Pacific Biomarkers, Inc. Awarded Major Research Contract as Part of Phase I Cardiovascular Program
Under the terms of the contract, PBI is to provide specialty cardiovascular biomarker testing services to investigate the safety, tolerability and pharmacokinetics of a new investigational drug as part of an adaptive Phase I clinical trial. Testing under the newly awarded contract will begin in June 2010 and continue into the third quarter of fiscal 2011. PBI estimates total revenue over the expected life of this contract at approximately $1.7 million.
"This is an exciting time for us," noted Dr. Elizabeth Leary, Chief Scientific Officer at Pacific Biomarkers, Inc. "Our experience and capabilities in drug development, biomarker assays and clinical trial laboratory support allow us to help our clients select not only the most appropriate biomarker for a particular study but also the best assay for that biomarker. This represents a critically important advantage in supporting emerging therapeutics related to cardiovascular diseases and diabetes, where conventional biomarkers and assays may be insufficient."
"Our selection by the Sponsor for this project further validates our worldwide, best-in-class biomarker testing capabilities as they relate to the diagnosis and treatment of cardiovascular disease, which has long been a core area of expertise for the Company," commented Ron Helm, Chief Executive Officer of PBI. "Assuming the scope of the trial remains unchanged, the contract should contribute meaningfully to our fiscal 2011 financial results."
About Pacific Biomarkers, Inc. (PBI)
Established in 1989, PBI provides biomarker laboratory services and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research. The Company provides expert services in the areas of cardiovascular and musculoskeletal diseases, diabetes, obesity, and nutrition. The PBI laboratory is accredited by the College of American Pathologists, New York State, and the Lipid Standardization Program. PBI's clients include many of the world's largest pharmaceutical, biotech, and diagnostic companies. PBI also provides clinical biomarker services focusing on the emerging field of biomarker assay development and testing. Services include validating and performing custom assays for novel clinical biomarkers, immunogenicity testing, cell-based assays, mass spectrometry, and multiplex testing.
PBI is headquartered in Seattle, Washington, and its common stock trades on the OTC Bulletin Board under the symbol "PBMC". For more information about PBI, visit the company's web site at www.pacbio.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release includes forward-looking statements including, but not limited to, the following: timing and amount of future revenues and financial results; results of business development activities; future growth; and the viability and acceptance of the Company's biomarker services. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, the following: the Company's ability to enter into contracts for its laboratory testing or biomarker services; client changes or early terminations of studies; variability in backlog; the success of marketing and business development efforts, and competitive factors; the Company's ability to manage growth; and other risks and uncertainties set forth in periodic filings with the U.S. Securities and Exchange Commission (including Form 10-K for the year ended June 30, 2009 and the subsequent 10-Q and 8-K filings).
For additional information, please contact: | |
Ron Helm, CEO at (206) 298-0068 | |
or | |
RJ Falkner & Company, Inc., Investor Relations Counsel | |
(800) 377-9893 | |
SOURCE Pacific Biomarkers, Inc.