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

clinical trials for psychiatric drugs; we will now be able to bring this same new paradigm to bear in other areas of critical medical need, such as the development of new treatments for Alzheimer's disease and the assessment of the risk of suicidality for all classes of drugs."

The former FDA Deputy Commissioner for Medical and Scientific Affairs, Scott Gottlieb, MD, a member of MedAvante's Board of Directors, commented, "The cost of conducting trials to treat neurological and psychiatric disorders has been increasing rapidly in recent years in large part due to the approaches industry has been using to measure patient response. Larger numbers of patients are being enrolled in psychiatric trials simply because outdated approaches to drug development require more patients to be exposed to an experimental drug to see whether it's working." He continued, "MedAvante has pioneered an approach that offers one of the most effective solutions to improving the efficiency and reliability of psychiatric drug development, enabling new treatments to be assessed more efficiently for safety and effectiveness and potentially reach patients sooner and at lower cost."

Andrew Fink, Managing Director of Trevi Health Ventures, noted, "MedAvante's solution solves the critical problem of enhancing precision and reliability in central nervous system trials head-on. This capital infusion will enable the company to meet the rapidly expanding demand for more accurate psychiatric assessment. Importantly, MedAvante has demonstrated the ability to deliver centralized ratings with the operational precision and scalability needed to expand globally."

Walter Greenblatt & Associates served as MedAvante's exclusive financial advisor in the transaction.

About MedAvante

MedAvante has pioneered and commercialized a solution that addresses one of the global pharmaceutical industry's most intractable problems: the high rate of uninformative or failed studies. MedAvante p
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SOURCE MedAvante, Inc.
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