PRINCETON, N.J., Aug. 7 /PRNewswire/ -- Laureate Pharma, Inc., a full-service biopharmaceutical development and protein production company, today announced record-breaking quarterly results for the period ending June 30, 2007, posting a 178% increase in revenues over the same period last year. The Company recorded significant increases in revenues for process development and manufacturing services and aseptic filling. Additional achievements during the first half of 2007 include: renewing and extending the lease of its Princeton facility to the year 2016 with options to extend through the year 2026, commissioning a new pilot plant to accelerate non-cGMP production projects, entering into a preferred partnership agreement with Boehringer Ingelheim and electing a non-executive Chairman for its Board of Directors. As part of its growth strategy, Laureate is continuing with the expansion of its workforce, hiring its 100th employee and expanding the capacity in its GMP manufacturing facility located in Princeton, NJ.
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“Our long-term relationship with our customers is a critical factor in establishing our strong market position,” said Robert Broeze Ph.D., President and Chief Executive Officer at Laureate Pharma. “We are very pleased by the pace of our business development and are excited by the opportunities ahead. We will continue to work aggressively to take advantage of our favorable positioning in the biologics outsourcing industry.”
“The sustained growth and positive cash flow reflect the strength of Laureate’s business model, which focuses on delivering well-designed contract biomanufacturing services that align with the needs of biopharmaceutical companies and accelerate development of their biologics to clinic and market,” said James A. Datin, Executive Vice President and Managing Director of the Life Sciences Group at Safeguard Scientifics. “Laureate’s ability to attract clients, big and small, reflects the confidence that these companies have in Laureate’s solutions and overall operations.” Safeguard Scientifics acquired Laureate in December 2004, providing the company with growth capital, along with operational and management support.
About Laureate Pharma
Laureate Pharma, Inc. is a full-service biopharmaceutical development and protein production company located in Princeton, New Jersey. Laureate Pharma offers superior bioprocessing services that accelerate new products from development through production. We provide a wide range of specialized services from process design and development to full-scale cGMP production, purification, aseptic filling, testing, validation, analytical services, and regulatory support. Our business is focused on two active segments of the biopharmaceutical industry: monoclonal antibodies and recombinant protein products. Laureate Pharma is a wholly owned subsidiary of Safeguard Scientifics, Inc. For more information, contact Michael Cavanaugh, Vice
President Sales, Marketing, and Business Development at (609) 919-3400, or info@laureatepharma.com or visit our web site at www.laureatepharma.com.
About Safeguard
Safeguard Scientifics, Inc. , a holding company, builds value in growth-stage technology and life sciences businesses. Safeguard provides growth capital as well as a range of strategic, operational and management resources to its partner companies. Safeguard participates in growth buyout financings, including corporate spinouts and management buyouts, expansion financings, industry consolidations and early-stage financings. www.safeguard.com
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CONTACT: Michael Cavanaugh, Vice President Sales, Marketing, and BusinessDevelopment of Laureate Pharma at +1-609-919-3400, info@laureatepharma.com
