COVANCE EXPANDS REACH IN EASTERN EUROPE
Opening of Budapest, Hungary office enhances clinical development operations |
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Princeton, New Jersey, May 19, 2003 — Covance Inc. (NYSE: CVD) today announced the opening of a full-service Phase II-III clinical development office in Budapest, Hungary that will enhance its existing service offerings in Eastern Europe.
According to industry sources, research and development spend increased in Eastern Europe by $219 million from 1998 to 2000. As an expanding region of drug development, Eastern Europe has opened up access to a large number of previously untreated patients in need of medical therapy. Budapest, the administrative center of Hungary, offers quick access to investigators in bordering countries such as Austria, Slovakia, Ukraine, Romania, Yugoslavia, Croatia, and Slovenia.
"Since establishing a Warsaw, Poland office in 1998, we have found that more than 20% of proposal requests for the region included a Hungarian component," said Dr. James Bannon, President of Clinical Development, Periapproval, and Central Diagnostics at Covance. "Opening an office in an economically and politically stable country like Hungary allows Covance to offer better patient recruitment solutions when targeting cardiovascular, oncology, and infectious disease compounds."
Since 1997, Covance has conducted numerous studies in Hungary for major pharmaceutical companies in a variety of therapeutic areas using field-based consultants. The well-trained, multi-lingual staff with a deep knowledge of FDA and EMEA medical protocols, includes two medical doctors, a pharmacist, and a registered nurse. They are presently managing seven ongoing studies in oncology, CNS, cardiovascular disease, and rheumatology.
The new Budapest office joins clinical development services at Covance in supporting clients with scientific insight, enabling technology, and automation to manage the risks inherent in the drug development process while helping to reduce its time and cost. Covance is well positioned to help pharmaceutical and biotechnology customers get their products to market sooner due to its expertise and experience in a broad range of therapeutic areas, a deep understanding of the worldwide regulatory agencies, and an increasing global reach.
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 18 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.
Statement 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 including the statements contained herein regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to an 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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