WAYNE, Pa., and MOSCOW, Dec. 17 /PRNewswire-FirstCall/ -- Covalent Group, Inc. and Geny Research Corp. today announced the signing of a Strategic Partnership Agreement between the two parties. Covalent, a U.S. headquartered full-service clinical research organization (CRO) specializing in the design and management of complex clinical trials for the pharmaceutical and biotechnology industries, has clinical operations in 18 countries in North America and Europe. Geny Research is a clinical research organization with an operational base in Moscow and corporate headquarters in Newton, Massachusetts. It has a strong presence in Russia, the Ukraine, and the former Soviet Republics with proven experience conducting clinical trials in 12 therapeutic areas. The terms of the Strategic Partnership Agreement provide for a well defined regional relationship between the parties for the marketing and delivery of clinical development services on a global basis. The agreement provides for the alignment of standard operating procedures and information technologies between the parties.
Kenneth M. Borow, M.D., President and Chief Executive Officer of Covalent, commented, "The Agreement with Geny Research significantly strengthens our capabilities to provide services in Russia and neighboring countries. Geny Research is recognized as one of the emerging quality clinical research organizations in Russia. We are delighted to be able to create this association between our two companies. For Covalent, this agreement closely follows our recent announcement of a similar Strategic Partnership Agreement between Covalent and iLiFEdata/ Institute for International Health (IIH) based in Sydney Australia. Both Geny Research Corp and iLiFEdata/IIH possess important and similar characteristics that we believe are highly complementary to our current capabilities. These include:
-- Excellent consultative expertise relating to clinical trial design and
-- A reputation for engendering quality operational deliverables,
-- A willingness to integrate their operating procedures and technologic
processes with Covalent's, and
-- Appropriate geographic synergies with Covalent,
-- Mature, high quality, experienced staff.
These two very strong strategic partnerships now extend Covalent's reach from North America and Western Europe to Russia, the Ukraine, Eastern Europe, Australia, New Zealand, and the Asia Pacific Region."
Natalie Gershman, M.D., Chief Executive Officer and Medical Director of Geny Research, commented, "Geny Research is very pleased to have this new association with Covalent. We believe that we are one of the finest clinical research organizations in Russia. By teaming up with another high quality player in the industry, we can now extend our reach into other markets and offer a more comprehensive level of service to our clients. We very much look forward to our new association with Covalent."
About Geny Research Corp.
Founded in 1999, Geny Research Corp. is a uniquely focused, innovative, private clinical research organization with hands-on management expertise providing the pharmaceutical industry with a high quality approach to conducting clinical trials. Geny Research Corp.'s solid base of professional and medical affiliates within Russia allows it the flexibility to offer clients a comprehensive selection of products and services. Flexibility is the key ingredient in the relationship between Geny Research Corp. and its clients. The Company is able to meet the specific needs of its clients from small-scale services, to the design and implementation of full service clinical trials. Geny has come to recognize the value of combining strong global experience with local expertise to ensure the quality of the product it delivers. This recognition is evident in its management philosophy that emphasizes strong hands-on project management. Based in Moscow, Russia, Geny Research's offices are staffed with local professionals who understand the healthcare systems, and the marketplace within their regions. It has developed local relationships with investigators, customs officials, regulatory authorities, courier and transport agencies, and most importantly, the people. With this experience and an acute awareness to sensitive cultural issues, Geny Research is able to produce accurate and rapid feasibility assessments, timely patient enrollment, and high quality deliverables for all aspects of clinical research studies.
Covalent Group, Inc. is a clinical research organization that is a leader in the design and management of complex clinical trials 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 clinical trials. Covalent offers therapeutic expertise, experienced team management and advanced technologies. The Company has clinical trial experience across a wide variety of therapeutic areas such as cardiovascular, endocrinology/metabolism, diabetes, neurology, oncology, immunology, vaccines, infectious diseases, gastroenterology, dermatology, hepatology, women's' health and respiratory medicine. Covalent believes that its leadership in the design of complex clinical trials, its application of innovative technologies, therapeutic expertise and commitment to quality offer its clients a means to more quickly and cost effectively develop products through the clinical trial process. In addition, the Company's use of its proprietary TeleTrial(R) technology to support its drug development services creates consistency in the way it conducts clinical trials globally. With its wholly-owned international subsidiary, Covalent Group, Ltd., as well as its Strategic Partners based in Sydney, Australia and Moscow, Russia, Covalent is able to meet many of the global drug development needs of its clients.
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; (iii) the termination, delay or cancellation of clinical trials; (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; and (ix) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices. Additional information concerning factors that could cause actual results to materially differ from those in forward-looking statements is contained in Covalent Group's SEC filings, including its Registration Statement on Form S-3, Annual Report on Form 10-KSB and other periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from Covalent Group's investor relations department.
Covalent Investor relations contact: Jill T. Meleski, (646) 536-7032
Covalent media contact: Gregory Q. Tiberend, (646) 536-7005
Contact Covalent on-line: http://www.covalentgroup.com/
Geny Research media contact: Natalie Gershman, M.D.,
Contact Geny Research on-line: http://www.genyresearch.com/
Covalent Group, Inc.