Encorium Group Signs $3.1 Million of New Business Contracts Including an Extension of a Current U.S. Oncology Clinical Trial with a Major Pharmaceutic...( WAYNE Pa. Jan. 27 /- Encorium Group ...)
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Encorium Group Signs $3.1 Million of New Business Contracts Including an Extension of a Current U.S. Oncology Clinical Trial with a Major Pharmaceutical Company
Date:1/27/2009
WAYNE, Pa., Jan. 27 /PRNewswire-FirstCall/ -- Encorium Group, Inc. (Nasdaq: ENCO), a full service multinational contract research organization (CRO) that provides design, development, and management capabilities for clinical trials and patient registries to many of the world's leading pharmaceutical companies, today announced the signing of $3.1 million of new business awards, primarily consisting of an extension of a current U.S. oncology clinical trial with a major global pharmaceutical company to be conducted in the U.S. and Europe. The extension increases the value of the contract from $12.4 million to $14.4 million.
At December 31, 2008, the Company had a backlog of approximately $35 million.
Dr. David Ginsberg, President and CEO of Encorium Group, Inc. stated, "We see this as a great confirmation of our growing success in the field of oncology. Being entrusted to conduct the expansion of this large oncology trial is an important acknowledgment by the trial's sponsor of the high quality of our work. We are proud of the continuous first class performance of our oncology team. Further, the new business awards announced today mitigate any negative impact to our backlog as reported at December 31, 2008 from foreign currency translations, contract terminations and revenue recognized."
About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization specializing in the design and management of complex clinical trials and Patient Registries for the pharmaceutical, biotechnology and medical device industries. The Company's mission is to provide its clients with high quality, full-service support for their biopharmaceutical and medical device development programs. Encorium offers therapeutic expertise, experienced team management and advanced technologies. The Company has drug a
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