Encorium Group Signs $6.5M Of New Business Contracts Mainly Consisting Of Oncology Clinical Trials With A U.S. Biopharmaceutical Company
Encorium Group, Inc., a full-service multinational contract research organization (CRO) that provides design, development, and management capabilities for clinical trials and patient registries to many of the world's leading pharmaceutical companies, recently announced the signing of $6.5M million of new business contracts, primarily consisting of two oncology clinical trials with a U.S.-based biopharmaceutical company to be conducted in Europe.
Dr. David Ginsberg, Encorium Group's Chief Executive Officer, stated, "This new business win confirms Encorium's increasingly strong position in the therapeutic arena of oncology as well as our determination to further leverage our capabilities to become one of the leading CROs in the oncology space. The fact that we have the capability to conduct all or part of a client's trials in Europe exemplifies how we are able to bring value-added services to our U.S. clients through our transatlantic presence. The combined wins, worth approximately $26 million during the last four and a half months, clearly reflect both the great trust the pharmaceutical industry has in Encorium and how our increased business development efforts are starting to pay off."
Revenue recognition for the announced new business contracts is expected to begin in the fourth quarter of 2008 on a proportional basis as services are performed on each project.
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.
SOURCE: Encorium Group, Inc.