Dr. Michael McKelvey, ERT's President and CEO, commented "We have been involved with our EDC business for many years and have a loyal customer and employee base. However, it is clear that a more significant and focused investment is required to be successful in today's EDC market. We are pleased to work with OmniComm to transition our customers and staff to their organization. We will continue to expand our core cardiac safety and ePRO business lines."
Revenues of the ERT EDC business were $5.9 million in the year ended December 31, 2008 and $1.4 million in the three months ended March 31, 2009. ERT anticipates that the sale, excluding any impact of one-time charges related to the sale, will not affect the Company's previously-issued 2009 fiscal year guidance. Under the terms of the transaction, OmniComm issued 8.1 million shares of common stock and assumed certain liabilities including deferred revenue relating to ERT's EDC business in exchange for the EDC assets of ERT which primarily include its EDC software, applications and fixed assets and $1.15 million in cash paid by ERT. OmniComm will be opening a new branch office in the New Jersey area and will be transitioning the majority of the ERT eClinical support team to this new office to provide on-going support and maintenance to the ERT customers it acquires.
OmniComm Systems, Inc. (www.OmniComm.com) provides customer-driven Internet solutions to pharmaceutical, biotechnology, research and medical device organizations that conduct life changing clinical trial research. OmniComm's growing base of satisfied customers is a direct result of the company's commitment to deliver products and services that ensure eas
|SOURCE OmniComm Systems, Inc.|
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