Covance Announces Biomarker Expert Team Dedicated to Development, Validation, Testing of Biomarkers
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— World's largest biomarker testing company forms expert team to expedite biopharmaceutical customer need for high throughput assay services —
Princeton, NJ, March 27, 2007 — today announced its Biomarker Expert Team, a panel of top scientists representing Covance's capabilities for providing technical and scientific expertise for customers in the selection, development, validation and testing of biomarker assays across the drug development continuum.
"Through our market research, we have identified a significant need that exists in drug development for high throughput biomarker development services," said Deborah Tanner, President, Covance Central Laboratory Services. "Our Biomarker Expert team offers decades of experience in biomarker testing and validation, which combined with our high throughput capabilities will significantly increase the effectiveness and efficiency of our clients' drug development programs." Covance's Biomarker Expert Team will enhance communication on all biomarker related services while supporting the ongoing testing and validation of biomarker assays, including work on custom biomarker assays.
As the world's largest provider of central laboratory services, Covance offers large-scale sample management and the highest throughput in the industry as the world's largest biomarker testing facility due to the quantity of biomarker tests completed. Covance offers nearly all biomarker testing needs directly or in collaboration with its qualified referral laboratories. In addition to providing globally the highest throughput of GLP and non-GLP biomarker services from its central laboratory, bioanalytical and toxicology laboratories, Covance offers bioimaging capabilities and cardiac-related biomarkers for both animals and humans.
Clinically useful biomarkers are required to inform therapeutic decision making regarding candidate drugs and related indications in order to help bring new medicines to the right patients faster. Effective use of biomarkers leads to faster decisions to continue or suspend a drug's development, saving pharmaceutical manufacturers money by reducing late stage failures while improving predictability of success.
Pharmaceutical companies are using biomarkers for nearly every new drug candidate, and it is predicted that within the next ten years biomarkers will be a standard aspect of drug development for any novel candidate. The FDA has made biomarkers central to the Critical Path initiative it launched in March 2004 with the aim of modernizing and streamlining medical product development.
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 $1.3 billion, global operations in more than 20 countries, and more than 8,100 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 an 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 are registered service marks of Covance in the United States and other countries.