SANTA CLARA, Calif., Nov. 15, 2010 /PRNewswire-FirstCall/ -- NewCardio, Inc., (OTC Bulletin Board: NWCI) a cardiac diagnostic technology provider, today announced financial results for the third quarter and nine months ended September 30, 2010. More details on the financial results are available in the SEC Form 10-Q, filed today with the Securities and Exchange Commission.
"We continue to make progress in the commercialization of our initial solution, QTinno™, and in securing the strategic funding which will accelerate the development and commercialization of our 3-D platform technology solutions, including CardioBip™, the emerging opportunity in telemedicine with remote patient monitoring – and my3KG™ - whose first deployment is expected to be in the emergency room," commented Vincent Renz, NewCardio's President and CEO. "We are gaining visibility to a growing number of Phase 1 QT studies, from both current and prospective customers, and we remain optimistic regarding acceleration of revenues due to pent-up demand for these studies as the economy, and with it, the market, improve. Our initiative to identify a strategic funding partner also continues to move forward, and I am encouraged by the progress to date and continue to believe we are on the right path towards securing strategic funding to support our development and commercialization activities."
HighlightsPharma Lynx, a global contract research organization and a subsidiary of Diverse Lynx, has signed an MSA to license NewCardio's QTinno solution for use in Phase 1 studies. To date, the Company has 7 MSAs, including three of the top five Contract Research Organizations (CROs) in the world, and QTinno has been selected by two pharmaceutical companies as the preferred solution for automated QT studies. The Company bolstered its position with industry l