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Covance Purchases Equity Stake in Caprion Proteomics
Date:12/16/2008

- New Biomarker VP Appointed

- BiomarkerCenter of Excellence Established in Greenfield, Indiana

PRINCETON, N.J.,Dec. 16/PRNewswire-FirstCall/ -- Covance Inc. (NYSE: CVD), a leading provider of drug development services, announced today that it has purchased a minority equity stake in Caprion Proteomics, the leading provider of proteomics-based services to the pharmaceutical industry, to further enhance its biomarker service offerings to clients.

Pursuant to terms of the agreement, Covance will serve as the exclusive contract research organization distributor of Caprion's proteomic biomarker services. In addition, Caprion will serve as Covance's exclusive proteomic discovery provider. Through this alliance, Covance and Caprion will offer pharmaceutical and biotechnology drug development customers a distinctive, innovative, and integrated biomarker solution.

Covance also announced today that it has hired a new vice president to lead its Biomarker Team and that it plans to establish a Biomarker Center of Excellence at its Greenfield, Indiana campus.

These strategic moves will enable Covance to further capitalize on the emerging high-growth service market in biomarker discovery, verification, validation, and deployment across the drug development continuum -- from early proof of concept through late-stage clinical trials and post-marketing surveillance. Currently, pharmaceutical companies are adopting biomarker strategies for the vast majority of new drug candidates, and it is predicted that within the next ten years biomarkers will be a standard aspect of drug development for any novel candidate. In fact, the U.S. FDA's 2006 Critical Path Initiative listed biomarkers as one of the two areas with the greatest impact on modernizing drug development and appr
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SOURCE Covance Inc.
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