Parexel amps up its imaging focus in rebranded informatics biz

Parexel International ($PRXL) is looking to scale up its capabilities in medical imaging for clinical trials, expanding its eClinical outfit and appointing an industry veteran to steer the way.

The CRO has recruited Peter Steiger, ex-Optasia Medical CEO and former Hologic chief scientist, to serve as vice president and CSO for medical imaging in its Parexel Informatics segment, tasking him with overseeing the company's work in the increasingly important field of imaging-related biomarkers in clinical trials. In addition to his industry experience, Steiger has authored more than 100 articles and abstracts related to medical imaging, and his presence will help Parexel grab a larger stake of an expanding market, Parexel Informatics President Xavier Flinois said.

"Clinical study sponsors increasingly rely on medical imaging technologies as surrogate endpoints to quickly assess safety and efficacy for 'go/no-go' pipeline decision-making," Flinois said in a statement. "Peter's appointment reflects our ongoing commitment to leveraging global industry expertise to advance our client's innovative pipelines and fully support them through their complex drug development journey."

Parexel's eClinical business, which dropped its former "Perceptive" moniker and took on the company name in February, has been its most reliable growth engine. The CRO's traditional drug development units have ebbed and flowed with market trends, but its eClinical segment has long been a steady, reliable source of revenue growth. In the 6 months ended Dec. 31, the business jumped roughly 29% to $130.9 million in net sales, becoming Parexel's second-largest segment by surpassing its consulting and medical communications arm.

The name change was part of a broad rebranding effort under which the CRO hopes to rein in its disparate offerings and better establish its end-to-end service platform.

- read the statement