Encorium Group, Inc. Announces $1.6 Million Contract for a Phase 2 Trial of an Innovative Immunotherapeutic Vaccine for the Treatment of Hypertension
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Encorium Group, Inc. (Nasdaq: ENCO), a full-service multinational
contract research organization (CRO) that provides design, development,
and management capabilities for clinical trials and patient registries
for many of the world's leading pharmaceutical and biotechnology
companies today announced the signing of a $1.6 million contract with
Protherics, a leading UK biopharmaceutical company, for a Phase 2 trial
of its novel immunotherapeutic vaccine, Angiotensin Therapeutic Vaccine
(ATV), for the treatment of hypertension.
Encorium will be utilizing its internal resources in Europe and North
America to assist Protherics with program consulting, project
management, site management and monitoring, data management, oversight
of the Data Monitoring Committee, and end-of-study medical report
writing. Encorium has been working with Protherics since the end of 2007
in designing and writing the protocol for the forthcoming study. As is
our usual practice, revenue recognition will be taken on a proportional
performance basis over the life of the contract as services are
performed.
Kenneth M. Borow, M.D., Encorium Group’s
President and Chief Medical and Strategic Development Officer commented, "Encorium
has identified the field of immunotherapy as a particularly robust
growth area for the biopharmaceutical industry in the future, and
Protherics’ ATV program as an exciting
opportunity. ATV is designed to instruct the patient’s
immune system to produce a specific antibody response to angiotensin, a
signaling molecule that is associated with hypertension. The therapeutic
vaccine approach to treating chronic medical conditions has multiple
potential advantages over existing therapies. For example, many people
are not compliant with taking pills every day for the rest of their
lives and thus more than 50% of patients do not take their medications
as prescribed. An effective and safe immunotherapeutic vaccine for
hypertension could significantly improve patient compliance with medical
therapy as well as help curtail global healthcare costs while positively
impacting a variety of confounding social factors.”
Kai Lindevall, M.D., Ph.D., Encorium’s Chief
Executive Officer stated, "The current
contract gives Encorium the opportunity to work with a new client on the
development of an exciting and innovative immunotherapeutic agent that
lies at the interface between two of our greatest therapeutic area of
strengths – cardiovascular disease and
vaccines. This contract is the second in a series of new business awards
that our Company expects to announce over the next several weeks.” About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization
specializing in the design and management of complex clinical trials and
Patient Registries for the pharmaceutical, biotechnology and medical
device industries. The Company’s mission is to
provide its clients with high quality, full-service support for their
biopharmaceutical and medical device development programs. Encorium
offers therapeutic expertise, experienced team management and advanced
technologies. The Company has drug and biologics development as well as
clinical trial experience across a wide variety of therapeutic areas
such as infectious diseases, cardiovascular, vaccines, oncology,
diabetes endocrinology/metabolism, gene therapy, immunology, neurology,
gastroenterology, dermatology, hepatology, women’s
health and respiratory medicine. Encorium believes that its expertise in
the design of complex clinical trials, its therapeutic experience and
commitment to excellence, and its application of innovative
technologies, offer its clients a means to more quickly and cost
effectively move products through the clinical development process.
Encorium is headquartered in Wayne, Pennsylvania with its European base
of operations in Espoo, Finland. The Company has a geographic footprint
that includes over one billion people in North America,
Western/Central/Eastern Europe, Scandinavia, and the Baltics.
This press release contains forward-looking statements identified by
words such as "estimate,” "project,” "expect,” "intend,” "believe,” "anticipate” and
similar expressions. Actual results might differ materially from those
projected in, expressed in or implied by the forward-looking statements.
Potential risks and uncertainties that could affect the Company's future
operating results and financial condition include, without limitation:
(i) our success in attracting new business and retaining existing
clients and projects; (ii) the size, duration, and timing of clinical
trials we are currently managing may change unexpectedly; (iii) the
termination, delay or cancellation of clinical trials we are currently
managing could cause revenues and cash-on-hand to decline unexpectedly;
(iv) the timing difference between our receipt of contract milestone or
scheduled payments and our incurring costs to manage these trials; (v)
outsourcing trends in the pharmaceutical, biotechnology and medical
device industries; (vi) the ability to maintain profit margins in a
competitive marketplace; (vii) our ability to attract and retain
qualified personnel; (viii) the sensitivity of our business to general
economic conditions; (ix) other economic, competitive, governmental and
technological factors affecting our operations, markets, products,
services and prices; (x) announced awards received from existing and
potential customers are not definitive until fully negotiated contracts
are executed by the parties;(xi) our backlog may not be indicative of
future revenues and may not generate the revenues expected;(xii) our
ability to successfully integrate the businesses of Encorium and
Remedium Oy which we acquired on November 1, 2006; and (xiii) the
performance of the combined business to operate successfully and
generate growth. You should not place any undue reliance on these
forward looking statements which speak only as of the date of this press
release. Additional information concerning factors that might affect our
business or stock price which could cause actual results to materially
differ from those in forward-looking statements is contained in Encorium
Group's SEC filings, including its Annual Report on Form 10-K for the
year ended December 31, 2006 and other periodic reports under the
Securities Exchange Act of 1934, as amended, copies of which are
available upon request from Encorium Group's investor relations
department or The Equity Group, Inc.
About Protherics
Protherics (LSE: PTI, NASDAQ: PTIL) is a leading UK biopharmaceutical
company focused on the development, manufacture and marketing of
specialised products for critical care and cancer.
Protherics has two marketed products which helped generate revenue of £31.1
million in the financial year ended 31 March 2007. This important
revenue stream helps fund the advancement of the Company’s
valuable late stage pipeline which includes six programmes which are
expected to be in phase 2 development in 2008. Protherics has a strong
balance sheet with cash of £46.9 million at
the half year ending 30 September 2007.
With headquarters in London, the Company has approximately 290 employees
across its operations in the UK, US and Australia.
For further information visit: www.protherics.com