Addition Of a Fourth Principal Investigator Sets the Stage for Numerous Research Contracts at First SMO Site and Company Attends Annual ACRP Conference in Dallas Texas
VANCOUVER, BC / ACCESSWIRE / May 3, 2023 / EMPOWER CLINICS INC (CSE:EPW)(OTC PINK:EPWCF) ("Empower" or the "Company") an integrated healthcare company with a developing research and clinical trials divisions is pleased to announce that its subsidiary EPW Curesearch LLC ("EPWC") has signed another Research Services Agreement ("Research Agreement") with a leading physician and researcher who will act as a Principal Investigator (the "PI") supporting the provision of Pharmaceutical Research and Clinical Trials Services (the "Services") of the first site in Dallas, TX.
The Company also participated in the Association of Clinical Research Professionals (ACRP) annual conference in Dallas, TX April 28 - May 1, 2023. www.acrpnet.org With more than 13,000 members, the Association of Clinical Research Professionals (ACRP) is the only non-profit organization solely dedicated to representing, supporting, and advocating for clinical research professionals.
"Signing an experienced principal investigator (PI) is significant, having agreements with four PI's and a participating medical group with years of research experience is incredible." stated Steven McAuley, Chairman & CEO Empower Clinics Inc. "As a member of ACRP our participation in the recent ACRP annual conference in Dallas really connected us to the industry. Major CRO's, researchers, medical doctors and the best and brightest in the industry were in attendance. Our participation opened new doors and established our presence as a new SMO with potential to impact research and clinical trial outcomes in the years ahead."
The addition of one more PI brings the active count of seasoned researchers to four and paves the way to conducting multiple research projects across a variety of specialties and disease states.
PI's are practicing medical doctors who are specialists or internists with previous research and clinical trials experience that are integral to the success of the clinical trial process, including the establishment of Empower as a Site Management Organization ("SMO").
THE RESEARCH AND CLINICAL TRIALS BUSINESS CYCLE
In order for shareholders to better understand both the process and the critical role played by Empower within it, we have provided the following outline:
- Big Pharmaceutical companies conduct research and clinical trials on numerous disease states (the "Sponsor")
- Successful new drugs that get FDA or CE approval are potentially worth billions to the Sponsor
- Sponsors typically outsource the management of research trials to Contract Research Organizations ("CRO")
- Specialized physicians referred to as Principal Investigators (PI's) become researchers at sites for the purpose of enrolling patients and supporting the trial
- Empower and EPWC as an SMO enters into contracts with PI's, which in this case, is a large medical center with multiple PI's under contract
- Empower and EPWC as the SMO liaise with the CRO and the Sponsor to create a three-way contract for research and clinical trials
- Once the trial commences:
- Patients enroll in a trial
- They are seen by the PI on regular intervals
- The PI gathers the required data
- The data is assembled, de-identified and provided to the CRO and Sponsor
- As the SMO, Empower and EPWC oversee the process of day-to-day patient management, site management, technology management and general oversight of the trial process
- Each month Empower and EPWC as the SMO submit a detailed invoice to the CRO for patient management services and participation in a trial
KEY METRICS OF THE SITE MANAGEMENT ORGANIZATION
- The key metrics that impact the success of each trial for the SMO are:
- Patient enrolment per trial
- Patient stickiness per trial
- The term, length, and possible extension per trial
- The number of active trials under management.
- As an SMO, Empower and EPWC expect to have multiple PI's on multiple trials
- Successful new drugs have a significant anticipated value to Sponsors, the Sponsors are motivated and incentivized to keep trials on track
- Contracts come with extremely detailed payout schedules for every single touchpoint and element of every project
- Expenses and payouts follow a generally standardized formula:
- PI's are typically paid a percentage of the contract value
- Empower as the SMO operates with a variable cost model and far superior cash flow control
- Empower limits and eliminates capital expenses related to:
- Opening a clinic
- Buying a clinic
- Entering into long-term leases
- Empower anticipates much improved cash flow economics each month and quarter, which are expected to improve as greater scale is achieved
This press release is available on the Empower Clinics Verified Forum on AGORACOM for shareholder discussion, questions, and engagement with management https://agoracom.com/ir/EmpowerClinics
To get enhanced access to investor information about Empower Clinics, please visit the download page to get your Empower Clinics Investor Experience Wallet Pass today.
Empower is an integrated healthcare company with multi-disciplinary clinics, a Canadian medical device company and has launched its first clinical research site becoming a Site Management Organization (SMO) in Dallas, TX. Empower is a leader in integrated healthcare and research solutions and is reshaping the model for patient-first wellness.
ON BEHALF OF THE BOARD OF DIRECTORS:
Chief Executive Officer
Steven McAuley CEO
Business Development & Communications
DISCLAIMER FOR FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements" or "forward-looking information" (collectively "forward looking statements") within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements can frequently be identified by words such as "plans", "continues", "expects", "projects", "intends", "believes", "anticipates", "estimates", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. Forward-looking statements in this news release include statements regarding: the Company's intention to create and operate a Dallas-based SMO, with plans to evolve into multiple SMO's; the parties' intentions that the Dallas-based SMO will work with industry, patients, community doctors and researchers in North America and globally to provide clinical trial management services; the parties' intentions to identify new cities to operate additional SMOs in 2023. Such forward-looking statements are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including: that the parties will be able to negotiate and enter into the Definitive Agreement on mutually agreeable terms; that legal and financial due diligence will be completed to the satisfaction of the parties; that all necessary third party approvals will be obtained. No assurance can be given that any of the events anticipated by the forward-looking statements will occur on the terms or in the time expected, or at all, or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.
SOURCE: Empower Clinics Inc.
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