67 WALL STREET, New York - November 2, 2009 - The Wall Street Transcript has just published its Pharmaceuticals Report offering a timely review of the sector to serious investors and industry executives. This 76-page feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Small-Cap Specialty Pharma - Patent Expiration - Pending Health Care Reform - Cultivating And Expanding R&D Pipelines - Chinese Drug Manufacturers - Brisk M&A Activity - Indian Pharma VS. U.S. Pharma - Competition From Generics - FDA Approval Process - Clinical Research Outsourcing Market - Stem Cell-Based Technology - Cancer Radiation Therapy - Expansion Into Asian Markets - Traditional Chinese Medicine VS. Western Medicine In Chinese Pharma

Companies include: Aeolus Pharmaceuticals (AOLS.OB); Nutra Pharma (NPHC.OB); Quick-Med Technologies (QMDT.OB); Abbott Labs (ABT); Alexza Pharmaceuticals (ALXA); AmexDrug Corporation (AXRX.OB); Aurobindo Pharma (AUROBINDOP.BO); BioClinica (BIOC); BioPharm Asia (BFAR.OB); Biocon (BIOCON.BO); Cephalon (CEPH); China Sky One Medical, Inc. (CSKI); Claris Lifesciences (CLARICH.BO); Cortex Pharmaceuticals (COR); Daiichi Sankyo (DSKYF.PK); Dr.Reddy's (RDY); Elan (Elan); Eli Lilly (LLY); Forest (FRX); GeoPharma (GORX); Glaxo (GSK); Glenmark (GLENMARK.BO); Johnson & Johnson (JNJ); Lupin (LUPINSL.BO); Mannatech (MTEX); Matrix Laboratories (ATRIXLAB.BO); Medical Nutrition (MDNU); Merck KGaA (MKGAY.PK); Mylan (MYL); NeoStem (NBS); Novartis (NVS); Pfizer (PFE); Piramal Healthcare (PIRAMALHE.BO); Provectus Pharmaceuticals (PVCT.OB); Ranbaxy (RANBAXY.BO); Salix Pharmaceuticals (SLXP); Shire (SHPGY); Telik (TELK); Winston Pharmaceuticals (WPHM.OB).

In the following brief excerpt from the 76-page report, Mark L. Weinstein, CEO of BioClinica, Inc., discusses the outlook for the sector and for investors.

MARK L. WEINSTEIN has led BioClinica - formerly Bio-Imaging Technologies, Inc. - as the President and Chief Executive Officer since February 1998. He has also been a member of the board of directors since March 1998. Mr. Weinstein joined Bio-Imaging Technologies, Inc., in June 1997 as Senior Vice President of Sales and Marketing. Prior to joining Bio-Imaging Technologies, Inc., he was the Chief Operating Officer of Internet Tradeline, Inc., an Internet-based electronic solutions provider. From July 1991 to August 1996, Mr. Weinstein worked for Medical Economics Company, an international health care information company and wholly owned division of The Thomson Corporation. He held several senior management positions at Medical Economics Company, serving finally as President and Chief Operating Officer of the International Group. Mr. Weinstein received his bachelor's degree in economics from the University of Virginia and his MBA from the College of William and Mary.

TWST: Please begin with a brief historical sketch of BioClinica and a picture of the things you are presently doing.

Mr. Weinstein: We recently rebranded to the name BioClinica (BIOC), but the former company, Bio-Imaging Technologies, was founded 19 years ago in 1990. From 1990 to 2007, the company was solely focused on medical image management services for clinical trials - a very good, profitable and growing business. In 2008 we made a strategic decision to move beyond medical image management into the e-clinical arena. We had been watching the space for several years and based on adoption rates of using electronic systems to conduct clinical trials exceeding 50% of new studies, we thought it was an opportune time to enter the space. Our entry point was the acquisition of Phoenix Data Systems. PDS was founded in 1997 and provides electronic date capture, EDC, interactive voice response, IVR, and data management services to pharmaceutical and medical device companies. Based on our expansion beyond medical image management, we rebranded the company earlier this year to be BioClinica. Since rebranding the company, we have already made two additional acquisitions, CardioNow and Tourtellotte Solutions, to expand our product and service offerings.

TWST: Are there any other companies working along the same lines as BioClinica? If so what are your advantages over them?

Mr. Weinstein: We do have competitors, which validates the market need for what we do. I think our long-term view of how you build a sustainable, solid business is different from many other companies that we compete with. If you look at how we built our medical image management business, it is a testament of how we will approach the entire e-clinical space. Historically, we have always been strong in two of the primary areas where medical imaging is used in clinical research, oncology and musculoskeletal. We felt that in order to provide the most comprehensive services to our clients, we needed to round our offering out to the other two areas where imaging is used, i.e., cardiovascular and central nervous system disorders, CNS. Based on this, we sought out and acquired two separate companies, HeartCore in 2004 and Theralys in 2007. With these acquisitions we are the only company that deals with medical imaging that covers all the four major therapeutic areas where medical imaging is used in clinical research. This is a true differentiator in the market and is what pharmaceutical clients are looking for as they make decisions on preferred providers to their organizations. We are now taking that same strategy to the rest of the e-clinical market. We acquired PDS as an entry point and will now be organically growing that business, and making acquisitions that will expand and differentiate our offerings from our competitors. In fact, we have already made two acquisitions since PDS that expand our services and client base. Tourtellotte Solutions, one of the acquisitions, expands our services to include drug supply scheduling and optimization. Between our offerings today, we deal with 100% of the top 10 pharma, 95% of the top 20 pharma and 75% of the top 50, plus over 100 companies that fall below those thresholds. Our depth and breadth of products and services combined with our expansive client set is a true differentiator in the marketplace and will be strengthened as we grow and make additional acquisitions.

TWST: What's on the agenda, when you look out over the next 12 to 24 months? What specific accomplishments would make that time frame a success?

Mr. Weinstein: Over the next 12 to 24 months, we're looking for the world to return to the new normal, although we're all trying to figure out what the new normal will be. We have maintained profitability for this year but like many others, our revenues have been down a little due to the overall economic situation. We are now seeing an increase in proposal activity, which is a precursor to seeing our revenues and profits increase. Based on what we are seeing, we are very bullish that in 2010 and beyond that we will be returning to the growth trajectory we had for several years leading up to 2009. Different parts of our business are at different points in their adoption evolution. In the medical image management portion of our business, we've lived through the adoption phase of the business to the point where we're probably looking at organic growth rates of 10% to 12% going forward. The growth opportunity in the e-clinical market is greater because for the next three to five years, we will moving through the adoption phase of the services we are and will be offering. In fact, there are close to 50% of the clinical trials that are still being run on paper. So as we bring these clients into the e-clinical world from paper-based systems, we will be looking for 15%-plus growth. Success will be a combined growth rate that exceeds the market growth rate because that would mean that we are taking market share.

The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This 76-page special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online .

The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.

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