Continued Momentum Results in 131.4% Increase in Revenue and Positive
EBITDA for Three Consecutive Quarters
PRINCETON, N.J., April 1 /PRNewswire/ -- Laureate Pharma, Inc., a full- service biopharmaceutical development and protein production company, today announced record growth in revenues for 2007. The company posted a 131.4% increase over the same period last year and generated positive EBITDA for the third consecutive quarter. Laureate achieved other milestones in 2007, including a commissioned new Pilot Plant, an expanded facility that includes a new warehouse, a 30% increase in the company's workforce, a new strategic alliance, and the election of a new non-executive Chairman. In addition, the company signed major biopharmaceutical development and manufacturing agreements and several fill/finish agreements. Collectively, these factors position the company for continued growth and momentum for 2008 and beyond.
"We continue to see strong growth in our client base and increasing demand for contract manufacturing services," said Robert Broeze, President and Chief Executive Officer at Laureate Pharma. "Laureate Pharma has superior bioprocessing capabilities specifically focused on monoclonal antibodies and recombinant proteins expressed in mammalian cells. We help our clients get the most out of their biopharmaceutical development programs by enabling them to capitalize on our expertise and experience in the areas of biopharmaceutical development and production. This inevitably helps them to get their new products into the clinic faster. We are excited about our continued business momentum and are extremely pleased with Laureate's overall performance in 2007. We are on track for another record year in 2008."
"Laureate Pharma grew their revenue 131.4% year-over-year and reported three consecutive quarters of EBITDA positive results," said James A. Datin, Executive Vice President and Managing Director of the Life Sciences Group at Safeguard Scientifics. "This represents a solid performance from a solid company. We are delighted with Laureate's milestones and achievements and look forward to seeing their continued growth." Safeguard Scientifics acquired Laureate in December 2004, providing the company with growth capital, operational and management support to achieve its strategic plan.
About Laureate Pharma
Laureate Pharma is a full-service biopharmaceutical development and protein production company located in Princeton, New Jersey. Laureate Pharma offers superior bioprocessing services that accelerate new products from development through production. Laureate provides a wide range of specialized services from process design and development to full-scale cGMP production, purification, aseptic filling, testing, validation, analytical services, and regulatory support. Laureate is focused on two active segments of the biopharmaceutical industry: monoclonal antibodies and recombinant protein products. Laureate Pharma, Inc. is a wholly owned subsidiary of Safeguard Scientifics, Inc. For more information, contact Michael Cavanaugh, Vice President Sales, Marketing, and Business Development at (609) 919-3400, or email@example.com or visit http://www.laureatepharma.com.
About Safeguard Scientifics
Founded in 1953 and based in Wayne, PA, Safeguard Scientifics, Inc. (NYSE: SFE) provides growth capital for entrepreneurial and innovative technology and life sciences companies. Safeguard targets technology companies in Software as a Service (SaaS), Technology-Enabled Services and Internet- based Businesses, and life sciences companies in Molecular and Point-of-Care Diagnostics, Medical Devices and Specialty Pharmaceuticals with capital requirements between $5 and $50 million. Safeguard participates in expansion financings, corporate spin-outs, management buyouts, recapitalizations, industry consolidations and early-stage financings. http://www.safeguard.com
|SOURCE Laureate Pharma, Inc.|
Copyright©2008 PR Newswire.
All rights reserved