Covance Expands Service and Investment in Drug Metabolism Industry, Charting Expansion with New Hires
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— Randy Press and John Stuhler Join Covance —
Madison, Wisconsin, November 6, 2006 — Covance (NYSE: CVD) is continuing to build on its acknowledged position as an industry leader in metabolism with the appointment of two leading scientists in the field. "We see significant opportunity in metabolism," explains Jon Denissen, Vice President of Chemistry, North America at Covance. "While some competitors and pharmaceutical companies are exiting specific metabolism segments because they don't want to maintain the capability, Covance is investing. One area we are building in particular is our autoradiography capability."
Currently, Covance has one of the largest drug metabolism groups in the world among CROs. Specifically in North America, our staff size has doubled since 2001, and the unit is now bolstering its technical and scientific expertise with two established metabolism professionals.
Randy Press joins Covance from Aptuit (formerly Quintiles) as Senior Staff Scientist. At Aptuit, he served as a Study Director and Senior Manager of the drug metabolism and pharmacokinetics unit. A specialist in quantitative whole body autoradiography (QWBA), Mr. Press directed GLP and non-GLP in vivo QWBA, dosimetry, and ADME/mass balance studies. Mr. Press previously worked at Covance in Madison in the metabolism department, and at Oread Labs in Lawrence, Kansas.
Mr. Press holds a Bachelor of Science degree in Laboratory-Oriented Biology/Chemistry from Fort Hays State University in Hays, Kansas. He is a charter member of the Society of Whole-body Autoradiography (SWBA). John Stuhler joins Covance, also from Aptuit, as Senior Staff Scientist. While at Aptuit he served as a Study Director, Group Leader, and Director of the Drug Metabolism and Pharmacokinetics unit. Mr. Stuhler directed GLP and non-GLP in vivo pharmacokinetic, ADME/mass balance, and toxicokinetic studies.
Prior to Quintilies' acquisition of the Kansas City Hoechst Marion Roussel (HMR) site in 1999, Mr. Stuhler worked for HMR and Marion Merrell Dow as a Study Director/Team Leader, contributing to the fexofenadine IND and other regulatory submissions.
Mr. Stuhler holds a Bachelor of Science degree in Biology from the University of Wisconsin — River Falls. He also earned two master's degrees, one in Anthropology from the University of Oregon at Eugene, the other in Zoology from the University of Wisconsin — Milwaukee.
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 20 countries, and approximately 8.000 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.
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.
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