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BIO-IMAGING TECHNOLOGIES COMPLETES ACQUISITION
OF HEART CORE B.V. OF LEIDEN, THE NETHERLANDS
NEWTOWN, PA - December 13, 2004 -- Bio-Imaging
Technologies, Inc. (NASDAQ NMS: BITI) today announced it has
completed the acquisition of Heart Core B.V., a leading global
provider of centralized imaging analysis services in the field
of cardiovascular, pulmonary and orthopedic clinical research.
Heart Core was partly owned by Libertatis Ergo Holding, a wholly-owned
holding of the University of Leiden.
The acquisition follows Bio-Imaging’s
previously announced strategy of expansion by strengthening its
cardiovascular expertise. Heart Core specializes in a various
quantitative image analysis services including: Quantitative
Coronary Angiography (QCA), Cardiac MRI and CT, Ultrasound, Intravascular
Ultrasound (IVUS) and Peripheral Quantitative Angiography (QVA).
Founded in 1996 and headquartered in Leiden, The Netherlands,
Heart Core also has substantial expertise in ECG analysis, nuclear
medicine and orthopedics.
Mark Weinstein, President and CEO of Bio-Imaging,
said, “We have the greatest respect for the work Heart
Core has done over the last several years, not only from a scientific
standpoint but also from a business perspective. We are buying
a profitable entity that is at the cutting edge of a field in
which we want to work. Heart Core’s capabilities increase
our addressable markets within pharmaceutical clients and provide
a strong entry into the major medical device manufacturers.”
In addition to the assets and contracts of
Heart Core, Bio-Imaging’s purchase brings world-class talent
to an already exceptional scientific team. All of Heart Core’s
staff will be retained by Bio-Imaging. The addition of Heart
Core’s Managing Director Anton van Weert, Ph.D. and the
expertise of Prof. Johan H.C. Reiber, Ph.D. increase the depth
and breadth of an already strong management team, and it further
strengthens Bio-Imaging’s clinical expertise.
Further, Heart Core has worked closely in the
past with the Department of Radiology and the Division of Image
Processing (LKEB) at Leiden University Medical Center as well
as with Medis medical imaging systems B.V., a leading developer
of analytical software solutions for the quantification of medical
images. Bio-Imaging intends to maintain these relationships as
it integrates Heart Core’s operations into its own Leiden-based
operations.
John Blank, the Managing Director of Bio-Imaging’s
European Operations, foresees a smooth transition, saying, “Heart
Core is a known quantity for us, having worked on projects with
their outstanding team. They are a highly qualified and intellectually
rigorous group that is as dedicated to excellence as we are.
I am also pleased to announce that the combined entities will
be operating out of a single office within the next few weeks.
This rapid relocation will allow us to expedite the integration
of the organizations and to move forward quickly with new business
opportunities.
Prof. Reiber, General Director of Heart Core,
added, “This is a case of the sum being greater than its
parts. Both organizations will be able to achieve more under
the same roof. We believe that together there is tremendous potential
in multiple areas in the quantitative and qualitative assessment
of the clinical imaging data. Ours is also a people-based business,
and there are great opportunities in learning from one another
as part of the same company.”
Mr. Weinstein concluded, “I look forward
to the integration process and the subsequent marketing of our
new enhanced capabilities. Beyond Heart Core, we will continue
to evaluate and pursue additional acquisition opportunities.”
Additional information on Heart Core and their
services can be found at www.heartcore.nl.
Bio-Imaging Technologies, Inc. is a healthcare
contract service organization providing services that support
the product development process of the pharmaceutical, biotechnology
and medical device industries. The Company has specialized in
assisting its clients in the design and management of the medical-imaging
component of clinical trials since 1990. Bio-Imaging serves its
clients on a global basis through its US Core Lab in Newtown,
PA, its European Core Lab in Leiden, The Netherlands, and business
offices in Massachusetts, the United Kingdom and Germany. Through
its recently acquired CapMed division, Bio-Imaging provides the
Personal HealthKey™ technology and the Personal Health
Record (PHR) software allowing patients to better monitor and
manage their health care information.
Certain matters discussed in this press release
are “forward-looking statements” intended to qualify
for the safe harbors from liability established by the Private
Securities Litigation Reform Act of 1995. In particular, the
Company’s statements regarding trends in the marketplace
and potential future results are examples of such forward-looking
statements. The forward-looking statements include risks and
uncertainties, including, but not limited to, the successful
consummation and integration of proposed acquisitions, the timing
of projects due to the variability in size, scope and duration
of projects, estimates made by management with respect to the
Company’s critical accounting policies, regulatory delays,
clinical study results which lead to reductions or cancellations
of projects, and other factors, including general economic conditions
and regulatory developments, not within the Company's control.
The factors discussed herein and expressed from time to time
in the Company's filings with the Securities and Exchange Commission
could cause actual results and developments to be materially
different from those expressed in or implied by such statements.
The forward-looking statements are made only as of the date of
this press release and the Company undertakes no obligation to
publicly update such forward-looking statements to reflect subsequent
events or circumstance.
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