Bio-Imaging Technologies Inc. announced Monday that it hassigned three new project contracts, with a combined value of$770,000.
The contracts are with Organon Teknika/BiotechnologyResearch Institute (part of Akzo N.V. of the Netherlands);Medco Research Inc. of Los Angeles; and a third, unspecifiedclient.
Bio-Imaging of West Trenton, N.J., will assist the companies inapplying computerized image analysis techniques to evaluatedrug efficacy, as well as provide technical and regulatorysupport services.
The contract with Organon Teknika, for example, provides forcomputerized imaging processing of data from its Phase IIIclinical trial for a radiolabeled human monoclonal antibodyimaging agent. And Medco contracted Bio-Imaging to serve asthe core laboratory for image processing and computerizedanalysis of myocardial imaging data related to a therapeuticproduct. The third contract will involve computerized imageanalysis of a topical medication.
Bio-Imaging (NASDAQ:BITI) signed contracts with Warner-Lambert Co. and Cytogen Corp. worth a total of $500,000 lastOctober and added another $325,000 worth -- withImmunomedics Inc. and Centocor Inc. -- in November. Sincethe beginning of fiscal year 1993 (which started Oct. 1), thecompany has signed contracts worth close to $1.6 million.
Bio-Imaging claims its imaging technology helps to acceleratethe development and regulatory review of new therapeutic anddiagnostic agents and devices by providing more preciseanalyses from a smaller number of study subjects.
Bio-Imaging's stock closed Monday at $4.13 a share, up 13cents. -- Jennifer Van Brunt
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