Bio-Imaging Technologies Inc. announced Wednesday that ithas signed agreements totaling at least $240,000 to conductmedical imaging-related projects with Marion Merrell Dow Inc.(NYSE:MMD) and with privately held Diatech Inc. ofLondonderry, N.H.
Diatech, which is developing peptide-based imaging agents forcancer, inflammation and cardiovascular disease, will use Bio-Imaging's (NASDAQ:BITI) services to provide clinicaldevelopment, core imaging laboratory and regulatory supportservices for several of its agents. Marion Merrell Dow's projectis unspecified.
Bio-Imaging of West Trenton, N.J., applies advancedtechnologies such as magnetic resonance imaging, radionuclideimaging and computer-assisted image analysis to visualize andmeasure drug and medical device effects during the clinicaldevelopment and pre-clinical testing processes.
Bio-Imaging also signed contracts in October 1992 withWarner-Lambert Co. and Cytogen Corp. (for a total of$500,000); in November '92 with Immunomedics Inc. andCentocor Inc. (worth $325,000); and in March with OrganonTeknika/Biotechnology Research Institute, Medco Research Inc.and an unnamed client (worth a total of $770,000).
Although Bio-Imaging has added two new contracts to this list,the imaging company announced Tuesday that it is taking stepsto reduce its operating costs in 1993, including among othermeasures a "selective staff reduction." According to WilliamFitzpatrick, president and chief operating officer, the cutbacksare due to "client-imposed delays in several projects and arelated delay in reaching certain contract milestones."
Intending to "protect the core imaging business in its entirety,"the staff are being cut from other areas, including the chieffinancial officer and controller, John Keane, and twoadministrative staff. Robert Phillips, who previously held asenior financial position at Bio-Imaging, will take over ascontroller.
-- Jennifer Van Brunt Senior Editor
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