SOURCE: OmniComm Systems, Inc.

July 11, 2006 12:03 ET

OMNICOMM SYSTEMS, INC. Announces Second Quarter 2006 Results

2006 Signed Contracts Increase to $4.3 Million -- an Increase of 160% Over 2005 Results; Contract Backlog Increases to $1.6 Million

FT. LAUDERDALE, FL -- (MARKET WIRE) -- July 11, 2006 -- OmniComm Systems, Inc. (OTCBB: OMCM), one of the fastest growing companies in the EDC marketplace, today announced that it had achieved record contracts for the first half of a fiscal year. The Company reported that it had signed new contracts totaling approximately $4.3 million during the first half of 2006 compared with new contracts signed in the first half of 2005 of approximately $1.65 million, an increase of approximately 160%. The Company signed contracts for 21 new clinical trials.

"With first quarter contracts of 2.2 million dollars and second quarter contracts of approximately 2.1 million dollars, we are clearly on the right track," said Randall Smith, OmniComm's Chairman and CTO. "In the last six months we entered into twelve new contracts including contracts with six new clients. We are on pace with our sales expectations and expect the third and fourth quarter performance to continue the strong sales trends we are experiencing. Our clinical trial backlog was approximately $1.6 million on June 30th. One of the most important effects of our continued growth is the improved financial and operating visibility we have over our business.

We are receiving enthusiastic feedback from our clients regarding the introduction of TrialMaster™ v4.0 and anticipate additional sales momentum from this introduction. TrialMaster v4.0 will allow our existing as well as new clients even more control over their data, additional flexibility in terms of trial configuration and faster trial builds, not only for our ASP clients, but for those clients interested in a Tech Transition or Technology Transfer business model. OmniComm's growth reflects the fact that sponsors are beginning to realize there is a better alternative to some of the inflexible, high-priced solutions currently available."

"The results of the first half of 2006 validate our belief in the TrialMaster software platform and the efforts of our team. This marks our tenth consecutive quarter of increased contract volumes. We are capitalizing on the momentum we have created in our sales and marketing activities by increasing the volume of repeat business with our current clinical trial partners and more importantly have continued adding new relationships for our prospective growth. We are excited about our current growth and expect the release of TrialMaster v4.0 to open up additional sales and marketing opportunities for the future. During the second quarter we opened a Sales and Marketing office in Europe and we are optimistic that this office will accelerate our penetration of the very important European clinical trial market," said Cornelis Wit, President and CEO of OmniComm. "This increase in business is gratifying but our expectations are for continued growth. Our objective is to continue penetrating the EDC market by providing cost-effective, technologically advanced solutions for our clients."

About OmniComm Systems, Inc.

OmniComm Systems, Inc. (www.omnicomm.com) is one of the fastest growing companies in the EDC market place targeting its product TrialMaster® to the pharmaceutical, medical device and biotechnology companies as well as CROs. OmniComm's growing base of satisfied customers is a direct result of OmniComm's employee's commitment to on-time, quality and within budget performance.

The TrialMaster (www.trialmaster.com) system, the core product of OmniComm, provides trial sponsors with a 21 CRF Part 11 compliant Internet-based data and trial management solution that greatly increases the efficiency, security and integrity of clinical research data and thus significantly reduces the time and expense involved in conducting clinical studies.

Safe Harbor Disclaimer

Statements about OmniComm's future expectations, including without limitation, future revenues and earnings, plans and objectives for the future operations, future agreements, future economic performance, operations and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. OmniComm intends that such forward-looking statements be subject to the Safe Harbors created thereby. Since these statements involve risks and uncertainties, including but not limited to economic competitive, governmental, contractual and technological factors affecting OmniComm's operations, markets and profitability, actual results could differ materially and adversely from the expected results.

Contact Information

  • For more info, please contact:
    Cornelis Wit
    President and CEO
    OmniComm Systems, Inc.
    954-473-1254
    Email Contact