Covance Well Positioned To Help Clients Meet Anticipated FDA Cardiovascular Requirements
|Continued Investments in Talent, Technology, and Processes Will Further Support
Clients in New Regulatory Landscape|
|Princeton, New Jersey, January 12, 2004 — Covance Inc. (NYSE: CVD) is investing significant resources to help its clients prepare for a substantial increase in their cardiac safety requirements as proposed new regulatory guidelines are driving fundamental changes and rapid market growth in the cardiac safety testing component of clinical trials.|
"Covance is well-positioned to help our clients meet the challenges of the new regulatory landscape and to gain significant market share in this rapidly growing business segment," said Joe Herring, Covance President and Chief Operating Officer. "We provide ECG-related services that are advised by in-house expertise, supported by validated, scalable technology, and controlled by a core laboratory that enhances standardization and uniformity. In anticipation of the FDA's more rigorous guidelines, we also have accelerated investment in our Central Diagnostics business to provide it with world-class management, a larger dedicated sales force, and greater capacity."
To lead Covance's Central Diagnostics business, Richard F. Cimino was appointed Vice President and General Manager in December 2003. Prior to joining Covance, Cimino held senior management positions for multiple lines of business over a 20-year career at Eastman Kodak. Most recently, he served as General Manager, Americas Health Imaging Group, and Corporate Vice President of Eastman Kodak Company. Prior to that, Cimino served as the Chief Marketing Officer for the Health Imaging Group, where he was instrumental in the digital transformation of Kodak's second-largest business.
"We are looking to Rick to leverage his expertise in managing highly complex businesses in the healthcare environment and our other investments in this area, such as our expanded sales force, the recent opening of our $4.5 million Phase I clinic in Madison, Wisconsin, and the relocation of our expanded global ECG management services to a new 50,000-sq.-ft. facility in Reno, Nevada," Herring said. "Our combined strength in central diagnostics and Phase I will be a critical factor in our gaining significant market share in this high-opportunity business segment."
Cimino stressed that Covance already has much of what it will need to excel in delivering best-in-class cardiovascular safety assessments to its clients. "Our goal is to delight our customers by being fast and flexible and by delivering superior results. Only Covance, which has processed ECGs in a digital environment for more than 30 years, is able to integrate its in-house expertise, its validated data collection, and analysis processes plus its core lab capabilities to support every ECG clinical trial with best-in-class implementation," Cimino said.
The more than 75 years of combined experience of Covance's world-renown, in-house clinical and regulatory professionals provides a strong knowledge base for optimal trial outcomes, with the necessary depth of experience in trial design and regulatory strategy. The Covance Cardiovascular Sciences Team is supported by validated, scalable technology that enhances Covance's ability to meet stringent regulatory requirements and expand services without diminishing quality. In addition, Covance's core laboratory provides the level of standardization and uniformity to reduce variance in ECG acquisition.
Cimino said, "From Phase I through Phase IV, we have the capabilities, the skills, and the capacity to deliver scalable, consistent high-quality ECG data for cardiac safety testing — providing clinical and regulatory support for compound development and approval that is in compliance with anticipated changes in FDA regulations."
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with 2002 net revenues of $883 million, global operations in 18 countries, and approximately 6,700 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through the website in the About Covance area.
Forward Looking Statements. Statements in this press release that look forward in time are forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, expectations, predictions, and assumptions and other statements which are other than statements of historical facts. All such forward looking statements are based on current expectations and are subject to, and are qualified by, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. These risks and uncertainties include, but are not limited to, the enactment of more stringent regulations by the Food and Drug Administration, an increase in demand for cardiac safety testing services as well as risks and uncertainties set forth in Covance's filings with the Securities and Exchange Commission including without limitation its Annual Report on Form 10-K.