Tuesday, May 5, 2009
Contract research organizations (CROs) continue to feel the adverse effects of cancellations and negative foreign exchange, but their most recent earnings reports show some promise.
Now that Newtown, Pa.-based contract research organization Bio-Imaging Technologies has completed its integration of Phoenix Data Systems, which it acquired in March 2008, the company has changed its name to BioClinica. The new name also marks the start of an active acquisition phase for the 450-employee company, which plans to acquire more companies in the clinical research services space.
Parexel International, a global contract research organization (CRO), reported an 8% increase in service revenue for its third quarter, flat quarterly profits, but raised its profit outlook for 2009. The CRO’s shares jumped 17.7% in after hours trading to $9.51 a share after closing Monday at $8.08.