Covance Licenses Proprietary Innovative Clinical Solution from Oxford BioSignals Medical Providing More Efficient Cardiac Safety Assessment
Princeton, New Jersey, November 29, 2006 — Covance (NYSE: CVD) today announced a strategic agreement with Oxford BioSignals Medical (OBS Medical) granting Covance exclusive rights within the CRO industry to OBS Medical's innovative BioQT(TM) clinical solutions. Supported by proprietary data interpretation platforms, the BioQT clinical solution can lead to efficient cardiac safety assessments within pharmaceutical research and development.
According to Jay Mason, M.D., Medical Director and Director of R&D, Covance Cardiac Safety Services, "BioQT has the capability to analyze a much greater quantity of electrocardiographic data in each subject as compared to conventional methods of analysis. The result will be much greater specificity and sensitivity for abnormal repolarization which will allow drugs to be more accurately evaluated with fewer subjects exposed in smaller, less expensive trials."
OBS Medical (www.obsmedical.com) developed BioQT technology to support enhanced cardiac safety in the life sciences industry. The technology utilizes a waveform recognition platform to automatically measure the QT interval from a patient's electrocardiogram. The QT interval is an important biomarker of a drug's potential cardiac safety risk.
The FDA suggests that all pharmaceutical sponsors must submit thorough QT interval measurement results for all drugs. Covance plans to use the BioQT technology to provide their customers the ability to analyze more data points and a process that requires less manual assessment by a cardiologist.
"Selective partnership with visionary industry leaders has been our growth strategy," said Frank Cheng, President of Oxford BioSignals Medical. "In the area of drug-related cardiac safety, we are excited to enter into this strategic relationship with Covance, a CRO industry leader who is committed to growth through innovation. We expect this collaboration will lead to innovative cardiac safety solutions to enhance future drug development."
OBS Medical, based in Carmel, Ind., is a medical technology company with a focus on neural networks, data fusion, wave-form recognition and other intelligent algorithms covering a wide range of applications, including hospital patient monitoring and cardiac safety in drug research and development.
OBS Medical and OBS Industrial were spun out of Oxford University in 2000. OBS Industrial provides condition monitoring solutions in a diverse range of industries, including aircraft engine performance monitoring for Rolls Royce.
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $1 billion, global operations in more than 20 countries, and greater than 8,000 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.
Statements contained in this press release, which are not historical facts, are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to an qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts, and other factors described in the Company's filings with the Securities and Exchange Commission.
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