March 2010 with the installation and validation of its systems. Clinilabs is expected to recognize revenue as early as Q3 2010 from clinical trials conducted with the QTinno software solution.

"This announcement is further evidence of the growing adoption of QTinno™ by innovative clinical trial service providers looking to deliver quality cardiac safety analysis with higher accuracy and lower intrinsic variability in a timely and cost-effective manner," said Vincent Renz, NewCardio's President and Chief Operating Officer. "Our target customers are clinical trial service providers looking to deploy our proven technology to expand services and grow market opportunities. For Clinilabs, adding to its available scope of services by utilizing QTinno accomplished these two important goals."

Gary K. Zammit, PhD, President and CEO of Clinilabs, added, "NewCardio's QTinno, coupled with its team's history and expertise in delivering cardiac safety services to leading pharmaceutical companies, has given us an incredible opportunity to expand our service portfolio and deliver value to our clients. We can now provide a differentiated and low cost solution for ECG data analysis to an industry that has been seeking a meaningful alternative to existing methods for some time."

Both NewCardio and Clinilabs will be present at the upcoming 19th Annual Partnerships in Clinical Trials conference to be held in Orlando, FL April 12-14th. NewCardio will be at booth # 624 and Clinilabs at booth # 650. To schedule a private meeting with the Clinilabs and NewCardio teams, please contact Jeanine M. Estrada, Clinilabs' Director of Business Development, at 646.438.4431.

About Clinilabs, Inc.

Clinilabs is a contract research organization (CRO) that provides clinical drug development services to industry. The Company offers teams, facilities, processes, and technology solutions for the conduct of early phase and specialty studies, and also operates a core data center that processes biomedical device data from global, multicenter projects. Since 2001, the company has worked with nine of the top 20 pharma companies in the world on trials conducted in 33 countries to support nine successful new drug applications. For more information, visit www.clinilabs.com.

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 electrocardiogram (ECG). NewCardio's three-dimensional 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.

Forward-Looking Statements

This press release contains forward-looking statements regarding NewCardio. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based on currently available information and assumptions made by management. Although we believe that the assumptions on which the forward-looking statements contained herein are based are reasonable, any of those assumptions could prove to be inaccurate given the inherent uncertainties as to the occurrence or nonoccurrence of future events. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward- looking statements due to numerous factors, including the potential risks and uncertainties set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2008 and relate to our business plan, our business strategy, development of our proprietary technology platform and our products, timing of such development, timing and results of clinical trials, level and timing of FDA regulatory clearance or review, market acceptance of our products, protection of our intellectual property, implementation of our strategic, operating and people initiatives, benefits to be derived from personnel and directors, ability to commercialize our products, our assumptions regarding cash flow from operations and cash on-hand, the amount and timing of operating costs and capital expenditures relating to the expansion of our business, operations and infrastructure, implementation of marketing programs, our key agreements and strategic alliances, our ability to obtain additional capital as, and when, needed, and on acceptable terms and general economic conditions specific to our industry, any of which could impact sales, costs and expenses and/or planned strategies and timing. We assume no obligation to, and do not currently intend to, update these forward-looking statements.

To join our email distribution please click this link: http://www.b2i.us/irpass.asp?BzID=1645&to=ea&s=0

Investor Contacts:

Clinilabs, Inc.

Ron Falcone, Controller

[phone]

[e-mail]

NewCardio

Hayden IR

Jeff Stanlis, Partner

[phone]

[e-mail]

SOURCE NewCardio, Inc.