Encorium Group, Inc. Announces $3.0 Million in New Contracts for Clinical Trials in Women's Health
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Encorium Group, Inc. (Nasdaq: ENCO), a leader in the design,
development, and management of complex clinical trials and patient
registries for many of the world's leading pharmaceutical and
biotechnology companies, today announced that it has recently signed two
new clinical trial contracts for Women’s
Health indications. The aggregate value of the contracts is
approximately $3.0 million. The trials, which represent repeat business
for Encorium with a US based biotechnology company, will be conducted in
Europe. Encorium will provide multiple services including project
management, site management and monitoring, data management,
biostatistical support, and medical writing. Revenue recognition will
begin during the current third quarter and continue on a proportional
performance basis over the life of the contract as services are
performed.
Kai E. Lindevall, M.D., Ph.D., Encorium Group’s
President, International Operations, Europe and Asia commented, "We
are proud to have the opportunity to continue working with this client
on an exciting project which addresses an important unmet need in Women’s
Health. We believe that these new contracts reflect a high level of
continued trust in Encorium by the Sponsor company while emphasizing the
importance of our ability to deliver quality clinical trial services in
a timely fashion.”
Kenneth M. Borow, M.D., Encorium Group’s Chief
Executive Officer, commented, "We are now
beginning to hit our stride in new business development efforts. We
expect additional new contract signings over the next several weeks as
final decisions are made relating to numerous projects in our new
business pipeline.” About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization that is
a leader 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,
endocrinology/metabolism, diabetes, gene therapy, immunology, neurology,
gastroenterology, dermatology, hepatology, women’s
health and respiratory medicine. Encorium believes that its leadership
in the design of complex clinical trials, its therapeutic expertise 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 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
ability of the combined businesses to operate successfully, generate
revenue growth and operating profits. 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.
