COVANCE UPDATES CLINICAL PHARMACOLOGY SERVICES
Invests in construction of purpose-built clinical research unit |
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Princeton, New Jersey, March 20, 2003 — Covance Inc. (NYSE: CVD) announced today that construction has begun on a replacement facility for its clinical research unit located in Madison, Wisconsin. The groundbreaking for the $4.5 million stand-alone, purpose-built clinic began on March 17th. The construction continues the overall expansion of Covance's operations in Madison, Wisconsin.
Covance's 72-bed clinical research unit has built a solid reputation over the last 25 years for conducting complex and challenging clinical pharmacology studies for the pharmaceutical and biopharmaceutical industries. During that time, thousands of volunteers who are reimbursed for their time and effort have participated in Phase I clinical trials. These studies test how new drugs are absorbed and eliminated from the human body.
The new facility has been designed for both volunteer safety and comfort, allowing volunteers to be as comfortable as possible while being closely monitored by medical staff. The updated clinical research unit will include additional recreational facilities for the volunteers, including an outdoor courtyard to help create a pleasant "home-like" environment. Additionally, Covance is consolidating with the other Madison campus to further enhance a seamless drug development process. The close proximity will allow Covance to integrate capabilities and create efficiencies to help bring study data to clients more rapidly, and subsequently, allow our clients to make their clinical trial decisions more quickly.
"The investment in the new clinical research unit is an illustration of Covance's continued commitment to supporting our clients as well as our volunteers," said Mary Westrick, Global Vice President of Clinical Pharmacology at Covance Clinical Research Unit. "The commitment of the volunteers has been critical to the successful development of many new and innovative treatments for a variety of human diseases and conditions."
Completion of the new clinical research unit is expected in the fourth quarter of 2003. It is located close to the Madison Area Technical College (MATC) as well as the Dane County Regional Airport and easily accessible by public and private transportation.
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with 2002 net revenues of $883 million, global operations in 17 countries, and approximately 6,900 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, are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements 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, and other factors described in the Company's filings with the Securities and Exchange Commission. |
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