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NewCardio Inc. (NWCI.OB) Achieves Milestone with First Revenue-Generating Technology Study

NewCardio Inc. develops proprietary software platform technologies for cardiac diagnostic services. The company’s QTinno software suite offers accurate, automated and comprehensive analysis for cardiac safety assessment in drug development.

NewCardio today announced it has completed its first revenue generating study, in collaboration with a leading global biopharmaceutical services provider, with which NewCardio previously signed a Master Services Agreement (NYSE:MSA) for the use of its QTinno software.

The QTinno software was installed at one of the service provider’s phase 1 units to conduct and complete a small initial study. NewCardio said the resulting data will provide an initial cardiac safety profile used to determine what action is needed for the compound to further QT analysis or potential out-licensing of the compound.

Vincent Renz, NewCardio’s president and COO, said the timely and accurate completion of the study and its resulting data is a significant achievement that positions the company for future business relationships.

“The successful completion of this study, which satisfied all NewCardio’s expectations for accuracy and timeliness, will facilitate the ongoing transition to more automated studies in the future,” Renz stated in the press release. “QTinno was implemented to help perform a small phase 1 study rapidly and at low cost for their sponsor, providing useful data indicating the cardiac safety profile of the drug. We are excited to have achieved this milestone, and look forward to this leading to additional business with the biopharmaceutical services provider as well as this sponsor in the future.”

NewCardio said it expects to recognize the revenue from the phase1 study during the third quarter.

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