Intellivest Securities Research publishes a Report on BioClinica

The following is an investment opinion release issued by Intellivest Securities Research, Inc.

Intellivest Securities Research, Inc., ("ISR") a Georgia registered investment advisor, has published a Report on BioClinica, Inc. ( BIOC) which serves companies in the pharmaceutical, biotechnology and medical device industries. A primary service is helping their clients manage, process and submit medical imaging portions of their submissions relating to their clinical trials to regulators, primarily the U.S. Food and Drug Administration and comparable European agencies, to evaluate product efficacy and safety. BioClinica has provided services to more than 130 firms in connection with over 2,000 clinical partners since its founding in 1990.

The Research Report rates BioClinica, Inc. as a Speculative Buy because the FDA and other regulators are encouraging more clinical trial data to be submitted in an electronic format. As an early mover in this area, BioClinica is well positioned to exploit this trend. BIOC has a strong balance sheet and an attractive valuation. It has no debt, adequate cash, growing positive cash flow and enjoys significant operating leverage. BioClinica's shares are currently trading around two times book value and one times revenue. It has an experienced, highly competent management team, who, along with Board members, own about 9% of outstanding shares. BIOC has worked with the world's leading bio-pharmaceutical companies including three that are Dow Jones Industrial Average components: Johnson & Johnson, Merck, and Pfizer.

BioClinica has recently completed the integration of its two most recent acquisitions both of which should be accretive in 2010. BIOC reported positive results for the third quarter ending 9/30.

The Report states that BioClinica faces a number of risks including the uncertainty facing the entire pharmaceutical industry as a result of proposed health reform legislation.