- Continues to Strengthen Integrated Biomarker Capabilities Spanning the Drug Development Continuum -
PRINCETON, N.J., Nov. 18 /PRNewswire-FirstCall/ -- Covance Inc. (NYSE: CVD), a leading provider of drug development services, announced today that it entered into a biomarker alliance and services agreement with Rules-Based Medicine, Inc. (RBM), a leading provider of multiplexed protein biomarker testing to the pharmaceutical industry.
Subject to the terms of the agreement, Covance will use RBM as its exclusive third-party provider of multiplexed protein biomarker testing services, and RBM will use Covance as its exclusive referral source for laboratory testing services.
"RBM's unique biomarker technology platform, combined with Covance's recent acquisitions and alliances in biomarkers and genomics, strengthens our ability to provide comprehensive biomarker discovery, verification, validation, and deployment in both the preclinical and clinical setting," said Deborah Tanner, Corporate Senior Vice President and President of Covance Central Laboratory Services. "These innovative technologies are critical tools for drug safety and efficacy testing, which help enable our clients to make better decisions and accelerate their drug development programs."
"Covance recognizes that our clients have an unmet need for comprehensive biomarker capabilities," said Dr. Tom Turi, Covance Vice President for Biomarkers. "Given this unmet need, and the emerging high growth biomarker services market, Covance recently established a Biomarker Center of Excellence in Greenfield, Indiana. In addition, we made a series of acquisitions and alliances in the genomics, proteomics, and biomarker testing fields that will enable us to provide our clients with the largest and most integrated biomarker capability in the CRO industry. This new alliance with RBM, combined with our purchase of Merck's gene expression laboratory in Seattle, Washington, and the purchase of a minority equity stake in Caprion Proteomics rounds out our comprehensive biomarker offering."
"Comprehensive, accurate, and reproducible biomarker testing can improve drug development programs by stratifying clinical trial subjects and providing sensitive measurements of drug safety and efficacy," said Craig Benson, RBM president and chief executive officer. "By leveraging Covance's market-leading central laboratory and world-class scientific talent, along with RBM's multiplexing capabilities and broad biomarker menu, we aim to help pharmaceutical and biotechnology companies enhance the effectiveness and success of their clinical trials."
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 25 countries, and more than 10,000 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.
About Rules-Based Medicine, Inc.
Rules-Based Medicine (RBM) is a CLIA-certified biomarker testing laboratory that solves complex therapeutic development, diagnostic and treatment challenges with innovative products and services. The Company's proprietary Multi-Analyte Profiling (MAP) platform makes the drug discovery and development process more efficient and effective by providing pre-clinical and clinical researchers with reproducible, quantitative, multiplexed immunoassay data for hundreds of proteins from small sample volumes. Building on the MAP platform, RBM has developed a host of solutions including: a self-contained whole-blood culture system that brings reproducibility and simplicity to ex vivo immune response measurement; novel and companion diagnostic tests for complex diseases and therapies; therapeutic-specific MAPs custom designed for late-stage clinical development; and new assays for the early detection of renal damage. More information about RBM is available via the worldwide web at www.rulesbasedmedicine.com.
Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results 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 and 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 increased use of biomarkers in clinical trials, the fixed price nature of contracts or the loss of large contracts, risks associated with acquisitions and investments, the Company's ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no duty to update any forward looking statement to conform the statement to actual results or changes in the Company's expectations.