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ProScan Imaging Acquires Majority Share of WorldCare Clinical

June 06, 2006

Cincinnati-based ProScan Imaging, LLC, today announced that it has acquired 51 percent ownership of WorldCare Clinical (WCC) from its parent company, WorldCare Limited, a pioneer and leader in the development, commercialization, and distribution of global e-health services and solutions.

WCC is a central imaging core lab that specializes in the expert interpretation, measurement, and analysis of medical images as a proven strategy for accelerating clinical trials. Utilizing the most advanced imaging technologies available, WCC assembles teams with world-class therapeutic expertise in a wide range of disease states to deliver comprehensive drug development services.

Under the new partnership arrangement, WorldCare Limited will retain 49-percent ownership of WCC and its headquarters will remain in Cambridge, Massachusetts. WorldCare Clinical was advised in this transaction by Crosstree Capital Partners (www.CrosstreeCapital.com).

Originally conceived by the Massachusetts General Hospital (MGH) Department of Radiology to provide drug development services to the pharmaceutical and medical device industries, WorldCare Clinical was created by MGH in 1992 under a different name and then spun off in 1995.

The following members have been appointed to the board:

  • Stephen Pomeranz, M.D., Dr. Pomeranz is founder, Chief Executive Officer, and Medical Director of ProScan Imaging, LLC. Through the ProScan MRI Education Foundation, he has taught 16,000 physicians at fully accredited continuing medical education courses and seminars presented worldwide.
  • Leslie Shu-Tung Fang, M.D. Dr. Fang is an Assistant Clinical Professor of Medicine at the Massachusetts General Hospital and Harvard Medical School, and lectures extensively on antibiotics and analgesics. He also holds a Ph.D. degree in physiology and biophysics.
  • Jeffrey Matthews, M.D. Dr. Matthews is Christian R. Holmes Professor of Surgery and Chairman of the Department of Surgery at the University of Cincinnati. His clinical expertise includes pancreatic, hepatobiliary, and gastrointestinal surgery. He is currently a Director of the American Board of Surgery and has held numerous leadership roles in national surgical organizations, including President of the Society of University Surgeons. Dr. Matthews serves on the editorial board of several major surgical and basic research journals and has been a member of grant review study sections for the National Institutes of Health and the Veteran’s Administration. Dr. Matthews’ research laboratory has been funded by the National Institutes of Health since 1993.
  • Michael D. O’Brien. Mr. O’Brien is Chief Operating Officer of ProScan Imaging, the largest independent teleradiology operation in the country. Previously Mr. O’Brien was President of Zoomtown.com, the broadband subsidiary of Cincinnati Bell; and President of Chiquita International, based in Switzerland. His early career was with The Procter and Gamble Company, where he spent 12 years in a variety of sales and brand management positions. Mr. O’Brien has extensive experience in developing and nurturing new businesses and attracting creative, high-results teams.
  • Hassan S. Sharif, M.D., F.R.C.R. Dr. Sharif has been the Chief Executive Officer of WorldCare Clinical and was one of the co-founders of WorldCare International, where he serves as Chief Medical Officer and Chief Operating Officer. Dr. Sharif is also a consultant to the Department of Radiology at Massachusetts General Hospital, a Visiting Associate Professor at the Harvard Medical School, and former Chairman of the Radiology Department at the Armed Forces Hospital in Riyadh, Saudi Arabia.

Massachusetts General Hospital, the oldest and largest teaching hospital of Harvard Medical School, has had a strategic relationship with WorldCare Clinical since its inception in 1992. The Department of Radiology at MGH has provided services to the pharmacology companies that utilize WCC as their image core lab. This relationship will remain and continue to grow.

“Starting today, WorldCare Clinical’s teams will have full access to both ProScan’s extensive network of medical imaging facilities and the extensive therapeutic and radiological expertise of MGH,” said Rafael Mancera, who will serve as Chief Executive Officer. “Drawing on the resources of 27 fully owned and managed advanced imaging centers and more than 300 physician-supervised, managed sites in the United States, Europe, and Australia, we can reduce turnaround, enhance patient registration, provide uniform technical oversight, and ensure rigid adherence to clinical study designs.”

Before joining ProScan in 2005, Mancera served as Treasurer and Senior Director of Mergers and Acquisitions at Kendle International, Inc., a global provider of drug development services to the pharmaceutical industry. A native of Mexico City, he also acquired considerable experience in international banking and finance with Banco Nacional de Mexico, S.A., where he was Executive Vice President in charge of its European operations.

“WorldCare Clinical is positioned for greater success due to the newly formed relationship with Proscan,” said Rick Taranto, President of WorldCare Clinical. “Our ability to provide imaging site qualification and training has expanded significantly by having direct access to technologists and equipment vendors. We now have the opportunity to create a truly different service from those that exist in the market today and I look forward to sharing our expanding capabilities with sponsors that demand the high quality service we provide.”