Covance Receives Good Laboratory Practice Certification for Its Early Development Facility in Shanghai, China
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PRINCETON, N.J., Oct. 24, 2011 /PRNewswire via COMTEX/ --
Covance Inc. (NYSE: CVD) today announced that its early development facility located in Shanghai, China, has received Good Laboratory Practice (GLP) certification from the Belgian GLP Monitoring Authority, a member of the Organization for Economic Cooperation and Development (OECD). The Covance facility in Shanghai provides bioanalytical, toxicology, lead optimization toxicology, in-vivo PK screening, and metabolism services.
"As the volume of global drug development activity expands, it's vital that clients know they can expect the same high standards and quality data from Covance in China that they experience in all of our other facilities worldwide," said Deborah Tanner, Executive Vice President and Group President, R&D Laboratories. "The GLP certification from an OECD member, along with the AAALAC accreditation we received in February 2011, is a significant milestone in expanding Covance's global reputation and reach."
Honggang Bi, Corporate Vice President and General Manager, Covance China, added, "Covance has always demonstrated the highest levels of compliance and client support. With this certification of our recently opened toxicology facility in China, we are now able to offer services to pharmaceutical and biopharmaceutical companies that meet international GLP quality standards."
The OECD is an inter-governmental organization consisting of 34 members that represent developed and emerging countries in North and South America, Europe, and Asia. The OECD has developed sound criteria that support their belief that quality data through Good Laboratory Practices can further improve the protection of human health and the environment.
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.
SOURCE Covance Inc.