COVANCE EXPANDS BIOLINK™ SERVICE OFFERINGS
New purpose-built laboratory in Chantilly, Virginia will focus on immunoanalytical services |
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Princeton, N.J., July 20, 2001 — Covance Inc. (NYSE: CVD) today announced the opening of a new 25,000 square foot BioLink™ laboratory in Chantilly, Virginia. This purpose-built laboratory expands Covance's BioLink services for preclinical and clinical immunoanalytical testing. With the rapid growth of the biotechnology industry in recent years, the need for these services has increased significantly as more biomolecules enter drug development.
In October 2000, Covance launched BioLink, its new global bioanalytical service, and opened a 35,000-square-foot, purpose-built, clinical bioanalytical laboratory in Indianapolis, Indiana building on its existing bioanalytical chemistry operations in Madison, Wisconsin and Harrogate, United Kingdom. With BioLink, Covance intends to provide unparalleled capacity, speed and consistency in addressing the bioanalytical requirements for complex global drug development. Covance is now the only contract research organization to provide full-service, global, integrated analytical testing services for small and large molecules in both preclinical and clinical stages of drug development.
"We are pleased to offer our clients increased laboratory capacity, efficiency and exceptional sample integrity through BioLink's proprietary, global IT platform and automation," said Tim Halls, Ph.D., Vice President of Pharmaceutical Chemistry, Covance Laboratories. "The immunochemistry expansion in Chantilly is an important component of our BioLink philosophy — to deliver superior bioanalytical services by combining the highest levels of scientific expertise and operational excellence across every stage of drug development."
There has been increasing demand for bioanalytical and immunoanalytical testing services to help drug developers better understand the pharmacokinetic and pharmacodynamic profiles of their drug candidates. The outsourced market for these testing services has grown in excess of 20% per annum over the last three years and is currently estimated at more than $500 million.
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with 2000 pro forma revenues of $737 million, operations currently in 17 countries, and approximately 7,000 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through the website in the About Covance area.
Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, earnings growth and other financial results 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, continued growth in demand for bioanalytical services, Covance's ability to provide these services on a large scale basis, and other factors described in the Company's filings with the Securities and Exchange Commission. |
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