RESEARCH TRIANGLE PARK, N.C. - Nov. 24, 1997 - Quintiles Transnational Corp. (Nasdaq: QTRN) announced today the signing of a preferred provider agreement with the world-renowned Cleveland Clinic Foundation for drug development investigator services in a dozen therapeutic areas, including cardiology, AIDS, cancer and molecular genetics.
Under the agreement, The Cleveland Clinic will work with Quintiles as a preferred provider for investigator services in those therapeutic areas, and Quintiles will work with The Clinic as a preferred provider for contract drug development services.The agreement is an important strategic element in Quintiles' program to develop strong alliances with outstanding academic medical centers, independent investigator sites, and site management and managed care organizations worldwide.
"The Cleveland Clinic is one of the world's leading medical research centers, and we're proud that they are a cornerstone in Quintiles' strategy to forge closer and more effective relationships with outstanding investigator sites worldwide," said Dennis Gillings, Ph.D., Chairman and Chief Executive Officer of Quintiles Transnational Corp. "We expect to work closely with Cleveland Clinic to develop a seamless, efficient interface with investigators to streamline the clinical trials process.
"Increasingly, the development of life-saving medicines is a global effort. The Cleveland Clinic has been a pioneer in working with other investigators and medical centers to provide outstanding clinical research on a worldwide scale. The Clinic has agreed to help us in our efforts to create new and better systems for optimal collaboration among diverse medical groups for the best clinical research."
"While our relationship with Cleveland Clinic is expected to be a significant one, it will nonetheless be one of many important investigator relationships," Gillings said. "We will maintain the many quality relationships we have with other medical centers and investigators all over the world, and we will continue to develop new relationships to better serve our clients, including those being developed now in our 'Select Sites' program."
The Cleveland Clinic, based in Cleveland, Ohio, is one of the world's first and largest group medical specialty practices. It is a leading clinical research center and has been recognized by U.S. News & World Report for seven consecutive years as one of the 10 best hospitals in the United States. In the most recent ranking, The Cleveland Clinic was rated sixth among all U.S. hospitals. The Clinic ranked first in the field of cardiology and highly in several other areas.
"Our alliance with Quintiles is a key part of our ongoing strategy to expand and improve our clinical research and healthcare delivery," said Floyd D. Loop, M.D., CEO of The Cleveland Clinic Foundation. "The Cleveland Clinic's extensive expertise in clinical research and therapeutic specialties complements Quintiles' resources and experience in conducting global 'megatrials,' which are a growing part of the drug development process. While we interact with other research organizations, this new relationship with Quintiles will be excellent for us and will add great value to clinical investigations worldwide."
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 9,000 employees in 70 operating units in 25 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 level of collaboration resulting from the agreement and actual operating performance. 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 Form 8Ks, its Annual Report on Form 10-K and its periodic reports.