ERT (company)

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ERT
Type Private
Industry Healthcare
Clinical Research
Pharmaceutical Service
Medical Technology
Founded 1972 (1972)
Headquarters Philadelphia, U.S.
Key people Jeffrey Litwin, M.D., F.A.C.C.(President and CEO)
Revenue Increase US$141.9 Million (FY 2010)[1]
Net income Increase US$9.8 Million (FY 2010)[1]
Owner(s) Genstar Capital
Employees ~ 700 (2011)
Website ert.com

ERT (eResearchTechnology, Inc.) is a global company specializing in clinical services and customizable medical devices to biopharmaceutical and healthcare organizations. It is the market leader[citation needed] for centralized cardiac safety and respiratory efficacy services in drug development and also collects, analyzes and distributes electronic patient reported outcomes (ePRO) in multiple modalities across all phases of clinical research.

History[edit]

ERT formerly known as Cardio Data Systems was founded in 1972 and analyzed ambulatory Holter electrocardiograms and conducted its first research study in 1975.[vague] By the end of that year the company expanded into the largest U.S. Holter monitoring research provider of evaluating cardiovascular drugs for approval by the U.S. Food and Drug Administration (FDA). In 1979, the company analyzed 4,500 Holter readings for the National Institutes of Health’s Beta Blocker Heart Attack Trial. The study resulted in the recommendation to use the drug propranolol for at least three years in patients who have had a recent heart attack and who need to have their heart rate slowed down.

In 1987 Cardio Data Systems, Ltd. expanded to the United Kingdom to extend its business services internationally. They based their operations in Peterborough, Cambridgeshire. In 1990, now known as CDSResearch, they initiated a special computer analysis for cardiologists to measure the changes on a 12-Lead ECG electrocardiogram.[citation needed] The name was changed again in 1993 to CDSResearchWorldwide and moved its headquarters to Philadelphia, PA where they opened a 45-bed Clinical Research Unit located in center city Philadelphia, which was created for conducting inpatient and outpatient pharmacokinetic, pharmacodynamic and other Phase 1 Studies.

In 1997 with the acquisition of DLB systems, Ltd. and a name change to Premier Research Worldwide, the company became publicly held on the NASDAQ National Market System under the symbol PRWW. Two years later, in 1999, PRWW sold its portion of CRO operations and in 2000 eResearch Technology, Inc. (NASDAQ: ERT) was formed.

In 2007 ERT launched a new product line for patient-reported outcomes, ePRO. Finally 2008 and 2009 marked substantial growth for the company and brought two awards. First, CIO 100 Award of 2008 for their accomplishments in ECG analysis software that allows customers the flexibility needed to configure their ECG Clinical Studies. Second, the European Outsourcing Awards of 2009 Best New Product.[2]

In 2008 ERT acquired Biosigna, a Munich-based company, which specialized in biomedical signal processing.

In 2009 ERT ended its foray into the electronic data capture (EDC) business as ERT sold its EDC division for approximately $2.025 million of OmniComm shares.[3]

In 2010 ERT acquired the Research Services Division of the CareFusion Corporation. This nearly doubled the company in size and brought a new service line and enhancements to its two current service offerings; Respiratory Services, specializing in centralized spirometry, Multi-Mode ePRO for patient reported outcomes, and enhanced Cardiac Safety Solutions. Along with the acquisition, ERT now has the capability to design and construct their own clinical diagnostic devices from a manufacturing facility in Estenfeld, Germany.[4]

In 2010, the then current CEO of ERT was replaced on an interim basis by Dr. Joel Morganroth.[5]

In 2011 Jeffrey S. Litwin, M.D. was appointed ERT's new President and Chief Executive Officer. Litwin joined ERT in 2000 as Senior Vice President and Chief Medical Officer and was subsequently promoted in December 2005 to Executive Vice President and Chief Medical Officer. Dr. Litwin oversaw ERT's global cardiac safety operations for seven years.

In May 2012, Biosigna was liquidized and the office in Munich was closed.

On July 3, 2012, ERT announced that Genstar Capital LLC of San Francisco acquired ERT in a take-private transaction valued at approximately $400 million.

On July 9, 2012, ERT acquired and merged with invivodata, the leading provider[citation needed] of ePRO (electronic patient-reported outcomes) services and consulting.

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