SEATTLE, Dec. 18 /PRNewswire-FirstCall/ -- Pacific Biometrics, Inc. (OTC Bulletin Board: PBME) ("PBI" or "the Company"), a leading provider of specialized central laboratory and contract research services, today announced that its stockholders approved all three proposals that were voted upon at the Company's Annual Meeting on December 14, 2009.
A majority of stockholders voted to approve a change in the Company's name to "Pacific Biomarkers, Inc." The corporate name change will become effective upon filing of a Certificate of Amendment to the Company's Certificate of Incorporation with the Secretary of State of Delaware. The name change must also be submitted to the Financial Industry Regulatory Authority (FINRA) for review. In connection with this required notification, FINRA will assign a new ticker symbol for the Company's common stock.
"Since PBI's creation, we have provided high-quality esoteric assay services for clinical drug and diagnostic product development," stated Ron Helm, the Company's Chief Executive Officer. "Many of these assay services are encompassed by the term 'biomarker', which refers to any biological parameter that can be measured in patient samples and that provides specific information about the effects of a particular drug. Over the past five years, we have seen an accelerating trend towards the use of biomarkers in all phases of drug development, and many expect that this will lead to true personalized medicine. Therefore, our business strategy to focus on this type of testing is even more relevant today than it was when the Company was founded."
"To capture an even greater share of this rapidly growing market, we have aggressively expanded our service offering to include custom assay services for our pharmaceutical and biotechnology clients," continued Helm. "In addition to our traditional biomarker services, we also provide assay development services for novel biomarkers, as well as custom assay services for immunogenicity testing, cell based assay testing and multiplex testing. We anticipate that our enhanced clinical biomarker services will help diversify our client base, because these services apply to therapeutic areas beyond our traditional specialty areas, and there is also a growing emphasis on biologic drugs."
"For these reasons, we believe that the name 'Pacific Biomarkers, Inc.' more accurately reflects both our current and historical strengths. The term 'biomarker' is now much more widely known and is broadly understood to have a key role in drug development. Therefore, the new name accurately positions us as a specialty laboratory provider for contemporary drug development services," concluded Helm.
Also at the Annual Meeting, stockholders re-elected the seven members of the Company's Board of Directors:
Ronald R. Helm Mario R. Ehlers Paul G. Kanan Richard W. Palfreyman Curtis J. Scheel Stanley L. Schloz Kenneth R. Waters
The third proposal on the agenda at the Annual Meeting, which was also approved by the stockholders, ratified the Audit Committee's selection of PMB Helin Donovan, LLP as the Company's independent auditors for the 2010 fiscal year. PMB Helin Donovan, LLP has audited the Company's financial statements since September 5, 2007.
About Pacific Biometrics, Inc. (PBI)
Established in 1989, PBI provides specialized central laboratory and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research. The Company provides expert services in the areas of cardiovascular disease, diabetes, osteoporosis, arthritis, and nutrition. The PBI laboratory is accredited by the College of American Pathologists, New York State, and the Lipid Standardization Program. PBI's clients include many of the world's largest pharmaceutical, biotech, and diagnostic companies. PBI also provides clinical biomarker services focusing on the emerging field of biomarker assay development and testing. Services include validating and performing ligand-binding assays for novel clinical biomarkers, immunogenicity testing, cell based assay testing and multiplex testing.
PBI is headquartered in Seattle, Washington, and its common stock trades on the OTC Bulletin Board under the symbol "PBME". For more information about PBI, visit the company's web site at www.pacbio.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release includes forward-looking statements including, but not limited to, the following: results of business development activities; future growth; and the viability and acceptance of the Company's biomarker services. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, the following: the Company's ability to enter into contracts for its laboratory testing or biomarker services; client changes or early terminations of studies; variability in backlog; the success of marketing and business development efforts, and competitive factors; the Company's ability to manage growth; and other risks and uncertainties set forth in periodic filings with the U.S. Securities and Exchange Commission (including Form 10-K for the year ended June 30, 2009).
SOURCE Pacific Biometrics, Inc.
|SOURCE Pacific Biometrics, Inc.|
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