Covance Increases Biotechnology Service Capacity in Europe, Receives cGMP Manufacturing License
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— Capacity, Scientific Staff Added in Europe to Meet Customer Demand for Biotechnology Services —
PRINCETON, NJ, February 18, 2009 Covance (NYSE: CVD), one of the world's largest and most comprehensive drug development services companies, today announced the significant expansion of the company's biotechnology services facility in Harrogate, UK. The company also became one of a few contract research organizations to receive a cGMP Manufacturing License from the Medicines and Healthcare Products Regulatory Agency (MHRA) in the UK.
The expanded biotechnology services facility includes upgraded infrastructure and equipment for biopotency, molecular biology, and protein chemistry services. As a cGMP-licensed manufacturer, Covance offers fully cGMP compliant biotechnology studies to help customers fulfill global regulatory requirements for biotechnology studies.
"We made these significant infrastructure investments and enhancements to help our customers get their products to market sooner," said Carl Martin, Ph.D, vice president of biotechnology services, Covance. "The additional capacity and scientific expertise will help us reduce lead times and provide faster project reports with the highest data quality for our customers."
As the leading specialist contract service provider to the global biopharmaceutical industry, Covance offers a comprehensive portfolio of biotechnology services that include cGMP cell bank production and storage, cell bank and viral vector safety testing, comprehensive viral clearance services, gene therapy fate studies, product characterization, biopotency assessment, cGMP batch release support, ICH stability testing, and immunochemistry support (TK, PK and immunogenicity analysis). Covance also provides toxicology and other services required for full development of a biopharmaceutical product.
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $1.7 billion, global operations in more than 20 countries, and more than 9,600 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.
Statements contained in this press release, which are not historical facts, are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to an qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts, and other factors described in the Company's filings with the Securities and Exchange Commission. Covance and the Covance are registered service marks of Covance in the United States and other countries.