Araccel Completes Financing To Accelerate Growth Strategy.Business Wire/Health & Medical Writers HORSHAM, Pa.--(BW HealthWire)--April 5, 2002 Araccel, a global eClinical Solutions Company, announced today that the company's largest shareholder, Infologix Limited has provided bridge loan financing of $1 million to the Company. The bridge loan has a due date of July 31, 2002. It is anticipated that the bridge loan will be exchanged for a new equity or debt instrument, which results from the Board's analysis of other capital raising alternatives. The Araccel Board of Directors are evaluating various other capital raising strategies, which may include either a public stock offering, convertible subordinated debenture subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before or a combination of both, in order to raise additional capital for Araccel to accelerate its growth strategy. Much of the new investment will be targeted towards increased marketing and sales efforts in order to accelerate the adoption of its new technology platforms. Thus far in 2002, Araccel is experiencing increased interest and rapid adoption of their flagship eClinical Solutions Platform ASPlatform(TM), their industry leading integrated patient diary A Patient Diary is a tool used during a clinical trial or a disease treatment to measure treatment compliance. An Electronic Patient Diary registers the diary in a storage device and allows for monitoring the time the medication was taken. , ASPocketTrial(TM) and their thin-client HTML HTML in full HyperText Markup Language Markup language derived from SGML that is used to prepare hypertext documents. Relatively easy for nonprogrammers to master, HTML is the language used for documents on the World Wide Web. data collection and management product ASFlash(TM). Araccel is expanding both its European and North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. sales teams and marketing activities to meet demand for its current products and to raise the visibility of its eClinical Solutions. The Company also announced that its' Chief Financial Officer, James W. Clark, who is based in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , withdrew his resignation which was to become effective March 15, 2002. "The Araccel Board of Directors and I are pleased that the demand for our products and services has required us to expand our sales forces and marketing programs to meet current and expected demand for our new eClinical Solutions. We are also excited that James Clark James Clark - Dr. James H. Clark has agreed to remain with Araccel so that he may continue assisting Araccel to expand its financial resources which will greatly assist us in our goal of becoming the leading eClinical Solutions Company in the world," said Dr. James Conklin, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Araccel. About Araccel Araccel is the experienced global leader in providing validated, innovative, and proven eClinical Solutions that capture, maintain, analyze, distribute, manage, and report clinical trial data, thereby expediting the clinical trial process. The company goal is to provide robust and reliable technology combined with first class global support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to the pharmaceutical and biotechnology industries. Araccel eClinical Solutions allow for real-time access to information at any stage of the clinical trial process by providing a modular suite of products designed for the automation and optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. of clinical trial data management. Araccel has been the eClinical Solution of choice for 15 of the top 20 pharmaceutical companies in 375 clinical trials, conducted throughout 50 countries, including over 125,000 patients, and resulting in over 10 successful New Drug Applications (NDAs) and Biological License Applications (BLAs). Araccel Corporation is headquartered in Horsham, PA, and is a subsidiary of Araccel AB, a Swedish public company. The Araccel Group also has operations in Cary, NC, the UK, and the Netherlands. www.araccel.com |
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