Princeton, N.J., August 03, 2011 — Covance Inc. (NYSE: CVD) today announced the expansion of its market-leading drug metabolism services to include drug-transporter interactions with eight human transporters. Under this expansion, Covance now offers assessment of drug-transporter interactions involving major human transporters key to drug disposition in a stably transfected, cell-based format regarded as a superior model for reliable, reproducible results.
“For more than 30 years, Covance has helped our clients achieve a detailed understanding of the disposition of their drug candidates,” said Jon Denissen, Ph.D., Vice President of Global Drug Metabolism. “The addition of drug-transporter interactions to our service offering enables our clients to define the importance of transporters in their drug discovery and development programs, select the best drug candidates, and meet the latest expectations of regulatory agencies.”
“As the expansion of our drug metabolism services illustrates, Covance continuously invests in new technologies and testing methods to help our clients better characterize future medicines,” said John Robson, Ph.D., President, Analytical Services. “We believe that our unique ability to integrate drug metabolism testing capabilities with our broad-range of non-clinical and clinical services provides a strategic time and cost advantage for our pharmaceutical and biotechnology clients.”
Eight cell lines stably expressing human transporters in the Covance drug-transporter interactions service include P-glycoprotein (P-gp/MDR1), breast cancer resistant protein (BCRP), organic cation transporters 1& 2 (OCT1 & OCT2), organic anion transporter 3 (OAT3), organic anion transporting polypeptides 1B1 and 1B3 (OATP1B1 & OATP1B3), and multidrug resistance-associated protein 2 (MRP2).
Through its wholly-owned laboratories located in the United States, Europe, and Asia, Covance offers clients access to the most comprehensive and integrated portfolio of drug metabolism services, including preclinical PK, in vitro metabolism, custom radiosynthesis, in vivo radiolabeled ADME, metabolite identification, and PK/TK analysis.
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 $1.9 billion, global operations in more than 30 countries, and more than 10,500 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, 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 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, fluctuations in currency exchange rates, 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.