SOURCE: Fast Track Systems

September 20, 2005 05:00 ET

Fast Track Announces New CEO, Key Customer Agreements

CONSHOHOCKEN, PA -- (MARKET WIRE) -- September 20, 2005 -- Fast Track Systems, Inc., a leading provider of clinical trial software designed to improve the quality and speed of the clinical trial process, today announced the appointment of Edward S. Seguine Jr. as chief executive officer. Seguine joined the company in late February just prior to the completion of a modest bridge financing. He had previously exercised significant influence over the strategic direction of the company having served for the past two years as an active board advisor and consultant to the company. His deep understanding of the business enabled a seamless leadership transition earlier this year.

"I've joined Fast Track at a time when our customers are grappling with the daunting costs, heightened risks, and process inefficiencies of clinical development," said Seguine. "I see great opportunities to exploit Fast Track's proprietary data and robust software platform in new ways to help our clients cope with these challenges. The eight new clients we've added in the last six months and over 50 existing customers, including 10 of the top 15 global pharmaceutical companies, recognize the value our products deliver in this increasingly complex environment. In particular, I'm pleased that Lilly has become the first client to license our TrialSpace Designer product which captures protocol content as reusable data that can be utilized by other clinical systems and leveraged for related purposes."

"At Lilly the concept of leveraging promising new technologies and business models is embedded into the way we conduct business on a daily basis," said Stephen Ruberg, Ph.D., director, medical information sciences at Lilly. "We have had an excellent partnership with Fast Track in moving from beta-testing of TrialSpace Designer to our current work on authoring protocols. We see great potential for TrialSpace Designer to address process challenges and costly inefficiencies in many downstream activities such as setting up data management systems and populating our clinical trial registry."

Seguine comes to Fast Track with over a decade of experience as both an investor and entrepreneur. Throughout his career, Seguine's operational focus has earned him a reputation as an effective implementer and keen strategist. Prior to his involvement with Fast Track, he worked several years at Lilly where he was involved in establishing both e.Lilly and Lilly Ventures. Seguine started his career at a privately held defense technology company where he became the chief financial officer. Seguine earned a Bachelor of Science degree in management from Brigham Young University and subsequently received his Masters of Business Administration from Indiana University.

The financing earlier this year was undertaken primarily out of a desire by the investors to modify the company's capital structure to reflect the current business opportunities as sufficient funds are available from the company's profitable operations to adequately fund the business.

About Fast Track Systems

Fast Track's products drive more robust and cost-effective clinical results by solving problems associated with the operational aspects of clinical trial design and execution. TrialSpace Designer™ improves the clinical development process by ensuring greater consistency and transparency in protocol development and study set-up. GrantsManager™ and CROCAS™ draw from over 25,000 finalized protocols, 240,000 negotiated grants, and 4,000 CRO contracts to ensure subscribers understand the true cost and compliance consequences when negotiating clinical agreements. Visit www.fast-track.com for more information about our products and services.

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