RESEARCH TRIANGLE PARK, North Carolina - September 2, 1997 - Quintiles Transnational Corp. (Nasdaq: QTRN) today announced the acquisition of Intelligent Imaging, Inc., an information management company with 13 employees that specializes in providing digital medical imaging services for clinical trials and the healthcare industry.
Quintiles acquired 100 percent of the capital stock of Intelligent Imaging, based in Plymouth Meeting, Pa., (near Philadelphia) in exchange for approximately 86,000 shares of Quintiles stock. The transaction, which will be accounted for as a pooling of interests, is expected to be neutral to slightly accretive to Quintiles' 1997 earnings per share.
"Intelligent Imaging offers advanced technologies for the collection, analysis and digital archival of medical images and data from clinical trials," said Dennis Gillings, Ph.D., Chairman and Chief Executive Officer of Quintiles Transnational Corp. "These technologies can add significant efficiencies and precision to clinical trials, particularly in such areas as oncology."
Intelligent Imaging's services include image data management, data translation and digitization, for submission of medical image data to the U.S. Food and Drug Administration and clinical sponsors using the company's proprietary interactive software. The company's technology supports a wide variety of medical information, X-rays, magnetic resonance imaging (MRI), computed tomography (CT), nuclear medicine, PET, ultrasound scans, and photographs.
Quintiles has entered into employment agreements with the company's co-founders, Edward Gastineau and John Ceccoli, who served as co-presidents, and Richard Gastineau, who served as Vice President of Operations.
Quintiles Transnational Corp. is the market leader in providing full-service contract research, sales and marketing services to the worldwide pharmaceutical, biotechnology and medical device industries, and provides healthcare policy consulting and health information management services to the healthcare industry. Quintiles is headquartered near Research Triangle Park, North Carolina, and has more than 8,500 employees in 65 operating units in 23 countries. Information in this press release contains "forward-looking statements." These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the ability of the combined businesses to be integrated with Quintiles' current operations, actual operating performance, the ability to maintain large client contracts or to enter into new contracts, and the actual costs of combining the businesses. Additional factors that could cause actual results to differ materially are discussed in the company's recent filings with the Securities and Exchange Commission, including but not limited to its S-3 and S-4 Registration Statements, its Annual Report on Form 10-K and its other periodic reports.