SOURCE: R & D Logic Inc.

October 17, 2005 06:00 ET

Life Science Companies Adopting R&D Logic's Financial Applications to Redefine Budgeting, Forecasting and Tracking Processes

R&D Logic Emerges as Industry Financial Applications Leader With Software as a Service Offering

SAN MATEO, CA -- (MARKET WIRE) -- October 17, 2005 -- The specific needs of research and development intensive life science companies are leading many companies to seek the specialized applications of R&D Logic. Life science companies are characterized by portfolio-driven research and development, matrix organizations and long-term, expensive projects, all of which contribute to a complicated financial planning and tracking environment. Traditional accounting software and manual approaches fail to provide the multi-dimensional planning and tracking capabilities required by life science companies resulting in inefficient processes, insufficient visibility and sub-optimal resource allocation.

"Optimized financial performance in life science companies depends on real-time visibility into accurate, consistent financial data across the project portfolio," said Wanda Ionescu, CEO of R&D Logic. "Our solution allows companies to simplify and streamline their processes by capturing budget and actual financial data once and then allowing reporting and analysis of revenue, expenses and headcount by project, organization, therapeutic area, alliance partner and more."

Life Science Companies Realizing Strategic Benefits

Over 25 public and private biotechnology, pharmaceutical and medical device companies have adopted R&D Logic's software applications and realize on average a 50% reduction in time required to generate annual budgets and a 65% reduction in ongoing budget tracking and maintenance efforts. Customers include NPS Pharmaceuticals, Neurogen Corporation, EPIX Pharmaceuticals, Cytokinetics and Roche Pharmaceutical, Palo Alto.

Roche Pharmaceutical, Palo Alto is one of five global Roche research centers. Scientists at Roche Palo Alto are focused on the discovery of new medicines to treat central nervous system, genitourinary, viral, inflammatory and autoimmune diseases and to support organ transplantation. "R&D Manage is more than a budgeting system; it allows us to identify, manage and prioritize resources by giving us the ability to track and forecast by project as well as by overall P&L," said T. Magee, Director of Finance for Roche Pharmaceutical, Palo Alto.

Complex Financial Environment Drives Need for Industry Specific Solution

Life science companies operate in an increasingly complex and demanding financial environment characterized by:

--  Portfolio-driven development. Human and capital resource allocation
    across the project portfolio must be optimized for maximum financial return
    as demanded by shareholders and investors.
    
--  Organization and project-based planning and tracking needs. Department
    heads, project managers and financial analysts all have unique needs with
    respect to planning and tracking.
    
--  Strategic and operational perspectives. Life science R&D product
    development can span over 12 years and cost hundreds of millions of
    dollars. Companies need their planning tools to support multiple time
    horizons and transition between strategic and operational by reusing
    assumptions and details across plans to ensure consistency and minimize
    rework.
    
--  Matrix organizations. Projects need resources from many internal and
    external organizations, and a given resource works on many projects.
    
Adding to the complexity, project and finance data exists in spreadsheet files, project plans, accounting systems and time collection systems requiring consolidation and reconciliation for effective planning. Addressing these complex requirements requires a new solution.

Budgeting, Tracking, P&L and Time Modules Deploy in Weeks

R&D Logic's suite of financial applications meets these complex needs of life science companies. Without requiring redundant data entry and maintenance, R&D Logic's applications provide multiple views of financial data from all vantage points for everyone involved, from financial and project managers to business strategists. R&D Logic enables cross-functional team members to monitor key performance indicators according to customized criteria, analyze data, and drill down to key transaction-level details.

The R&D Logic suite of financial applications consists of:

--  R&D Manage™ is used for budgeting, forecasting, and tracking. R&D
    Manage also automatically manages the complexities of allocating and
    burdening project costs. Detailed reporting and analysis can be done by
    project, account and organization. With one set of financial data,
    strategic and operational financial plans spanning multiple time horizons
    are supported, as well as the ability to perform "what if" analysis.
    
--  R&D P&L™ complements the reporting available in R&D Manage and
    fully supports the calculation and production of P&L financial statements
    including different P&L types such as SEC, product, project, program,
    division, etc. Formats may also vary between pro-forma P&Ls vs. comparison
    or trend P&Ls.
    
--  R&D Time™ collects and tracks time effort by project that
    eliminates the hassle of standard time collection methods. Employees' time
    is immediately converted into project full-time equivalents for allocation
    purposes and can be measured and analyzed by project, program, collaborator
    and more.
    
The R&D Logic applications are 100% web-based and delivered through a hosted, subscription offering that reduces the implementation time to weeks instead of months and dramatically reduces the total cost of ownership as compared to licensed or home grown on premise solutions. R&D Logic offers pre-built integration with existing accounting, payroll and time collection applications.

About R&D Logic

Founded in 2000, R&D Logic Inc. is the global leader of financial planning and tracking solutions specific to the life sciences industry. Our customers achieve breakthrough operational performance by linking portfolio strategies to actions, planning dynamically and monitoring performance on demand. R&D Logic is a privately held, profitable company whose management team has extensive industry experience. We are proud to contribute to the success of both public and private pharmaceutical, biotechnology and medical device companies. Additional information can be found at www.rdlogic.com.

Contact Information

  • Media Contact for R&D Logic:
    Joyce Bellomo
    Email Contact
    650.356.9202