Nasdaq GlobeNewswire

OmniComm Systems Signs Letter of Intent to Acquire Certain Assets of Algorithm and its Subsidiary Algorics

Del

Acquisition Will Expand OmniComm's Product Line With Data Analytics and Risk-Based Monitoring Solutions

FORT LAUDERDALE, Fla., Nov. 21, 2017 (GLOBE NEWSWIRE) -- OmniComm Systems, Inc. (OTCQX:OMCM), a leading global provider of clinical data management technology, and  Algorithm, Inc. and its subsidiaries Algorics Ltd. and Algorithm Informatics Pvt. Ltd. (collectively, "Algorics"), have signed a letter of intent ("LOI"), under which OmniComm will acquire certain assets and assume certain liabilities of Algorics, a provider of clinical analytics solutions and software. By combining forces, the companies expect increased operating efficiency, strengthened traction in the maturing risk-based approach solution area, new marketing opportunities and an expanded portfolio of electronic data capture (EDC) solutions for the global clinical trials industry. The transaction would also provide OmniComm with an office in India, a country of growing importance in the clinical trials market.

The proposed acquisition will cement the existing collaboration between the companies and provide OmniComm with access to advanced data analytics capabilities and specialized algorithms, including artificial intelligence/machine learning, developed by Algorics.

"We've been partnering with OmniComm for the last two and a half years. The companies are a very good fit culturally, with a high compatibility of technologies and shared vision for clinical trials innovation," said Nithiya Ananthakrishnan, CEO and founder of Algorics. "Algorics has developed algorithms and software to address the increasing demands from global regulatory bodies for reduced regulatory risk, improved quality and compliance with real-time insight. Joining OmniComm will accelerate our goal of becoming the best-in-class solution for risk-based monitoring and clinical data analytics. We look forward to bringing additional competitive advantages to OmniComm's customers by delivering end-to-end RBM solutions and specialized data analytics expertise."

With two decades of operating experience, OmniComm will provide the Algorics team with an established and expanding marketplace. The acquisition will enable OmniComm to diversify and increase its product line. Additional benefits include:

  • Enhanced real-time and cross-study reporting capabilities for OmniComm's TrialMaster® and TrialOne® product lines.
  • AI/Machine-learning capabilities for remote monitoring of research sites.
  • End-to-end risk management framework in compliance with the recent ICH GCP E6 Addendum.
  • Expanded regional customer support in the Asia-Pacific market.
  • An office in India, which has become increasingly important for research and development initiatives in the pharmaceutical market.

"This acquisition fills a strong need for our customer base in the area of data aggregation and analytics, cross-study reporting and risk-based monitoring support," said Stephen Johnson, president and CEO of OmniComm. "The Acuity platform from Algorics perfectly complements and integrates with our TrialMaster EDC platform to improve clinical trials data quality, enhance our current risk-based monitoring capabilities and enable our clients to make better, real-time decisions throughout their clinical research."

OmniComm and Algorics both use the Microsoft Technology Stack, so the integration with TrialMaster and TrialOne is seamless, Mr. Johnson added.

No finder's fees are payable as a result of the proposed acquisition. Completion of the proposed acquisition is subject to a number of conditions including, but not limited to completion of satisfactory due diligence during a ninety (90) day due diligence period, the negotiation and execution of a definitive asset purchase agreement and approval of the Board of Directors of OmniComm. There can be no assurance that the transaction will be completed as proposed. The proposed acquisition is expected to close by the first quarter of 2018.

About Algorics
Algorics brings together a team of highly experienced software and life science professionals, united behind a single goal: to provide innovative risk-based monitoring and clinical analytics solutions and software to the global life sciences industry with consistent and reliable quality. Please visit www.algorics.com for more information.

About OmniComm Systems, Inc.
OmniComm Systems, Inc. is a leading strategic software solutions provider to the life sciences industry. OmniComm is dedicated to helping the world's pharmaceutical, biotechnology, contract research organizations (CROs), diagnostic and device firms, and academic medical centers maximize the value of their clinical research investments. Through the use of innovative and progressive technologies, these organizations drive efficiency in clinical development, better manage risks, ensure regulatory compliance and manage their clinical operations performance. OmniComm provides comprehensive solutions for clinical research with an extensive global experience from more than 5,000 clinical trials. Please visit www.omnicomm.com for more information.

Trademarks
OmniComm, TrialMaster, TrialOne and Promasys are registered trademarks of OmniComm Systems, Inc. Other names may be trademarks of their respective owners.

Forward Looking Statements 
This document contains forward-looking statements that involve risks, uncertainties and assumptions. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, the results of OMCM and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of any financial items; any statements of the plans, strategies, and objectives of management for future operations, including the execution of integration and restructuring plans and the anticipated timing of closing relating to the planned acquisition; any statements concerning proposed new products, services, developments or industry rankings; any statements regarding future economic conditions or performance; any statements of belief and any statements of assumptions underlying any of the foregoing.

The risks, uncertainties and assumptions referred to above include the ability of OMCM to retain and motivate key employees; the timely development, production and acceptance of products and services and their feature sets; the difficulty of keeping expense growth at modest levels while increasing revenues; the challenges of integration and restructuring associated with the acquisition and the challenges of achieving anticipated synergies; the possibility that the planned acquisitions may not close and the other risks and uncertainties detailed in Part I, Item 1A. "Risk Factors," in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 and in the Company's other filings made from time to time with the SEC (copies of which may be obtained through the Investor Relations portion of the Company's website under "SEC Filings").

The Company assumes no obligation to and does not intend to update these forward-looking statements.

Contact Info
Investor Relations
OmniComm Systems, Inc.
+1.954.473.1254
INVREL@omnicomm.com

Nithiya Ananthakrishnan
Algorics 
+91.997.279.9442
Nithiya@algorics.com




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: OmniComm Systems Inc. via Globenewswire

Om Nasdaq GlobeNewswire

Nasdaq GlobeNewswire
Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

+1 212 401 8700http://www.nasdaqomx.com

NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.

Følg saker fra Nasdaq GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Nasdaq GlobeNewswire

CORRECTING and REPLACING -- PRESS ALERT & INVITATION: Arbitrade to Hold a Press Conference on June 28th From Bermuda - Its New Global Headquarters23.6.2018 14:00Pressemelding

NEW YORK, June 23, 2018 (GLOBE NEWSWIRE) -- In a press release issued under the same headline earlier today by Arbitrade, please note that the correct date of the event is Thursday, June 28, 2018 at 8:00 a.m. EDT. The corrected release follows: This is an invitation to all media following Arbitrade and/or covering the cryptocurrency markets. You are invited to join Arbitrade's Chairman, Len Schutzman, and management who will discuss their progress toward establishing Arbitrade as a world-class cryptocurrency exchange and coin company. They will also discuss their move and incorporation into Bermuda, one of the world's best regulated jurisdictions and a platform from which Arbitrade will reach out to several international markets. It will be a lively discussion that will also include details of the many economic and social advantages and new jobs that companies, like Arbitrade, will bring to countries in which they settle and do business around the world. Details of how to access the pr

15th Consecutive Nasdaq Closing Cross Sets Record for Number of Shares Traded During 2018 Russell US Indexes Reconstitution22.6.2018 23:19Pressemelding

NEW YORK, June 22, 2018 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq:NDAQ) today announced the Nasdaq Closing Cross had a record day as it was used for the 15th consecutive year to rebalance Nasdaq-listed securities in the entire family of Russell U.S. Indexes, part of leading global index provider FTSE Russell, during their annual reconstitution. A record 1.188 billion shares representing $39.26 billion were executed in the Closing Cross in 0.935 seconds across some 2,591 Nasdaq-listed stocks. This compares to 2017, when Nasdaq executed 972 million shares representing $28.9 billion executed in 0.861 seconds across 2,499 Nasdaq-listed stocks. "Today, we saw a record-breaking performance for the Nasdaq Closing Cross, which benefits issuers and investors alike with transparent and efficient price discovery," said Tom Wittman, Head of Global Equities and Executive Vice President of Global Trading and Market Services at Nasdaq. "The rebalance is an important event to ensure that the Russell U.S. ind

PRESS ALERT & INVITATION: Arbitrade to Hold a Press Conference on June 28th From Bermuda - Its New Global Headquarters22.6.2018 22:29Pressemelding

NEW YORK, June 22, 2018 (GLOBE NEWSWIRE) -- This is an invitation to all media following Arbitrade and/or covering the cryptocurrency markets. You are invited to join Arbitrade's Chairman, Len Schutzman, and management who will discuss their progress toward establishing Arbitrade as a world-class cryptocurrency exchange and coin company. They will also discuss their move and incorporation into Bermuda, one of the world's best regulated jurisdictions and a platform from which Arbitrade will reach out to several international markets. It will be a lively discussion that will also include details of the many economic and social advantages and new jobs that companies, like Arbitrade, will bring to countries in which they settle and do business around the world. Details of how to access the press briefing webcast are as follows: Please register now for the upcoming Arbitrade Conference Call: Date: Wednesday, June 27, 2018 Time: 8:00 a.m. EST We recommend that you connect to the meeting at l

Northland Power's Hai Long Offshore Wind Project Awarded Additional 744 Megawatts in Taiwan Auction22.6.2018 14:15Pressemelding

TORONTO, June 22, 2018 (GLOBE NEWSWIRE) -- Northland Power Inc. ("Northland") (TSX:NPI) today announced that the Taiwan Bureau of Energy ("BOE") has awarded 232 megawatts ("MW") to the Hai Long 2 offshore wind farm ("Hai Long 2") and 512 MW to the Hai Long 3 offshore wind farm ("Hai Long 3") under Taiwan's offshore wind auction program. These awards are separate from and in addition to the 300 MW in 2024 that Hai Long 2 was allocated by the Taiwan BOE on April 30, 2018 under Taiwan's Feed-in-Tariff ("FIT") program. Northland and its partner Yushan Energy Co. Ltd. ("Yushan Energy") own 60% and 40%, respectively, of Hai Long 2 and Hai Long 3. This is another significant step for Northland in Taiwan, with a second and third project progressing to connect to Taiwan's grid in 2025, subject to securing 20-year power purchase agreements. Taken together with the FIT award, the Hai Long 2 and Hai Long 3 offshore wind farms now total 1,044 MW of offshore wind capacity in Taiwan. Northland is bui

Williams Scotsman to Acquire ModSpace22.6.2018 13:09Pressemelding

Creates an industry-leading specialty rental services provider with over $1 billion of combined revenue and over 160,000 rental units across North America Leverages, and further strengthens, Williams Scotsman's scalable operating platform to capture an estimated $60 million of cost synergies Combines the best of both companies' go-to-market strategies, benefiting our customers and accelerating the expansion of Williams Scotsman's turnkey "Ready To Work" solutions across a broader asset base and enhanced branch network Total enterprise value of approximately $1.1 billion represents 6.6x ModSpace's Adjusted EBITDA for the twelve month period ended March 31, 2018, inclusive of forecast cost synergies and the expected value of acquired tax attributes1 ,2 BALTIMORE, June 22, 2018 (GLOBE NEWSWIRE) -- WillScot Corporation (NASDAQ:WSC) ("Williams Scotsman") the leading specialty rental services provider of innovative modular space and portable storage solutions across North America, today anno

Mash named as one of the Fintech 5022.6.2018 12:36Pressemelding

At an event held on Wednesday June 20th at the Silicon Valley Bank in London, UK, Mash was selected from over 1800 companies to the FinTech50 2018 list, joining FinTech giants like N26, Monzo, Raisin and Revolut on the list of Europe’s hottest FinTech companies. James Hickson, Group CEO of Mash commented, “This has been a transformational year for Mash and our momentum continues. The FinTech50 is the Oscars of our industry and as such, the competition for a place was incredibly high - only 14 new companies made it to the list with Mash being selected from over 1800 nominations. To be recognized as one of Europe’s leading Fintech companies is an incredible honor and a reflection of our dedicated team and our go forward ambition to be a major player in Europe. We extend an enormous thank you to the award committee for their support and our team for their incredible efforts” Tommi Lindfors, Chairman and founder of Mash Group, was pleased with the recognition: “The Fintech50 list recognize

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom