COVANCE EXPANDS TOXICOLOGY CAPACITY
New facilities will strategically position Covance to meet future needs of the pharmaceutical industry |
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Princeton, New Jersey, August 27, 2001 — Covance Inc. (NYSE: CVD) announced that it has begun a major expansion of its toxicology facilities and other nonclinical services facilities in Madison, Wisconsin and Vienna, Virginia. As the global leader in safety assessment testing, Covance's scientists provide much of the underlying scientific data regarding how drug candidates affect humans.
The $27 million, 151,000-square-foot facility expansion in Madison will provide Covance with additional capacity necessary to support the stream of new products entering drug safety testing as well as allow for the consolidation of all Madison laboratory operations into one facility. The entire expansion is targeted for completion in the second half of 2002. However, additional toxicology space at Covance's Vienna facility is expected to be available to customers by the end of this year. An official groundbreaking ceremony attended by company officers and local government officials was held earlier today in Madison.
"Over the past two years, Covance has made significant strides in maintaining and growing our leadership position in toxicology testing. Earlier this year we introduced StudyTrackerTM, the first web-based system that allows clients to access their study data, in near real time, from anywhere they can access the Internet," said Wendel Barr, Vice President and General Manager, Covance Laboratories North America. "This expansion, which will increase our toxicology capacity in North America by approximately 20%, will not only help us to satisfy our customers immediate needs, but also prepare us for the expected influx of new compounds in the drug development pipeline stemming from the widespread application of advanced drug discovery technologies in recent years."
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 7,100 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 toxicology services, Covance's ability to complete the facilities expansions in a timely manner, and other factors described in the Company's filings with the Securities and Exchange Commission. |
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