Press Releases

BIO-IMAGING TECHNOLOGIES ACQUIRES CAPMED CORPORATION

Personal Health Record and Personal Health Key Unlock Consumer Market for Bio-Imaging

NEWTOWN, PA, December 4, 2003 - Bio-Imaging Technologies, Inc. (AMEX: BIT) today announced that it has acquired the intellectual property of privately held CapMed, A Division of Bio-Imaging Technologies, Inc., located in Wilmington, DE, including the Personal Health Record (PHR) software and the patent-pending Personal HealthKey™ technology. Financial terms of the transaction were undisclosed.

The PHR is an award-winning, cost-efficient software application that empowers the patient to be a partner in his/her health care management and helps doctors, clinics and hospitals to reduce the risk of errors, as well as improve medical compliance and communication between patients and providers. PHR enables users to manage and store personal health information on the privacy of his/her desktop computer, while linking directly to sponsor-directed resources such as drug information, patient education, or disease guidelines. The software application originates from a physician’s medical record allowing information to be tracked in a problem-oriented format. This allows for information, such as medical images, to be tied directly to the problem or condition for which they relate. This award-winning program is an industry leader with more than 375,000 distributed.

The Personal HealthKey™ is a simple, reliable, secure and cost-effective portable solution for people to easily take specific health reports or their entire medical record, including diagnostic medical images, anywhere. Utilizing key-chain data storage technology and auto-launching software, the HealthKey plugs into a computer’s USB port, allowing doctors and patients easy access to the patient’s medical record without the need for additional hardware or software. Patient selected emergency information or patient registration information can be designated to automatically launch upon the HealthKey's insertion into the USB port. In addition, data encryption and password protection let the user decide which information to share.

The Personal HealthKey and the PHR are powerful tools that play to the powerful trends affecting healthcare. Recent reports by the Institute of Medicine place the number of preventable deaths each year due to medical errors at nearly 100,000. In addition, over 130 million Americans are managing a chronic condition and over 50 million Americans are providing care to chronically ill relatives.

A 2003 consumer survey conducted by the Foundation for Accountability (FACCT) showed that 70 percent of on-line Americans are interested in the benefits of using one or more aspects of an electronic personal medical record. Research on CapMed's PHR users by the Robert H. Smith School of Business, University of Maryland earlier this year found that over 63% of those surveyed reported that they believe using PHR will decrease medical errors, and nearly 60 percent of those surveyed believe using PHR will improve their physical health.

Wendy Angst, General Manager of the new Personal Health Management Division of Bio-Imaging, stated, “Everyone at CapMed is excited by this acquisition. We will continue to provide quality service to our clients as before, and at the same time, we will be able to integrate our technology with that of Bio-Imaging’s to create a new generation of medical data products and services.”

Mark Weinstein, President of Bio-Imaging, said, “We are very pleased with the acquisition of the Personal Health Record and HealthKey products. We expect them to add a new dimension to our current lines of business. We are also very excited about Wendy Angst joining our management team. We are continuing our search for strategic acquisitions that will support our existing revenue base and enlarge the scope of our operations while leveraging off our core competencies and strong market reputation. Earlier this year, we raised $10 million in new working capital, and this is exactly the sort of opportunistic acquisition I foresee Bio-Imaging undertaking in the future.”

Bio-Imaging is expected to keep the acquired assets as a distinct division while changing the name to support the Company’s branding efforts.

Bio-Imaging Technologies, Inc. is a healthcare contract service organization providing services that support the product development process of the pharmaceutical, biotechnology and medical device industries. The Company has specialized in assisting its clients in the design and management of the medical-imaging component of clinical trials since 1990. Bio-Imaging serves its clients on a global basis through its U.S. Core Lab (Newtown, PA), European Core Lab (Leiden, The Netherlands) and U.S. Business Offices (Massachusetts and California).

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates made by management with respect to the Company’s critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance.