COVANCE OPENS NEW OFFICE IN BEIJING, CHINA
Partnership links Global Drug Development Expertise with Traditional Chinese Medicines |
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Princeton, New Jersey, September 17, 1998 — Covance Inc. [NYSE: CVD] today announced the opening of a new office in Beijing, China. In collaboration with the China Innovation Center for Life Sciences (CICLS), an office of the Chinese Ministry of Science and Technology (MOST), and leading Chinese pharmaceutical companies, Covance will be the first company in its field to test traditional Chinese medicines for approval by the U.S. Food and Drug Administration (FDA). Covance offers the broadest range of contract drug development services globally from preclinical through post-approval stages, including monitoring and managing clinical trials, and advising clients on global regulatory applications.
"China represents one of the largest untapped markets for the pharmaceutical industry," said Chris Kuebler, Chairman and Chief Executive Officer, Covance. "With its presence in China, Covance will build a bridge between the traditional Eastern approach to medicine and the rigorous standards of Western drug development. This will ultimately benefit our pharmaceutical clients as well as patients around the world."
On behalf of its collaborators, Covance will develop dossiers to support New Drug Applications to the FDA. Initially, the collaboration will focus on two products widely used in China to treat cardiovascular disease. Clinical trials for these products are scheduled to begin in China in October of this year.
"We welcome a global drug development company, such as Covance, to spearhead the efforts of the Chinese government and form a link between Eastern and Western medicines," said Professor Hui Yongzheng, Vice Minister, MOST. "We are confident that the collaboration between Covance and its associates not only will help efforts in introducing Chinese medicines to global markets, but will advance the quality of healthcare for people around the world."
Since entering the agreement with MOST and CICLS in July 1997, Covance has completed four Good Clinical Practice training sessions which include more than 200 physicians in 150 hospitals in Beijing, Shanghai, Guangzhou and Chengdu, China. Covance also has trained personnel at five Chinese Good Clinical Practice centers and at 55 Clinical Pharmacology Research Centers. Covance has established a database of experienced physicians at hospitals in China that are trained in international standards for a variety of therapeutic areas.
"Covance's new clinical presence in China will offer clinical services to both multinational and Chinese clients interested in developing and registering drugs in China, as well as using the data for global NDA and regulatory submissions," added Chris Kuebler.
The Beijing office will be headed by Grace Woo, Director of Clinical Operations, China. Mrs. Woo received a Master of Science degree in Biochemistry and Pharmacology from the University of Medicine and Dentistry of New Jersey, a Master of Arts degree from the City University of New York, and a Bachelor of Science degree from Taiwan National Chung-Hsing University. She has 22 years experience in the pharmaceutical industry, including 8 years in preclinical research in the areas of drug metabolism and pharmacokinetics and 14 years in clinical research and operations. Mrs. Woo will be responsible for all projects and operations in China.
The new China office will be located in Full Link Plaza, at 18 Chaoyangmenwai Dajie in the Chaoyang district of Beijing. The office telephone number is (86) 10-6588-1639 and fax is
(86) 10-6588-1640.
Covance, with headquarters in Princeton, NJ, is one of the world's largest and most comprehensive contract drug development companies with 1997 revenues of approximately $590 million, operations currently in 17 countries, and more than 6,600 employees worldwide. Covance's purpose is to lead advancements in drug development through science, service, and shaping solutions.
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