BERWYN, Pa., Sept. 9 /PRNewswire-FirstCall/ -- 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, today announced the signing of approximately $8.7 million of new business contracts, including selection by a major pharmaceutical company for participation in a swine flu vaccine program.
“We believe Encorium has developed into one of the strongest medium sized clinical research organizations with expertise in the field of clinical vaccine development. Our recent success in the vaccine field has been substantial, with revenues from vaccine trials increasing by 150% in 2009 versus 2008. As an acknowledgement of our achievements, in April 2009, Encorium was nominated as a finalist for the Second Annual Vaccine Industry Excellence Award.
“The Company has also been successful in winning trials in the field of oncology during 2009. Thus far in 2009, Oncology trials constitute the second largest revenue generating therapeutic field after vaccines. We believe our vaccine experience will continue to assist us in gaining new contract wins in the oncology sector, as we will continue to focus, not just on prophylactic vaccines, but also on therapeutic vaccines, which constitute a substantial number of oncology trials and are the fastest growing area within vaccine development. Based on our expertise and success in the field of vaccines and oncology, we believe we are well positioned to further strengthen our market position in these niche areas.”
About Encorium Group, Inc.
This press release contains forward-looking statements identified by words such as “estimate,” “project,” “expect,” “intend,” “believe,” “anticipate” and similar expressions. Those statements involve risks and uncertainties, and actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include, but are not limited to: (i) the risk that we may not have sufficient funds to operate our business; (ii)our success in attracting new business and retaining existing clients and projects; (iii) the size, duration and timing of clinical trials we are currently managing may change unexpectedly; (iv) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues and cash-on-hand to decline unexpectedly; (v) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (vi) outsourcing trends in the pharmaceutical, biotechnology and medical device industries; (vii) the ability to maintain profit margins in a competitive marketplace; (viii) our ability to attract and retain qualified personnel; (ix) the sensitivity of our business to general economic conditions; (x) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (xi) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties; (xii) our backlog may not be indicative of future results and may not generate the revenues expected; and (xiii) uncertainties regarding the availability of additional capital and continued listing of our common stock on Nasdaq. You should not place undue reliance on any forward-looking statement. We undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events. Please refer to the section entitled “Risk Factors” in the Company Annual Report on Form 10-K for the year ended December 31, 2008 and the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2009 for a more complete discussion of factors which could cause our actual results and financial position to change.
SOURCE Encorium Group, Inc.
CONTACT: Encorium Group, Inc., Philip L. Calamia, Chief Financial Officer,
+1-610-975-9533, www.encorium.com
Web site: http://www.encorium.com/
