RESEARCH TRIANGLE PARK, NC - November 24, 1997 - Quintiles Transnational Corp. (Nasdaq: QTRN) today announced that it has acquired a minority ownership interest in Physicians' Online, Inc., the leading Internet online service designed specifically for the use of physicians.
Quintiles has acquired approximately a 10% share in Physicians' Online (POL), based in Tarrytown, N.Y., for an undisclosed amount. More than 50,000 individual physicians spend over 300,000 hours using POL each month, and the service has won several awards, including "Best Professional Online Service" by the Information Industry Association.
"Physicians' Online's Internet-based communication systems and secure Intranets provide an excellent opportunity to improve the efficiency of clinical trials," said Dennis Gillings, Ph.D., Chairman and Chief Executive Officer of Quintiles Transnational Corp. "We see a logical extension of POL's services being the integration of secure Intranets in recruiting investigators and patients for clinical trials, managing investigator sites, and in the collection and transfer of clinical trial data. In addition, by disseminating product information for our clients, POL may supplement our sales and marketing efforts for the pharmaceutical and biotechnology industries. We look forward to further discussions with POL regarding these potential opportunities."
Quintiles is expected to have a representative named to POL's Board of Directors as a result of its investment in the company, which is privately held.
"The POL network, the largest online network for physicians, is a powerful means by which to collect and disseminate clinical information swiftly, efficiently and securely," said Steven L. Zatz, M.D., Chairman and Chief Executive Officer of Physicians' Online. "We believe our relationship with Quintiles could help us to extend our network for use in clinical trials and other applications involving healthcare product development."POL authenticates its member physicians and provides them with access to medical news, databases, continuing medical education, clinical discussions, live case presentations and other information resources. POL's Intranet services provide physicians with a convenient electronic link to a variety of healthcare organizations, health plans and professional associations. In addition, POL offers its members low-cost access to the Internet along with a Web guide designed for busy practicing physicians. Historically, most of POL's revenues have resulted from the sale of advertising to pharmaceutical companies and other sponsors.
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, POL's actual operating performance, its ability to maintain large contracts or to enter into new contracts, and competitive and technology risks associated with POL's business and its research and development. 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 periodic reports.