Pacific Biomarkers, Inc., which provides specialized central laboratory and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research, today announced that it has been awarded a contract by a global central laboratory to provide supporting laboratory data for a multinational pharmaceutical company (the "Sponsor"). This contract is related to the clinical development of an innovative new treatment for diabetes.
PBI is specifically contracted to provide specialty biomarker testing related to the mechanism of action of an investigational drug as part of a multinational clinical trial. Testing under the newly awarded contract is expected to begin in calendar 2010 and continue into calendar 2012. PBI estimates that total revenue over the expected life of the contract should approximate $1 million.
"Our inclusion in this clinical trial program is significant for several reasons," stated Ron Helm, Chief Executive Officer of Pacific Biomarkers, Inc.
"First of all, this represents a substantial referral contract from a large, global central laboratory. One of our stated strategic goals involves partnering with global central laboratories to support multinational trials.
Second, the sponsor is a top-tier, multinational pharmaceutical company that we have worked with in the past. Third, our selection for this project represents a validation for our worldwide, best-in-class testing of biomarkers as they relate to the diagnosis and treatment of diabetes and metabolic disorders -- a key area of expertise for PBI. And finally, assuming the scope of the trial remains unchanged, the contract should contribute meaningfully to our fiscal 2011 and 2012 financial results."