Medidata Solutions Achieves Largest Revenue Quarter in Company HistoryNEW YORK--(BUSINESS WIRE)--May 23, 2007 - Medidata Solutions, a global leader in electronic data capture (EDC), management and reporting solutions, today announced the company's 25th quarter of consecutive growth and the largest revenue quarter in company history. Medidata made impressive gains with a 121 percent year over year revenue growth. Ten new customers signed within the quarter to implement 16 trials spanning Phases I through IV, and 10 existing customers signed follow-on contracts to continue using Medidata Rave(R) for multiple studies.
Medidata continues to expand through direct wins from life science sponsors and its growing relationships with contract research organizations (CROs). Medidata's ASPire to Win(TM) partner program enables CROs to meet sponsor demand for Medidata Rave and offer the platform in-house by building and deploying studies with Rave certified resources.
Other key accomplishments in Q1 include:
-- Introduction of Rave 5.6 - Building on Medidata Rave's multiple language capabilities and ease-of-use, Medidata Rave 5.6 offers broad EDC and CDMS functionality allowing sponsors to experience increased efficiencies and reduced risk in handling any size or phase study within a single, scalable system.
-- Orion Corporation customer win - Finland-based pharmaceutical company standardized on Medidata Rave as its global EDC management and reporting solution, with the goal of managing all trials with Medidata Rave within the next few years.
-- Fast Track partnership - Medidata entered into a multi-year agreement to integrate Fast Track's TrialSpace Designer(R) (TSD) study design software with Medidata Rave for faster trial start-up.
-- ICON two-year milestone - At the second anniversary of Medidata's partnership with leading CRO ICON, the firms announced that Medidata Rave had been selected by 19 companies for 37 clinical trials across Phases I-IV, in a range of therapeutic areas.
-- 18 percent staff increase - Medidata continued to expand in the U.S., Europe and Japan and added Dr. Hugh P. Levaux, Ph.D. as vice president of product strategy, to drive the overall definition and management of Medidata's product offerings.
-- Global speaking engagements - Medidata executives delivered presentations at industry events in Q1, including the 5th Annual Phase IV Clinical Trials Conference, Clinical Trials Congress, DIA's 10th Annual Workshop in Japan for Clinical Data Management and International Symposium on Clinical Trials.
"Our team's ability to listen and respond to the market with new product developments, form key partnerships and expand on relationships with CROs was critical to reaching the largest revenue quarter in our company's history," said Tarek Sherif, CEO of Medidata Solutions. "This milestone speaks to the momentum we have built with Medidata Rave, which, with broad CDMS capabilities, is viewed as the industry standard for EDC and clinical data management. As pleased as we are with earning the confidence of our new customers, we also value the continued roll-out of studies by customers who have signed enterprise-wide deployments. As sponsors and CROs continue to make investments in our technology, we look forward to announcing further achievements and expansion throughout the year."
About Medidata Solutions Worldwide
Medidata Solutions helps the world's leading pharmaceutical, biotechnology, medical device and research organizations maximize the value of their clinical research investments. Innovative process design, technology and services streamline clinical trials by providing early visibility to reliable clinical data - the lifeblood of every research organization. Working with companies and institutions both large and small, Medidata Solutions helps clinical researchers safely accelerate the process of bringing life-enhancing treatments to market - on six continents and in more than 80 countries. Medidata Solutions brings significant value to its broad client base with deep clinical experience and expertise in more than 20 therapeutic areas, projects in Phase I, II, III, IV, registries and surveillance, and studies with thousands of investigators and tens-of-thousands of subjects. For more information, please visit www.mdsol.com.
Lois Paul & Partners
Susan Lombardo, 781-782-5767
Posted: May 2007
Recommended for you