OmniComm Systems Signs Letter of Intent to Acquire Certain Assets of Algorithm and its Subsidiary Algorics
(Thomson Reuters ONE) -
Acquisition Will Expand OmniComm's Product Line With Data Analytics and Risk-
Based Monitoring Solutions
FORT LAUDERDALE, Fla., Nov. 21, 2017 (GLOBE NEWSWIRE) -- OmniComm Systems, Inc.
(OTCQX:OMCM), a leading global provider of clinical data management technology,
and Algorithm, Inc. and its subsidiaries Algorics Ltd. and Algorithm
Informatics Pvt. Ltd. (collectively, "Algorics"), have signed a letter of intent
("LOI"), under which OmniComm will acquire certain assets and assume certain
liabilities of Algorics, a provider of clinical analytics solutions and
software. By combining forces, the companies expect increased operating
efficiency, strengthened traction in the maturing risk-based approach solution
area, new marketing opportunities and an expanded portfolio of electronic data
capture (EDC) solutions for the global clinical trials industry. The transaction
would also provide OmniComm with an office in India, a country of growing
importance in the clinical trials market.
The proposed acquisition will cement the existing collaboration between the
companies and provide OmniComm with access to advanced data analytics
capabilities and specialized algorithms, including artificial
intelligence/machine learning, developed by Algorics.
"We've been partnering with OmniComm for the last two and a half years. The
companies are a very good fit culturally, with a high compatibility of
technologies and shared vision for clinical trials innovation," said Nithiya
Ananthakrishnan, CEO and founder of Algorics. "Algorics has developed algorithms
and software to address the increasing demands from global regulatory bodies for
reduced regulatory risk, improved quality and compliance with real-time insight.
Joining OmniComm will accelerate our goal of becoming the best-in-class solution
for risk-based monitoring and clinical data analytics. We look forward to
bringing additional competitive advantages to OmniComm's customers by delivering
end-to-end RBM solutions and specialized data analytics expertise."
With two decades of operating experience, OmniComm will provide the Algorics
team with an established and expanding marketplace. The acquisition will enable
OmniComm to diversify and increase its product line. Additional benefits
include:
* Enhanced real-time and cross-study reporting capabilities for OmniComm's
TrialMaster® and TrialOne® product lines.
* AI/Machine-learning capabilities for remote monitoring of research sites.
* End-to-end risk management framework in compliance with the recent ICH GCP
E6 Addendum.
* Expanded regional customer support in the Asia-Pacific market.
* An office in India, which has become increasingly important for research and
development initiatives in the pharmaceutical market.
"This acquisition fills a strong need for our customer base in the area of data
aggregation and analytics, cross-study reporting and risk-based monitoring
support," said Stephen Johnson, president and CEO of OmniComm. "The Acuity
platform from Algorics perfectly complements and integrates with our TrialMaster
EDC platform to improve clinical trials data quality, enhance our current risk-
based monitoring capabilities and enable our clients to make better, real-time
decisions throughout their clinical research."
OmniComm and Algorics both use the Microsoft Technology Stack, so the
integration with TrialMaster and TrialOne is seamless, Mr. Johnson added.
No finder's fees are payable as a result of the proposed acquisition. Completion
of the proposed acquisition is subject to a number of conditions including, but
not limited to completion of satisfactory due diligence during a ninety (90) day
due diligence period, the negotiation and execution of a definitive asset
purchase agreement and approval of the Board of Directors of OmniComm. There can
be no assurance that the transaction will be completed as proposed. The proposed
acquisition is expected to close by the first quarter of 2018.
About Algorics
Algorics brings together a team of highly experienced software and life science
professionals, united behind a single goal: to provide innovative risk-based
monitoring and clinical analytics solutions and software to the global life
sciences industry with consistent and reliable quality. Please
visit www.algorics.com for more information.
About OmniComm Systems, Inc.
OmniComm Systems, Inc. is a leading strategic software solutions provider to the
life sciences industry. OmniComm is dedicated to helping the world's
pharmaceutical, biotechnology, contract research organizations (CROs),
diagnostic and device firms, and academic medical centers maximize the value of
their clinical research investments. Through the use of innovative and
progressive technologies, these organizations drive efficiency in clinical
development, better manage risks, ensure regulatory compliance and manage their
clinical operations performance. OmniComm provides comprehensive solutions for
clinical research with an extensive global experience from more than 5,000
clinical trials. Please visit www.omnicomm.com for more information.
Trademarks
OmniComm, TrialMaster, TrialOne and Promasys are registered trademarks of
OmniComm Systems, Inc. Other names may be trademarks of their respective owners.
Forward Looking Statements
This document contains forward-looking statements that involve risks,
uncertainties and assumptions. If any of these risks or uncertainties
materializes or any of these assumptions proves incorrect, the results
of OMCM and its consolidated subsidiaries could differ materially from those
expressed or implied by such forward-looking statements.
All statements other than statements of historical fact are statements that
could be deemed forward-looking statements, including any projections of any
financial items; any statements of the plans, strategies, and objectives of
management for future operations, including the execution of integration and
restructuring plans and the anticipated timing of closing relating to the
planned acquisition; any statements concerning proposed new products, services,
developments or industry rankings; any statements regarding future economic
conditions or performance; any statements of belief and any statements of
assumptions underlying any of the foregoing.
The risks, uncertainties and assumptions referred to above include the ability
of OMCM to retain and motivate key employees; the timely development, production
and acceptance of products and services and their feature sets; the difficulty
of keeping expense growth at modest levels while increasing revenues; the
challenges of integration and restructuring associated with the acquisition and
the challenges of achieving anticipated synergies; the possibility that the
planned acquisitions may not close and the other risks and uncertainties
detailed in Part I, Item 1A. "Risk Factors," in the Company's Annual Report on
Form 10-K for the year ended December 31, 2016 and in the Company's other
filings made from time to time with the SEC (copies of which may be obtained
through the Investor Relations portion of the Company's website under "SEC
Filings").
The Company assumes no obligation to and does not intend to update these
forward-looking statements.
Contact Info
Investor Relations
OmniComm Systems, Inc.
+1.954.473.1254
INVREL(at)omnicomm.com
Nithiya Ananthakrishnan
Algorics
+91.997.279.9442
Nithiya(at)algorics.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: OmniComm Systems Inc. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 21.11.2017 - 14:00 Uhr
Sprache: Deutsch
News-ID 568925
Anzahl Zeichen: 8668
contact information:
Town:
Fort Lauderdale
Kategorie:
Business News
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