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MedAvante Closes $20 Million Financing by Goldman Sachs, Trevi Health Ventures
Date:7/1/2008

Pioneer in Centralized Psychiatric Patient Evaluation for Clinical Trials

Expanding Into New Areas of Drug Development

HAMILTON, N.J., July 1 /PRNewswire/ -- MedAvante, Inc., the leader in centralized psychiatric patient evaluation, announced today that it has closed a $20 million financing by Goldman, Sachs & Co. and Trevi Health Ventures. MedAvante has developed an innovative platform to centralize and calibrate the assessment of patients undergoing treatment in clinical trials in order to more reliably and precisely measure their response to therapies. MedAvante currently provides centralized patient evaluation services to many of the world's largest pharmaceutical companies with central nervous system drug candidates, and has administered more than 21,000 remote expert assessments for Phase 2 and Phase 3 large pharma studies including acute schizophrenia, major depressive disorder, generalized anxiety disorder, and psychotic depression.

The Company will use the capital to fund the expansion of its existing patient evaluation platform to meet increasing demand from pharmaceutical companies. The capital will also enable MedAvante to apply its platform into new areas of drug development, including monitoring by mental health professionals of potential warning signs for suicide. The U.S. Food and Drug Administration (FDA) is requiring most drugs with centrally acting mechanisms to be assessed for suicidality, regardless of whether the drugs are being developed for neurological or psychiatric indications.

"The investment by Goldman Sachs and Trevi Health gives MedAvante the capital and resources to deliver on our mission of helping the life sciences industry bring better and safer drugs to patients faster," stated Paul Gilbert, Chief Executive Officer of MedAvante. Gilbert further noted, "Our unique ability to centralize and standardize the assessment of psychiatric patient's disease severity and progression is transforming
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SOURCE MedAvante, Inc.
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