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PRA Health Sciences has enhanced its COVID-19 Monitoring Program by introducing at-home testing capabilities through a partnership with PWNHealth and Fulgent Genetics. This expansion includes diagnostic testing, clinical monitoring, and symptom management via the Health Harmony mobile app. Patients can access comprehensive care from education to recovery, with at-home test kits ordered directly through the app. This initiative aims to improve patient engagement and streamline care, supporting healthcare systems in adapting to evolving demands during the pandemic.
PRA Health Sciences has appointed Dr. Isaac Rodriguez-Chavez as Senior Vice President of Scientific and Clinical Affairs, responsible for leading the Global Center of Excellence for Decentralized Clinical Trial (DCT) Strategy. Dr. Rodriguez-Chavez boasts over 32 years of experience, including his recent role at the FDA, where he helped develop guidelines for decentralized clinical trials. His appointment signifies PRA's commitment to enhancing clinical trial methodologies using advanced digital health technologies. With a focus on modernizing clinical trials, PRA aims to provide innovative mobile healthcare solutions.
PRA Health Sciences reported a net new business of $737.9 million, marking a growth of 10.2% for the quarter ending September 30, 2020. Total revenue reached $796.3 million, a 2.0% increase year-over-year. GAAP net income was $91.3 million or $1.41 per diluted share, up from $83.0 million the previous year. The company raised its full-year revenue guidance to between $3.120 billion and $3.150 billion. However, uncertainties surrounding COVID-19 continue to pose risks to future operations.
PRA Health Sciences (NASDAQ: PRAH) will announce its Q3 2020 financial results after market close on November 4, 2020. A conference call is scheduled for November 5, 2020, at 9:00 a.m. ET to discuss these results. Investors can join via telephone or listen to a live broadcast on the company's investor relations site. PRA Health Sciences is a leading global contract research organization, having contributed to over 4,000 clinical trials and supported the FDA approval of more than 95 drugs since 2000.
PRA Health Sciences (NASDAQ: PRAH) has been awarded a contract by the Biomedical Advanced Research and Development Authority (BARDA) to join its updated Clinical Studies Network. This partnership involves providing clinical research services for the development of medical countermeasures aimed at public health emergencies. The contract, under the Clinical Trial Planning and Execution (CTPE) framework, spans five years and allows PRA to submit proposals for additional work. BARDA focuses on securing the nation against various health threats through rigorous clinical trials.
PRA Health Sciences and Deep Lens have formed a strategic partnership to enhance patient access to oncology clinical trials. This collaboration utilizes Deep Lens' VIPER technology to streamline patient identification and matching, leveraging AI and machine learning on Microsoft Azure. With over 14,000 oncology trials currently recruiting, the partnership aims to significantly increase patient participation by efficiently connecting eligible individuals with clinical trials based on their cancer genetic profiles. This initiative could markedly improve cancer research and patient outcomes globally.
PRA Health Sciences (NASDAQ: PRAH) announced the appointment of Glen Stettin, M.D. to its Board of Directors, effective September 14, 2020. Dr. Stettin, Chief Innovation Officer at Express Scripts & Cigna Services, brings extensive experience in healthcare innovation, data analytics, and integrated health solutions. His background in leading clinical research positions is expected to enhance PRA's ability to reinvent clinical research and improve patient access. This strategic addition aims to strengthen PRA's leadership amid ongoing industry evolution.
PRA Health Sciences has partnered with The Leukemia & Lymphoma Society to launch the LLS PedAL global master clinical trial aimed at treating children with relapsed acute leukemia. This innovative trial will take place at over 200 sites worldwide, testing multiple targeted therapies for affected children. PRA's role includes coordinating study sites and ensuring protocol compliance, as well as aiding in FDA submissions. This collaboration aligns with the recently enacted RACE for Children Act, which mandates drug development for pediatric cancers, enhancing the focus on precision medicine for children.
PRA Health Sciences (NASDAQ: PRAH) will release its Q2 2020 results on August 6, 2020, after market close. A conference call to discuss the results will take place on August 7, 2020, at 9:00 a.m. ET. Investors can dial (877) 930-8062 in the U.S. or (253) 336-7647 internationally to participate. PRA Health Sciences is a global leader in contract research, providing clinical development services and has been involved in over 4,000 clinical trials since 2000, contributing to the approval of more than 95 drugs.
PRA Health Sciences is preparing for the implementation of the RACE Act, effective August 18, 2020, which mandates pediatric evaluations of cancer drugs previously exempted due to orphan status. The act aims to address the significant gap in pediatric cancer treatment options, as only four oncology drugs have been approved for children since 1980. PRA's dedicated team, led by experts in pediatric clinical development, is ready to assist pharmaceutical and biotech companies in conducting necessary research. This initiative highlights the urgent need for safe and effective pediatric cancer therapies.
