Navigation Links
ERT Closes the Acquisition of the Research Services Division of CareFusion Corporation
Date:6/1/2010

PHILADELPHIA, June 1 /PRNewswire-FirstCall/ -- eResearchTechnology, Inc. (ERT), (Nasdaq: ERES), a global provider of technology and services to the pharmaceutical, biotechnology, and medical device industries, announced the successful closing of the acquisition of the Research Services Division of CareFusion Corporation (CRS).  CRS is a leading provider of respiratory diagnostics services and manufacturer of diagnostic devices and also offers cardiac safety and ePRO services.  The combined company offers a market leading position in the very attractive clinical research market for cardiac safety services, cardiac safety consulting, respiratory services, ePRO services, and medical devices.  The acquisition will serve to diversify ERT's revenue base, expand its global footprint, and increase the potential for development of new services and products in clinical research and healthcare delivery.

As previously reported, ERT paid $80.8 million in cash for CRS after giving effect to preliminary closing balance sheet adjustments.  The acquisition was financed from ERT's existing cash and $23 million drawn from ERT's new $40 million revolving credit facility through Citizens Bank of Pennsylvania.  The credit facility was established on May 27, 2010.

ERT plans to issue updated forward-looking financial guidance for the second half of 2010 and for the calendar year 2010 in conjunction with its release of earnings for the second quarter of 2010.  ERT will discuss the acquisition and the updated financial guidance during its earnings conference call.

About eResearchTechnology, Inc.

Based in Philadelphia, PA, eResearchTechnology, Inc. (http://www.ert.com) is a global provider of technology and services to the pharmaceutical, biotechnology, and medical device industries.  The Company is a market leader in providing centralized core-diagnostic electrocardiographic (ECG) technology and services to evaluate cardiac safety in clinical development and centralized respiratory technology and services to evaluate pulmonary function efficacy and safety in clinical development.  The Company also provides technology and services to streamline the clinical trials process by enabling its customers to automate the collection, analysis, and distribution of electronic patient reporting outcomes clinical data in all phases of clinical development as well as selected medical devices for the clinical trials and healthcare industries.

This release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current views as to future events and financial performance with respect to our operations. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as "aim," "anticipate," "are confident," "estimate," "expect," "will be," "will continue," "will likely result," "project," "intend," "plan," "believe," "look to" and other words and terms of similar meaning in conjunction with a discussion of future operating or financial performance.  

These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Factors that might cause such a difference include: unfavorable economic conditions; our ability to obtain new contracts and accurately estimate net revenues, our positive outlook for future bookings, variability in size, scope and duration of projects and internal issues at the sponsoring client; our ability to successfully integrate acquisitions; competitive factors in the market for centralized Cardiac Safety services and respiratory technology and services; changes in the pharmaceutical, biotechnology and medical device industries to which we sell our solutions; technological development; and market demand. There is no guarantee that the amounts in our backlog will ever convert to revenue.  Should the current economic conditions continue or deteriorate further, the cancellation rates that we have historically experienced could increase.  Further information on potential factors that could affect the Company's financial results can be found in the Company's Reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission.  

Forward-looking statements speak only as of the date made. We undertake no obligation to update any forward-looking statements, including prior forward-looking statements, to reflect the events or circumstances arising after the date as of which they were made. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included in this release or that may be made in our filings with the Securities and Exchange Commission or elsewhere from time to time by, or on behalf of, us.


'/>"/>
SOURCE eResearchTechnology, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. OncoVista, Inc. Closes on $6.8 Million Financing and Acquires Control of a Public Shell Company
2. Genmab Discloses Target and Development Plans for HuMax-Inflam
3. Oxford Finance Corporation Closes $7 Million Debt Facility with Othera Pharmaceuticals
4. RoundTable Healthcare Partners Closes Sale of MedAssist Holding, Inc. to Firstsource Solutions Limited
5. Gilde Healthcare Partners Closes EUR 150 Million European Healthcare Venture Fund
6. Symmetry Medical Discloses Accounting Issues at Sheffield, UK Operating Unit and Possible Restatement
7. BioVex Closes Second Round of Series E Financing
8. Pharmaxis Closes Share Purchase Plan
9. The closest look ever at native human tissue
10. Helix BioPharma closes $16.9 million private placement of common shares
11. Senesco Technologies Closes on Additional $4.0 Million of Previously Announced Financing
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/11/2017)... ... 11, 2017 , ... ComplianceOnline’s Medical Device Summit is back for its 4th ... in San Francisco, CA. The Summit brings together current and former FDA office bearers, ... and government officials from around the world to address key issues in device compliance, ...
(Date:10/11/2017)... ... October 11, 2017 , ... Disappearing forests and increased emissions are the main ... people each year. Especially those living in larger cities are affected by air pollution ... of the most pollution-affected countries globally - decided to take action. , “I knew ...
(Date:10/10/2017)... ... October 10, 2017 , ... ... targeted antibody-drug conjugate (ADC) therapeutics, today confirmed licensing rights that give it ... Nanoparticle), a technology developed in collaboration with Children’s Hospital Los Angeles (CHLA). ...
(Date:10/10/2017)... Calif. , Oct. 10, 2017 SomaGenics ... from the NIH to develop RealSeq®-SC (Single Cell), expected ... for profiling small RNAs (including microRNAs) from single cells ... Program highlights the need to accelerate development of approaches ... "New techniques for measuring levels ...
Breaking Biology Technology:
(Date:4/13/2017)... According to a new market research report "Consumer IAM Market by Solution ... Authentication Type, Deployment Mode, Vertical, and Region - Global Forecast to 2022", ... 14.30 Billion in 2017 to USD 31.75 Billion by 2022, at a ... ... MarketsandMarkets Logo ...
(Date:4/11/2017)... Research and Markets has announced the addition of the ... ... grow at a CAGR of 30.37% during the period 2017-2021. ... prepared based on an in-depth market analysis with inputs from industry ... over the coming years. The report also includes a discussion of ...
(Date:4/11/2017)... , April 11, 2017 NXT-ID, Inc. ... technology company, announces the appointment of independent Directors Mr. ... to its Board of Directors, furthering the company,s corporate governance ... Gino ... we look forward to their guidance and benefiting from their ...
Breaking Biology News(10 mins):