For Immediate Release
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Contact:
Mark L. Weinstein
President & Chief Executive Officer
Tel: (267) 757-1360
BIO-IMAGING TECHNOLOGIES, INC. ACQUIRES QUINTILES' INTELLIGENT IMAGING BUSINESS
Newtown, Pa., (October 29, 2001)-- Bio-Imaging Technologies, Inc. (OTC BB: BITI)
announced today that they have purchased the Intelligent Imaging business of
Quintiles Transnational Corp. (Nasdaq: QTRN). Intelligent Imaging specializes in
providing digital medical imaging services for clinical trials and the health
care industry.
Financial terms were not disclosed. All of Quintiles' Intelligent Imaging
employees became employees of Bio-Imaging as part of this transaction.
In commenting on the acquisition, Mark L. Weinstein, president and chief
executive officer of Bio-Imaging said, "We are very excited about the
Intelligent Imaging personnel becoming part of Bio-Imaging. This combination
brings together the two most experienced companies in providing medical image
management for pharmaceutical clinical trials. Over the last three years the
revenues of Bio-Imaging have grown by approximately 100%. The experienced
personnel from Intelligent Imaging will be a key component in maintaining the
high level of service as we grow our business
Mr. Weinstein added, "As an independent central imaging lab, Bio-Imaging works
with the worlds leading pharmaceutical, biotechnology and medical device
companies. Over the past two years, the company strategy has been to provide
additional growth through relationships with contract research organizations
(CROs), to partner with them on issues involved with utilizing imaging core labs
and to provide service to their customers..
Joseph J. Colatuno, President, Clinical Development Services, Quintiles
Americas, said: "Following a thorough assessment of the imaging business and the
needs of our customers, we believe the combined resources of Intelligent Imaging
and Bio-Imaging will provide customers with access to even stronger medical
imaging capabilities by providing additional service depth and breadth on a
global basis. Bio-Imaging has a great reputation in the marketplace, and we are
pleased that Quintiles' imaging expertise will be combined with a high quality,
dedicated provider of imaging services."
Intelligent Imaging's services include image data management, data translation
and digitization for submission of medical image data to the U.S. Food and Drug
Administration and clinical sponsors using proprietary interactive software. The
business unit's technology supports a wide variety of medical information,
X-rays, magnetic resonance imaging (MRI), computed tomography (CT), nuclear
medicine, PET, ultrasound scans, and photographs.
Bio-Imaging Technologies, Inc. is a pharmaceutical contract service organization
providing services that support the product development process of the
pharmaceutical, biotechnology and medical device industries. The Company has
specialized in assisting its clients in the design and management of the
medical-imaging component of clinical trials since 1990. In 2000, Bio-Imaging
announced the formation of a new division, Bio-Imaging, ETC., to address the
education, training and certification needs of medical-imaging facilities,
personnel and equipment. Bio-Imaging serves its clients on a global basis
through its Corporate headquarters (Newtown, PA), U.S. Business Offices (New
Jersey, Massachusetts, California and Washington) and its European office
(Leiden, The Netherlands).
Certain matters discussed in this press release are "forward-looking statements"
intended to qualify for the safe harbors from liability established by the
Private Securities Litigation Reform Act of 1995. In particular, the Company's
statements regarding trends in the marketplace and potential future results are
examples of such forward-looking statements. The forward-looking statements
include risks and uncertainties, including, but not limited to, integrating the
Intelligent Imaging business into the operations of the Company, fluctuations in
quarterly results, the timing of projects due to the variability in size, scope
and duration of projects, regulatory delays, clinical study results which lead
to reductions or cancellations of projects, and other factors, including general
economic conditions and regulatory developments, not within the Company's
control. The factors discussed herein and expressed from time to time in the
Company's filings with the Securities and Exchange Commission could cause actual
results and developments to be materially different from those expressed in or
implied by such statements. The forward-looking statements are made only as of
the date of this press release and the Company undertakes no obligation to
publicly update such forward-looking statements to reflect subsequent events or
circumstances.