Think Research Announces $3.5 Million Contract Expansion with a Global Pharmaceutical Company
Total contract value increases to $10 million from May 2022
TORONTO, Feb. 13, 2023 /CNW/ - Think Research Corporation (TSXV: THNK) ("Think" or the "Company"), a company focused on transforming healthcare through digital health software solutions, is pleased to announce that it has expanded its original $6.4 million contract announced on September 8, 2022, with a global pharmaceutical company by approximately $3.5 million, bringing the total value up to approximately $10 million.
The contract expansions include a number of new and exclusive learning modules that were added to Think's online Learning Management System ("LMS") SaaS platform; these modules started delivery in 2022 and will continue throughout 2023. Revenue from the contract expansion will be earned based on the achievement of various contractual milestones and the delivery of applicable programming during fiscal 2023. The overall agreement encompasses Think's Clinical Content solutions along with the LMS to provide a broad offering of content, clinical education, essential data services and software.
Sachin Aggarwal, CEO, Think Research said, "We are pleased that global clients are continuing to gain significant value from Think's emerging Learning Management System. Our platform approach to delivering essential data, services and solutions for clinicians continues to gain momentum across all of our lines of business. Combined with our earlier announcement, we have been able to secure approximately $5.5 million of incremental revenue this week across multiple services and solutions and the sales pipeline continues to grow."
Think Research Corporation is an industry leader in delivering knowledge-based digital health software solutions. The Company's focused mission is to organize the world's health knowledge so everyone gets the best care. Its evidence-based healthcare technology solutions support the clinical decision-making process and standardize care, to facilitate better health care outcomes. The Company gathers, develops, and delivers knowledge-based solutions globally to customers typically including enterprise clients, hospitals, health regions, healthcare professionals, and / or governments. The Company has gathered a significant amount of data by building its repository of knowledge through its network and group of companies.
Think licenses its solutions to over 13,000 facilities for over 300,000 primary care, acute care, and long-term care doctors, nurses and pharmacists that rely on the content and data provided by Think to support their practices. Millions of patients and residents annually receive better care due to the essential data that Think produces, manages and delivers.
In addition, the Company collects and manages pharmaceutical and clinical trial data via its BioPharma Services subsidiary. BioPharma Services is a leading provider of bioequivalence and Phase 1 clinical research services to pharmaceutical companies globally. Think's other services include a network of digital-first primary care clinics and medical clinics that provide elective surgery. Visit: thinkresearch.com
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For more information: https://www.thinkresearch.com/ca/investors/
SOURCE Think Research Corporation
Mark Sakamoto, Executive Vice President, Think Research Corporation, Direct: 416.388.7119, [email protected]
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