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Troubled e-clinical specialist Datatrak International (Cleveland, Ohio) could be up for sale shortly, depending on the outcome of a review of strategic options now under way. The company has contracted Healthcare Growth Partners (Elmhurst, Illinois) to advise it on “a variety of potential opportunities directed at maximising shareholder value”. Options could include a sale, merger or strategic partnership;
Datatrak has been implementing a number of cost control measures, including job losses, following poor financial results. Last month, it received a letter from the Nasdaq calling into question its continued inclusion on the market as its share price had dropped below the $1 minimum.
“Over the past year we have focused on stabilising our business through the optimisation of our expense levels and staffing, while simultaneously continuing to advance our technology platform,” stated CEO Dr Jeffrey A Green. “We believe it is appropriate to take additional steps at this time to evaluate a variety of possible strategic options with the primary objective of enhancing shareholder value. In particular, HGP will help us investigate and determine the value large healthcare technology or other clinical trials-related companies might see in Datatrak.”
The company said it would complete the review as quickly as possible, while continuing to focus on its current business plan. Datatrak will disclose its plans if and when the board decides on a specific course of action. However, “there is no assurance that this process will result in any specific transaction or in any changes to the company’s current direction.” Article submitted by www.jobs4dd.com, a specialist online service for the clinical trial and drug development sectors listing latest news and jobs in the industry.
