Harrogate, United Kingdom July 7, 2005
— Recent changes in the biotech marketplace, along with the appointment of Daniel Galbraith, Ph.D. as the new Head of Biosafety Services, are creating opportunities for Covance Laboratories Ltd. to further expand its Biotechnology Services offerings.
"The rising number of new compounds, strong emphasis on outsourcing and favorable regulatory changes in the biotech market has increased our market potential," says Carl Martin, PhD, FRCPath, Vice President, Biotechnology at Covance. "A visible measure of our growth is the number of our employees in our biotechnology service offerings, which has doubled in the last 18 months." Dr. Martin also sees recent merger activity in the industry as presenting an opportunity for Covance's biotechnology services, as biotech manufacturers must secure alternative suppliers (per GMP requirements).
"Biotech companies have to qualify a capable laboratory with nearly every service under one roof," he notes. "The breadth of expertise here at Covance — biosafety, protein chemistry, immunoassay and toxicology — allows us to support biotech and big pharma players right from the start of new compound development." Covance is thus well-positioned to increase its market share in biotechnology services.
Announcing New Head of Biosafety Services
Key to Covance's growth is Dr. Galbraith, newly hired as the Head of Biosafety Services. Dr. Galbraith is charged with directing the Biosafety Services group's process improvements, as well as developing new assays. Most recently, Galbraith was the Associate Director of Virology with MedImmune UK. Ltd., Liverpool Merseyside.
"Dr. Galbraith brings an extremely well-rounded knowledge base that complements our capabilities," adds Dr. Martin. "While most virologists know one group of viruses, he has a very broad view of both animal and human viruses through his 12 years in virology and bio-pharmaceutical environments. He also has a strong regulatory background, and is accomplished in new assay development." Dr. Galbraith began his focus in biosafety while working in the Molecular Biology and Virology divisions of Q-One Biotech. There, he specialized in xenotransplantation, gene therapy and tissue engineering, as well as in assisting companies with biosafety requirements prior to Phase I, II or III clinical trials.
Later, Galbraith shifted his focus to biosafety regulatory affairs. At MedImmune, Dr. Galbaith acquired valuable experience in the batch release of live influenza virus vaccine to the U.S. market.
Dr. Galbraith holds a BSc in Microbiology from the University of Glasgow, an MSc Forensic Science from the University of Strathclyde, and a Ph.D. from the University of Abertay at Dundee.
For Covance clients, Galbraith's new role will help facilitate the easy transition of products from the laboratory bench, to the clinic, and finally to licensing.
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 billion, global operations in 17 countries, and approximately 6,800 employees worldwide. Information on Covance's products and services, recent press releases , and SEC filings can be obtained through the Covance website.
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 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, and other factors described in the Company's filings with the Securities and Exchange Commission.
Covance and the Covance logo are registered service marks of Covance in the United States and other countries.