Bio-Imaging Technologies (BioClinica) has raised the cash component of its agreed takeover offer for etrials Worldwide, the troubled US-based supplier of adaptive eClinical software and services, in response to an unsolicited offer received by etrials from “an unrelated third party”.

BioClinica is still offering 0.124 shares of newly issued Bio-Imaging common stock and 0.076 shares of newly issued Bio-Imaging preferred stock for each share of etrials stock held. However, the cash portion of the merger agreement announced earlier this month now comprises US$0.62 per etrials share rather than the US$0.15 in cash previously offered.

That takes the value of the bid up to US$1.35 per etrials share compared with US$0.9068 previously. The tender offer is expected to expire on or around 20 June 2009.

The financial rationale for the merger, under which etrials would be integrated with BioClinica’s eClinical Services Division, was given further weight by the news that etrials is facing delisting from the Nasdaq Stock Market.

The company was informed by Nasdaq that it no longer complies with a marketplace rule requiring minimum stockholders’ equity of US$10,000,000. As noted in etrials quarterly report for the three months ended 31 March 2009, stockholders’ equity stood at US$9,626,348 as of that date.

The company says it is preparing a plan to restore compliance with the Nasdaq Global Market listing requirement and expects to submit this by the deadline of 2 June 2009.