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NewCardio Announces Financial Results for the First Half of 2010 and Commercialization Progress
Date:8/14/2010

  • The Company implemented a planned management succession designed to facilitate the Company's continuing transition to a commercial enterprise that will bring the platform technology and related solutions to market and accelerate revenue growth, electing Mr. Renz, the Company's President and Chief Operating Officer, to the board of directors and promoting him to Chief Executive Officer. Dr. Branislav Vajdic remains on the Company's board of directors as Vice Chairman and serves as a Special Fellow focusing on driving the development of our 3-D platform technology.
  • NewCardio has initiated its first revenue-generating QT studies using QTinno having signed an MSA with one of the world's leading CROs. With this agreement, NewCardio has MSAs in place with three of the world's top five CROs. NewCardio licensed its QTinno software solution to enable the clinical trial service providers in the delivery of fully automated cardiac safety analyses for early phase Thorough QT (TQT) studies. The CRO is expected to deploy QTinno in several clinical pharmacology units worldwide. The study was initiated in June and revenue is contributing to NewCardio's third quarter 2010 results.
  • Clinilabs, a New York-based contract research organization that provides early phase and specialty clinical drug development services to the pharmaceutical industry, signed an MSA with NewCardio. Clinilabs has licensed QTinno software solution in order to perform fully-automated cardiac safety analyses in cardiac intensive and thorough QT studies. In addition, Clinilabs has signed a services work order, including standard operating procedures (SOP) and validation kits, as well as professional services, in order to accelerate its time to market in delivering cardiac safety services. This produced NewCardio's first half revenues.
  • On January 12, 2010, NewCardio received notice of issuance for U.S. patent 7,647,093, titled "Apparatus and method for cordless recording and te
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