Cloud-based data magnate Medidata has signed a deal with TransCelerate BioPharma, a consortium of the world's largest drugmakers, to modernize the way the industry conducts clinical trials.
The potential cost savings generated by risk-based monitoring of clinical trials has led some to tip it as a way to significantly streamline pharma's flabby studies. And that potential has lured tech providers, with Medidata and Parexel both advancing their claims on the market this week.
Having already been hit by the March selloff of biotech and tech shares, Medidata's stock sunk lower still last week after first-quarter results disappointed Wall Street. This week the eClinical provider had better news, with Sanofi signing up to use its risk-based monitoring technology.
Cloud-based eClinical outfit Medidata swung to 21% revenue growth in the first quarter, and, after hitting a record value in billings, the New York company is expecting sales to keep rolling in 2014.
CRO Theorem Clinical Research has expanded its partnership with eClinical provider Medidata, tapping technology that will allow it to capture data directly from patients.
Over the past few years Medidata has frequently spoken of its efforts to grow sales of its Rave electronic data capture (EDC) platform by pinching clients competitors, notably Oracle. Now, having expanded its relationship with Alcon, Medidata is looking to make inroads with Novartis.
Medidata Solutions is scheduled to close on a $287.5 million notes offering Monday, giving the company a surplus of money in the bank to finance potential acquisitions and other business activities and more than doubling the company's reserves.
Daiichi Sankyo, a Japan-based pharma heavyweight, has chosen Medidata's cloud software for the group's clinical trials in China, expanding its long-time customer relationship with the New York-based company.
Medidata Solutions grabbed record revenues of $68.1 million in the second quarter, a 27% jump from the same period a year ago. The New York City-based provider of clinical trials software showed bottom-line strength during the quarter with $8.8 million in GAAP operating income, a 55% increase from last year's second quarter.
The life sciences industry is warming up to cloud computing, or so Medidata Solutions' first quarter financial results would seem to indicate.