COVANCE STRENGTHENS BIOANALYSIS SCIENTIFIC MANAGEMENT TEAM
Company's contract packaging services enhances efficiency of clinical trials
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Madison, Wisconsin, November 8, 1999 — Recognizing the key role that science plays in providing quality on-time results to its clients, Covance Inc. [NYSE: CVD] recently strengthened its management team in the rapidly growing area of bioanalysis.
Russell Hensel, PhD, joined Covance's nonclinical laboratory operations in August with responsibility for managing the bioanalysis principal investigator team. "Russell brings key experience in the management of pharmacokinetic samples for clinical trials, and an understanding of the science and operational complexity of the service we are providing," said Tim Halls, PhD, vice president of pharmaceutical chemistry.
Naidong Weng, PhD, joined Covance in October as associate director for methods development. With 47 publications and eight years of industrial experience in the pharmaceutical and CRO industries, Dr. Weng's experience in developing a range of chromatographic and mass spectrometric methods will be an invaluable asset in providing direction to the fast growing methods development and validation group. Covance develops in excess of 100 methods per year.
Xiangyu Jiang, PhD, associate scientific director, mass spectrometry, joined Covance in September. "Dr. Jiang's 25 years of experience working with over 16 different makes and models of instruments is a very valuable contribution, particularly as we add our new API 3000s this fall," commented Dr. Halls. Russell, Naidong, and Xiangyu are excited to be joining this growth area and look forward to meeting our clients at the upcoming AAPS meeting in New Orleans.
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with 1998 revenues of $732 million, operations currently in 17 countries, and approximately 7,700 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through
the company's website at: www.covance.com.
Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, revenue and earnings growth and restructuring charges, 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, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts, the success of the Company's reorganization, and other factors described in the Company's filings with the Securities and Exchange Commission.
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