Encorium Group, Inc. (ENCO) - 500 Beiträge pro Seite
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Profile:Encorium Group, Inc., a clinical research organization, engages in the design and management of clinical trials for the pharmaceutical, biotechnology, and medical device industries. The company offers various clinical research and development services supporting Phase I through Phase IV clinical trials. Its services include study protocol design; clinical trials management, such as case report form design, investigator recruitment, patient enrollment, and study monitoring and data collection; data management services; biostatistics; medical and regulatory affairs; quality assurance and compliance; report writing; and patient registries. The company offers clinical trial services across various therapeutic areas, such as cardiovascular, nephrology, endocrinology/metabolism, hematology, diabetes, neurology, oncology, immunology, vaccines, infectious diseases, gastroenterology, dermatology, hepatology, rheumatology, urology, ophthalmology, women\'s health, and respiratory medicine. It operates in the United States, Finland, and other parts of Europe. The company was founded in 1989. It was formerly known as Covalent Group, Inc. and changed its name to Encorium Group, Inc. in 2006. Encorium Group is headquartered in Wayne, Pennsylvania with additional operations in Espoo, Finland.
http://www.encorium.com/
http://www.encorium.com/
Encorium Group, Inc. Announces $3.8 Million Contract For Phase 2 Clinical Trial in Herpes Zoster (Shingles)
Thursday June 21, 10:22 am ET
WAYNE, Pa.--(BUSINESS WIRE)--Encorium Group, Inc. (Nasdaq: ENCO - News), a leader in the design, development, and management of complex clinical trials and patient registries for many of the world's leading pharmaceutical and biotechnology companies, today announced the signing of a $3.8 million contract for a Phase 2 clinical trial of a new antiviral agent to treat herpes zoster (shingles). Encorium will provide multiple services including program consulting, project management, site management and monitoring, data management, biostatistical support, and medical writing. Revenue recognition will begin during the current second quarter and continue on a proportional performance basis over the life of the contract as services are performed.
Kenneth M. Borow, M.D., Encorium Group's President and Chief Executive Officer, commented, "We are delighted to have been chosen by this new client to work on its Phase 2b trial involving a new antiviral agent for the treatment of herpes zoster (shingles). The program combines our expertise gained from operationally overseeing the highly successful 38,546 subject Shingles Prevention Trial with the patient recruitment experience obtained recently from clinical trials relating to antiviral treatments for acute influenza. Thus, this new contract represents an excellent blend of our infectious disease therapeutic area expertise and our highly relevant on-the-ground clinical operations capabilities and experience. We look forward to a long and mutually beneficial collaborative relationship with the sponsoring company."
Dr. Borow concluded, "We are now beginning to see the benefits of our expanded global business development efforts. This $3.8 million contract is a concrete example of the value that the biopharmaceutical industry places on our integrated offering of consulting services, operational expertise, proactive planning, and medical education capabilities. We anticipate announcing additional signed contracts over the next several months as well as further elaborating on other initiatives that we are pursuing."
About Herpes Zoster (Shingles)
Herpes zoster is caused by reactivation of the varicella zoster virus (VZV), the same virus that causes chickenpox. This can occur years or even decades after exposure to naturally occurring or vaccine type VZV. A decline in specific cell mediated immune response to VZV as observed in the elderly population and immunosuppressed hosts is regarded as the major precipitant for inducing VZV reactivation. It is estimated that 500,000 to 1 million cases of zoster are diagnosed annually in the U.S. Both genders are equally affected. About 20% of people who have had chicken pox will get zoster at some point during their lifetime. Zoster is characterized as a localized disease that usually involves only one side of the body. The rash that occurs with Zoster is often associated with significant pain. The pain symptoms may last many months after the rash has resolved. Use of antiviral therapy at the time of initial diagnosis is associated with a reduction in pain duration. The overall goals of antiviral therapy are to promote more rapid healing of skin lesions and to lessen the severity and duration of pain associated with the disease.
About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization that is a leader 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 and biologics development as well as clinical trial experience across a wide variety of therapeutic areas such as infectious diseases, cardiovascular, vaccines, oncology, endocrinology/metabolism, diabetes, gene therapy, immunology, neurology, gastroenterology, dermatology, hepatology, women's health and respiratory medicine. Encorium believes that its leadership in the design of complex clinical trials, its therapeutic expertise and commitment to excellence, and its application of innovative technologies, offer its clients a means to more quickly and cost effectively move products through the clinical development process. Encorium is headquartered in Wayne, Pennsylvania with its European base of operations in Espoo, Finland. The Company has a geographic footprint that includes over one billion people in North America, Western/Central/Eastern Europe, Scandinavia, and the Baltics.
This press release contains forward-looking statements identified by words such as "estimate," "project," "expect," "intend," "believe," "anticipate" and similar expressions. Actual results might differ materially from those projected in, expressed in or implied by the forward-looking statements. Potential risks and uncertainties that could affect the Company's future operating results and financial condition include, without limitation: (i) our success in attracting new business and retaining existing clients and projects; (ii) the size, duration, and timing of clinical trials we are currently managing may change unexpectedly; (iii) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues to decline unexpectedly; (iv) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (v) outsourcing trends in the pharmaceutical, biotechnology and medical device industries; (vi) the ability to maintain profit margins in a competitive marketplace; (vii) our ability to attract and retain qualified personnel; (viii) the sensitivity of our business to general economic conditions; (ix) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (x) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties; (xi) our backlog may not be indicative of future revenues and may not generate the revenues expected; (xii) our ability to successfully integrate the businesses of Encorium and Remedium Oy which we acquired on November 1, 2006; and (xiii) ability of the combined businesses to operate successfully, generate revenue growth and operating profits. You should not place any undue reliance on these forward looking statements which speak only as of the date of this press release. Additional information concerning factors that might affect our business or stock price which could cause actual results to materially differ from those in forward-looking statements is contained in Encorium Group's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2006 and other periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from Encorium Group's investor relations department or The Equity Group Inc.
Contact:
Encorium Group, Inc.
Lawrence R. Hoffman, CPA, Esq.
Chief Financial Officer
610-975-9533
lhoffman@encorium.com
www.encorium.com
or
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
aprior@equityny.com
www.theequitygroup.com
--------------------------------------------------------------------------------
Source: Encorium Group, Inc.
Thursday June 21, 10:22 am ET
WAYNE, Pa.--(BUSINESS WIRE)--Encorium Group, Inc. (Nasdaq: ENCO - News), a leader in the design, development, and management of complex clinical trials and patient registries for many of the world's leading pharmaceutical and biotechnology companies, today announced the signing of a $3.8 million contract for a Phase 2 clinical trial of a new antiviral agent to treat herpes zoster (shingles). Encorium will provide multiple services including program consulting, project management, site management and monitoring, data management, biostatistical support, and medical writing. Revenue recognition will begin during the current second quarter and continue on a proportional performance basis over the life of the contract as services are performed.
Kenneth M. Borow, M.D., Encorium Group's President and Chief Executive Officer, commented, "We are delighted to have been chosen by this new client to work on its Phase 2b trial involving a new antiviral agent for the treatment of herpes zoster (shingles). The program combines our expertise gained from operationally overseeing the highly successful 38,546 subject Shingles Prevention Trial with the patient recruitment experience obtained recently from clinical trials relating to antiviral treatments for acute influenza. Thus, this new contract represents an excellent blend of our infectious disease therapeutic area expertise and our highly relevant on-the-ground clinical operations capabilities and experience. We look forward to a long and mutually beneficial collaborative relationship with the sponsoring company."
Dr. Borow concluded, "We are now beginning to see the benefits of our expanded global business development efforts. This $3.8 million contract is a concrete example of the value that the biopharmaceutical industry places on our integrated offering of consulting services, operational expertise, proactive planning, and medical education capabilities. We anticipate announcing additional signed contracts over the next several months as well as further elaborating on other initiatives that we are pursuing."
About Herpes Zoster (Shingles)
Herpes zoster is caused by reactivation of the varicella zoster virus (VZV), the same virus that causes chickenpox. This can occur years or even decades after exposure to naturally occurring or vaccine type VZV. A decline in specific cell mediated immune response to VZV as observed in the elderly population and immunosuppressed hosts is regarded as the major precipitant for inducing VZV reactivation. It is estimated that 500,000 to 1 million cases of zoster are diagnosed annually in the U.S. Both genders are equally affected. About 20% of people who have had chicken pox will get zoster at some point during their lifetime. Zoster is characterized as a localized disease that usually involves only one side of the body. The rash that occurs with Zoster is often associated with significant pain. The pain symptoms may last many months after the rash has resolved. Use of antiviral therapy at the time of initial diagnosis is associated with a reduction in pain duration. The overall goals of antiviral therapy are to promote more rapid healing of skin lesions and to lessen the severity and duration of pain associated with the disease.
About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization that is a leader 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 and biologics development as well as clinical trial experience across a wide variety of therapeutic areas such as infectious diseases, cardiovascular, vaccines, oncology, endocrinology/metabolism, diabetes, gene therapy, immunology, neurology, gastroenterology, dermatology, hepatology, women's health and respiratory medicine. Encorium believes that its leadership in the design of complex clinical trials, its therapeutic expertise and commitment to excellence, and its application of innovative technologies, offer its clients a means to more quickly and cost effectively move products through the clinical development process. Encorium is headquartered in Wayne, Pennsylvania with its European base of operations in Espoo, Finland. The Company has a geographic footprint that includes over one billion people in North America, Western/Central/Eastern Europe, Scandinavia, and the Baltics.
This press release contains forward-looking statements identified by words such as "estimate," "project," "expect," "intend," "believe," "anticipate" and similar expressions. Actual results might differ materially from those projected in, expressed in or implied by the forward-looking statements. Potential risks and uncertainties that could affect the Company's future operating results and financial condition include, without limitation: (i) our success in attracting new business and retaining existing clients and projects; (ii) the size, duration, and timing of clinical trials we are currently managing may change unexpectedly; (iii) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues to decline unexpectedly; (iv) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (v) outsourcing trends in the pharmaceutical, biotechnology and medical device industries; (vi) the ability to maintain profit margins in a competitive marketplace; (vii) our ability to attract and retain qualified personnel; (viii) the sensitivity of our business to general economic conditions; (ix) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (x) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties; (xi) our backlog may not be indicative of future revenues and may not generate the revenues expected; (xii) our ability to successfully integrate the businesses of Encorium and Remedium Oy which we acquired on November 1, 2006; and (xiii) ability of the combined businesses to operate successfully, generate revenue growth and operating profits. You should not place any undue reliance on these forward looking statements which speak only as of the date of this press release. Additional information concerning factors that might affect our business or stock price which could cause actual results to materially differ from those in forward-looking statements is contained in Encorium Group's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2006 and other periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from Encorium Group's investor relations department or The Equity Group Inc.
Contact:
Encorium Group, Inc.
Lawrence R. Hoffman, CPA, Esq.
Chief Financial Officer
610-975-9533
lhoffman@encorium.com
www.encorium.com
or
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
aprior@equityny.com
www.theequitygroup.com
--------------------------------------------------------------------------------
Source: Encorium Group, Inc.
ALLGEMEINE INFOS zur Zulassung neuer Arzneien
22.06.2007 - 09:28 Uhr
FTD: Das kann ja heiter werden
Die Zulassung neuer Arzneien ist für die Pharmabranche längst keine Kleinigkeit mehr. Regelmäßig lassen die Behörden Hoffnungsträger durchfallen und Börsenträume platzen. Künftig kommt es noch dicker.
Sanofi-Aventis ist fassungslos über die Ablehnung seiner Diätpille Acomplia bei der US-Behörde FDA. Begründung: psychische Nebenwirkungen.
GlaxoSmithKline fürchtet das Aus für das umsatzstarke Diabetesmittel Avandia. Risiko: Herzinfarkt.
Das neue Krebsmittel Vectibix vom weltgrößten Biotechkonzern Amgen findet nicht den Zuspruch der Kontrolleure bei der EU-Behörde Emea. Erklärung: Wirksamkeit zweifelhaft.
Drei Beispiele aus der jüngsten Vergangenheit - eine gemeinsame Wirkung: Aufruhr an der Börse. Die Aktienkurse der betreffenden Konzerne sackten nacheinander auf ein Zweijahrestief. Allen Beteiligten, den Managern, Analysten und Kontrolleuren steckt noch der Skandal um das Schmerzmittel Vioxx in den Knochen. Die Folge für den Hersteller Merck & Co. sowie die Branche waren Tausende Schadensersatzklagen, Imagekrisen und Milliardenverluste. Das mahnte zur Vorsicht. Im Jahr drei nach Vioxx zieht die Politik auf beiden Seiten des Atlantiks die Zügel nun noch fester an.
So feilten am Donnerstag in Washington US-Senatoren an letzten Details für ein Gesetz, das der FDA mehr Einfluss und Geld für zusätzliche Sicherheitskontrollen von Medikamenten gibt. Dazu zahlt die Industrie an die FDA Gebühren von rund 400 Mio. $ jährlich, weitere 225 Mio. $ bringt sie in den kommenden fünf Jahren für die FDA-Observierung von Neueinführungen auf. "Die Nation hat aus den Sicherheitsproblemen mit dem Diabetesmedikament Avandia gelernt", sagte der Vorsitzende des Kongressausschusses, John Dingell, vor wenigen Tagen. Zudem können Verstöße gegen Marketing- und Sicherheitsauflagen mit bis zu 100 Mio. $
Strafe geahndet werden.
Und auch die Emea kann nun härter durchgreifen. Die EU-Kommission hat am 15. Juni eine Verordnung in Kraft gesetzt die Verstöße gegen Emea-Regeln mit hohen Geldbußen ahndet - etwa, wenn Firmen Vorgaben ihrer Arzneimittelzulassungen nicht einhalten, Informationen zur Risikobewertung ihrer Produkte zurückhalten oder deren Nebenwirkungen gar nicht oder erst sehr spät melden.
"Sehr harte Sanktionen"
Die Höchstgrenze der Geldbußen liegt bei fünf Prozent des Jahresumsatzes des betroffenen Zulassungsinhabers. Zulassungsinhaber kann auch eine Konzerntochter sein. "Das dürfte zu ungerechten Bestrafungen führen", sagte Unternehmensanwalt Uwe Fröhlich vom Pharmakonzern Baxter. "Zufälligerweise oder sogar absichtlich kann ein besonders umsatzstarker oder umsatzschwacher Teil eines Konzerns Inhaber der Zulassung sein. Ein Schlupfloch könnten auch Vermarktungspartnerschaften unabhängiger Unternehmen bieten, von denen nur eines die Zulassung hält." Gerechter sei es, die Buße am EU-weiten Umsatz der Arznei festzumachen. "Das sind alles in allem sehr harte Sanktionen", sagt Anwalt Jörg Schickert von der Kanzlei Lovells in München. Er findet manches an der Verordnung unausgereift. "Es gibt noch Schwachstellen, darunter die Frage, wie die Abgrenzung zwischen einzelstaatlichen Strafmaßnahmen und EU-weiten Sanktionen geregelt werden soll."
Das für Zulassungen zuständige Bundesinstitut für Arzneimittel und Medizinprodukte (BfArM) habe in der jüngeren Vergangenheit einige Straf- und Bußgeldverfahren eingeleitet, mit unterschiedlichem Ausgang entsprechend der Beweislage, heißt es auf Anfrage. "Ob es in Zukunft wichtiger sein wird, derartige Instrumentarien zur Verfügung zu haben, lässt sich nur schwer einschätzen", so das BfArM. Die im Arzneimittelgesetz für Ordnungswidrigkeiten vorgesehenen Bußgelder von maximal 25.000 Euro seien vergleichsweise gering.
Die Verordnung (EG) 658/2007 zur Auferlegung von Geldbußen durch die Kommission ist ein neuartiges Sanktionsmittel, das es für von der Emea zugelassene Arzneimittel bislang noch nicht gab. "Die Industrie sollte schnellstmöglich alle Schwachstellen abklopfen und Verfahren aufsetzen, die zukünftig Verstöße vermeiden. Dies sollte auch dokumentiert werden", sagte der Anwalt Schickert.
Emea-Chef Thomas Lönngren zumindest will nie mehr einen Tag wie den 30. September 2004 erleben: Weder der Vioxx-Hersteller Merck & Co. noch die FDA-Kollegen hatten ihn frühzeitig über den geplanten Rückruf der Schmerzpille informiert. Die Börse wusste früher Bescheid als er. "Wir wollen von Konzernen so schnell wie möglich informiert werden", sagte er.
Autor/Autoren: Peter Kuchenbuch
http://www.finanztreff.de/ftreff/news.htm?sektion=topthemen&…
22.06.2007 - 09:28 Uhr
FTD: Das kann ja heiter werden
Die Zulassung neuer Arzneien ist für die Pharmabranche längst keine Kleinigkeit mehr. Regelmäßig lassen die Behörden Hoffnungsträger durchfallen und Börsenträume platzen. Künftig kommt es noch dicker.
Sanofi-Aventis ist fassungslos über die Ablehnung seiner Diätpille Acomplia bei der US-Behörde FDA. Begründung: psychische Nebenwirkungen.
GlaxoSmithKline fürchtet das Aus für das umsatzstarke Diabetesmittel Avandia. Risiko: Herzinfarkt.
Das neue Krebsmittel Vectibix vom weltgrößten Biotechkonzern Amgen findet nicht den Zuspruch der Kontrolleure bei der EU-Behörde Emea. Erklärung: Wirksamkeit zweifelhaft.
Drei Beispiele aus der jüngsten Vergangenheit - eine gemeinsame Wirkung: Aufruhr an der Börse. Die Aktienkurse der betreffenden Konzerne sackten nacheinander auf ein Zweijahrestief. Allen Beteiligten, den Managern, Analysten und Kontrolleuren steckt noch der Skandal um das Schmerzmittel Vioxx in den Knochen. Die Folge für den Hersteller Merck & Co. sowie die Branche waren Tausende Schadensersatzklagen, Imagekrisen und Milliardenverluste. Das mahnte zur Vorsicht. Im Jahr drei nach Vioxx zieht die Politik auf beiden Seiten des Atlantiks die Zügel nun noch fester an.
So feilten am Donnerstag in Washington US-Senatoren an letzten Details für ein Gesetz, das der FDA mehr Einfluss und Geld für zusätzliche Sicherheitskontrollen von Medikamenten gibt. Dazu zahlt die Industrie an die FDA Gebühren von rund 400 Mio. $ jährlich, weitere 225 Mio. $ bringt sie in den kommenden fünf Jahren für die FDA-Observierung von Neueinführungen auf. "Die Nation hat aus den Sicherheitsproblemen mit dem Diabetesmedikament Avandia gelernt", sagte der Vorsitzende des Kongressausschusses, John Dingell, vor wenigen Tagen. Zudem können Verstöße gegen Marketing- und Sicherheitsauflagen mit bis zu 100 Mio. $
Strafe geahndet werden.
Und auch die Emea kann nun härter durchgreifen. Die EU-Kommission hat am 15. Juni eine Verordnung in Kraft gesetzt die Verstöße gegen Emea-Regeln mit hohen Geldbußen ahndet - etwa, wenn Firmen Vorgaben ihrer Arzneimittelzulassungen nicht einhalten, Informationen zur Risikobewertung ihrer Produkte zurückhalten oder deren Nebenwirkungen gar nicht oder erst sehr spät melden.
"Sehr harte Sanktionen"
Die Höchstgrenze der Geldbußen liegt bei fünf Prozent des Jahresumsatzes des betroffenen Zulassungsinhabers. Zulassungsinhaber kann auch eine Konzerntochter sein. "Das dürfte zu ungerechten Bestrafungen führen", sagte Unternehmensanwalt Uwe Fröhlich vom Pharmakonzern Baxter. "Zufälligerweise oder sogar absichtlich kann ein besonders umsatzstarker oder umsatzschwacher Teil eines Konzerns Inhaber der Zulassung sein. Ein Schlupfloch könnten auch Vermarktungspartnerschaften unabhängiger Unternehmen bieten, von denen nur eines die Zulassung hält." Gerechter sei es, die Buße am EU-weiten Umsatz der Arznei festzumachen. "Das sind alles in allem sehr harte Sanktionen", sagt Anwalt Jörg Schickert von der Kanzlei Lovells in München. Er findet manches an der Verordnung unausgereift. "Es gibt noch Schwachstellen, darunter die Frage, wie die Abgrenzung zwischen einzelstaatlichen Strafmaßnahmen und EU-weiten Sanktionen geregelt werden soll."
Das für Zulassungen zuständige Bundesinstitut für Arzneimittel und Medizinprodukte (BfArM) habe in der jüngeren Vergangenheit einige Straf- und Bußgeldverfahren eingeleitet, mit unterschiedlichem Ausgang entsprechend der Beweislage, heißt es auf Anfrage. "Ob es in Zukunft wichtiger sein wird, derartige Instrumentarien zur Verfügung zu haben, lässt sich nur schwer einschätzen", so das BfArM. Die im Arzneimittelgesetz für Ordnungswidrigkeiten vorgesehenen Bußgelder von maximal 25.000 Euro seien vergleichsweise gering.
Die Verordnung (EG) 658/2007 zur Auferlegung von Geldbußen durch die Kommission ist ein neuartiges Sanktionsmittel, das es für von der Emea zugelassene Arzneimittel bislang noch nicht gab. "Die Industrie sollte schnellstmöglich alle Schwachstellen abklopfen und Verfahren aufsetzen, die zukünftig Verstöße vermeiden. Dies sollte auch dokumentiert werden", sagte der Anwalt Schickert.
Emea-Chef Thomas Lönngren zumindest will nie mehr einen Tag wie den 30. September 2004 erleben: Weder der Vioxx-Hersteller Merck & Co. noch die FDA-Kollegen hatten ihn frühzeitig über den geplanten Rückruf der Schmerzpille informiert. Die Börse wusste früher Bescheid als er. "Wir wollen von Konzernen so schnell wie möglich informiert werden", sagte er.
Autor/Autoren: Peter Kuchenbuch
http://www.finanztreff.de/ftreff/news.htm?sektion=topthemen&…
ich bin eingestiegen
habe nachgekauft!
Trading Spotlight
Encorium Group, Inc. Announces $3.0 Million in New Contracts for Clinical Trials in Women's Health
Tuesday July 10, 9:33 am ET
WAYNE, Pa.--(BUSINESS WIRE)--Encorium Group, Inc. (Nasdaq: ENCO - News), a leader in the design, development, and management of complex clinical trials and patient registries for many of the world's leading pharmaceutical and biotechnology companies, today announced that it has recently signed two new clinical trial contracts for Women's Health indications. The aggregate value of the contracts is approximately $3.0 million. The trials, which represent repeat business for Encorium with a US based biotechnology company, will be conducted in Europe. Encorium will provide multiple services including project management, site management and monitoring, data management, biostatistical support, and medical writing. Revenue recognition will begin during the current third quarter and continue on a proportional performance basis over the life of the contract as services are performed.
Kai E. Lindevall, M.D., Ph.D., Encorium Group's President, International Operations, Europe and Asia commented, "We are proud to have the opportunity to continue working with this client on an exciting project which addresses an important unmet need in Women's Health. We believe that these new contracts reflect a high level of continued trust in Encorium by the Sponsor company while emphasizing the importance of our ability to deliver quality clinical trial services in a timely fashion."
Kenneth M. Borow, M.D., Encorium Group's Chief Executive Officer, commented, "We are now beginning to hit our stride in new business development efforts. We expect additional new contract signings over the next several weeks as final decisions are made relating to numerous projects in our new business pipeline."
About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization that is a leader 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 and biologics development as well as clinical trial experience across a wide variety of therapeutic areas such as infectious diseases, cardiovascular, vaccines, oncology, endocrinology/metabolism, diabetes, gene therapy, immunology, neurology, gastroenterology, dermatology, hepatology, women's health and respiratory medicine. Encorium believes that its leadership in the design of complex clinical trials, its therapeutic expertise and commitment to excellence, and its application of innovative technologies, offer its clients a means to more quickly and cost effectively move products through the clinical development process. Encorium is headquartered in Wayne, Pennsylvania with its European base of operations in Espoo, Finland. The Company has a geographic footprint that includes over one billion people in North America, Western/Central/Eastern Europe, Scandinavia, and the Baltics.
This press release contains forward-looking statements identified by words such as "estimate," "project," "expect," "intend," "believe," "anticipate" and similar expressions. Actual results might differ materially from those projected in, expressed in or implied by the forward-looking statements. Potential risks and uncertainties that could affect the Company's future operating results and financial condition include, without limitation: (i) our success in attracting new business and retaining existing clients and projects; (ii) the size, duration, and timing of clinical trials we are currently managing may change unexpectedly; (iii) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues to decline unexpectedly; (iv) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (v) outsourcing trends in the pharmaceutical, biotechnology and medical device industries; (vi) the ability to maintain profit margins in a competitive marketplace; (vii) our ability to attract and retain qualified personnel; (viii) the sensitivity of our business to general economic conditions; (ix) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (x) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties;(xi) our backlog may not be indicative of future revenues and may not generate the revenues expected;(xii) our ability to successfully integrate the businesses of Encorium and Remedium Oy which we acquired on November 1, 2006; and (xiii) the ability of the combined businesses to operate successfully, generate revenue growth and operating profits. You should not place any undue reliance on these forward looking statements which speak only as of the date of this press release. Additional information concerning factors that might affect our business or stock price which could cause actual results to materially differ from those in forward-looking statements is contained in Encorium Group's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2006 and other periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from Encorium Group's investor relations department or The Equity Group Inc.
Contact:
Encorium Group, Inc.
Lawrence R. Hoffman, CPA, Esq.
Chief Financial Officer
610-975-9533
lhoffman@encorium.com
www.encorium.com
or
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
aprior@equityny.com
www.theequitygroup.com
--------------------------------------------------------------------------------
Source: Encorium Group, Inc.
Tuesday July 10, 9:33 am ET
WAYNE, Pa.--(BUSINESS WIRE)--Encorium Group, Inc. (Nasdaq: ENCO - News), a leader in the design, development, and management of complex clinical trials and patient registries for many of the world's leading pharmaceutical and biotechnology companies, today announced that it has recently signed two new clinical trial contracts for Women's Health indications. The aggregate value of the contracts is approximately $3.0 million. The trials, which represent repeat business for Encorium with a US based biotechnology company, will be conducted in Europe. Encorium will provide multiple services including project management, site management and monitoring, data management, biostatistical support, and medical writing. Revenue recognition will begin during the current third quarter and continue on a proportional performance basis over the life of the contract as services are performed.
Kai E. Lindevall, M.D., Ph.D., Encorium Group's President, International Operations, Europe and Asia commented, "We are proud to have the opportunity to continue working with this client on an exciting project which addresses an important unmet need in Women's Health. We believe that these new contracts reflect a high level of continued trust in Encorium by the Sponsor company while emphasizing the importance of our ability to deliver quality clinical trial services in a timely fashion."
Kenneth M. Borow, M.D., Encorium Group's Chief Executive Officer, commented, "We are now beginning to hit our stride in new business development efforts. We expect additional new contract signings over the next several weeks as final decisions are made relating to numerous projects in our new business pipeline."
About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization that is a leader 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 and biologics development as well as clinical trial experience across a wide variety of therapeutic areas such as infectious diseases, cardiovascular, vaccines, oncology, endocrinology/metabolism, diabetes, gene therapy, immunology, neurology, gastroenterology, dermatology, hepatology, women's health and respiratory medicine. Encorium believes that its leadership in the design of complex clinical trials, its therapeutic expertise and commitment to excellence, and its application of innovative technologies, offer its clients a means to more quickly and cost effectively move products through the clinical development process. Encorium is headquartered in Wayne, Pennsylvania with its European base of operations in Espoo, Finland. The Company has a geographic footprint that includes over one billion people in North America, Western/Central/Eastern Europe, Scandinavia, and the Baltics.
This press release contains forward-looking statements identified by words such as "estimate," "project," "expect," "intend," "believe," "anticipate" and similar expressions. Actual results might differ materially from those projected in, expressed in or implied by the forward-looking statements. Potential risks and uncertainties that could affect the Company's future operating results and financial condition include, without limitation: (i) our success in attracting new business and retaining existing clients and projects; (ii) the size, duration, and timing of clinical trials we are currently managing may change unexpectedly; (iii) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues to decline unexpectedly; (iv) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (v) outsourcing trends in the pharmaceutical, biotechnology and medical device industries; (vi) the ability to maintain profit margins in a competitive marketplace; (vii) our ability to attract and retain qualified personnel; (viii) the sensitivity of our business to general economic conditions; (ix) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (x) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties;(xi) our backlog may not be indicative of future revenues and may not generate the revenues expected;(xii) our ability to successfully integrate the businesses of Encorium and Remedium Oy which we acquired on November 1, 2006; and (xiii) the ability of the combined businesses to operate successfully, generate revenue growth and operating profits. You should not place any undue reliance on these forward looking statements which speak only as of the date of this press release. Additional information concerning factors that might affect our business or stock price which could cause actual results to materially differ from those in forward-looking statements is contained in Encorium Group's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2006 and other periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from Encorium Group's investor relations department or The Equity Group Inc.
Contact:
Encorium Group, Inc.
Lawrence R. Hoffman, CPA, Esq.
Chief Financial Officer
610-975-9533
lhoffman@encorium.com
www.encorium.com
or
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
aprior@equityny.com
www.theequitygroup.com
--------------------------------------------------------------------------------
Source: Encorium Group, Inc.
Encorium Group, Inc. Announces $1.7 Million Contract With Japanese Biotechnology Company For Phase 2 Clinical Trial For Major Depressive Disorder
Thursday July 12, 9:00 am ET
WAYNE, Pa.--(BUSINESS WIRE)--Encorium Group, Inc. (Nasdaq:ENCO - News), a leader in the design, development, and management of complex clinical trials and patient registries for many of the world's leading pharmaceutical and biotechnology companies, today announced the signing of a $1.7 million contract with a Japanese biotechnology company for a Phase 2 clinical trial of a new drug for Major Depressive Disorder (MDD). Encorium will provide multiple services including program consulting, project management, site management and monitoring, data management, biostatistical support, and medical writing. Revenue recognition will begin during the current third quarter and continue on a proportional performance basis over the life of the contract as services are performed.
Kai E. Lindevall, M.D., Ph.D. Encorium Group's President, International Operations, Europe and Asia commented, "This is a landmark event in our long-term commitment to provide the Japanese biopharmaceutical industry with quality solutions in a cost efficient and timely manner. Our regulatory and medical consultancy capabilities, combined with our ability to successfully execute clinical trials in Europe differentiated us from the competition. We are seeing increasing interest within the Japanese biopharmaceutical industry for the mix of capabilities and geography that Encorium offers. We anticipate that this clinical trial will be an important starting point for other potential long-term collaborations in this very influential segment of the biopharmaceutical industry."
Kenneth M. Borow, M.D., Encorium Group's Chief Executive Officer, commented, "This contract is an excellent example of our increasing commitment to globalizing our product offerings and client base. Including this announcement, over the past three weeks Encorium has announced $8.5 million of new contract signings across multiple geographies and therapeutic areas. Importantly, revenue recognition for all of these contracts will begin in the current third quarter."
About Major Depressive Disorder
Major Depressive Disorder (MDD), or clinical depression, affects 7-12% of men and 20-25% of women in their lifetime. Approximately 10-30% of subjects with MDD have a chronic course with episodes that last two or more years. Clinical efficacy trials indicate that one-third of patients respond to medications with remission in six to eight weeks. Mood disorders rank among the top 10 causes of worldwide disability. Suicide is the worst complication of MDD with 10-15% of patients formerly hospitalized with depression committing suicide. MDD accounts for nearly one-third of all deaths by suicide. Recognizing the magnitude of this healthcare problem, the U.S. Surgeon General issued a Call to Action on Suicide in 1999.
About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization that is a leader 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 and biologics development as well as clinical trial experience across a wide variety of therapeutic areas such as infectious diseases, cardiovascular, vaccines, oncology, endocrinology/metabolism, diabetes, gene therapy, immunology, neurology, gastroenterology, dermatology, hepatology, women's health and respiratory medicine. Encorium believes that its leadership in the design of complex clinical trials, its therapeutic expertise and commitment to excellence, and its application of innovative technologies, offer its clients a means to more quickly and cost effectively move products through the clinical development process. Encorium is headquartered in Wayne, Pennsylvania with its European base of operations in Espoo, Finland. The Company has a geographic footprint that includes over one billion people in North America, Western/Central/Eastern Europe, Scandinavia, and the Baltics.
This press release contains forward-looking statements identified by words such as "estimate," "project," "expect," "intend," "believe," "anticipate" and similar expressions. Actual results might differ materially from those projected in, expressed in or implied by the forward-looking statements. Potential risks and uncertainties that could affect the Company's future operating results and financial condition include, without limitation: (i) our success in attracting new business and retaining existing clients and projects; (ii) the size, duration, and timing of clinical trials we are currently managing may change unexpectedly; (iii) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues to decline unexpectedly; (iv) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (v) outsourcing trends in the pharmaceutical, biotechnology and medical device industries; (vi) the ability to maintain profit margins in a competitive marketplace; (vii) our ability to attract and retain qualified personnel; (viii) the sensitivity of our business to general economic conditions; (ix) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (x) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties;(xi) our backlog may not be indicative of future revenues and may not generate the revenues expected;(xii) our ability to successfully integrate the businesses of Encorium and Remedium Oy which we acquired on November 1, 2006; and (xiii) ability of the combined businesses to operate successfully, generate revenue growth and operating profits. You should not place any undue reliance on these forward looking statements which speak only as of the date of this press release. Additional information concerning factors that might affect our business or stock price which could cause actual results to materially differ from those in forward-looking statements is contained in Encorium Group's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2006 and other periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from Encorium Group's investor relations department or The Equity Group Inc.
Contact:
Encorium Group, Inc.
Lawrence R. Hoffman, CPA, Esq.
Chief Financial Officer
610-975-9533
lhoffman@encorium.com
www.encorium.com
or
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
aprior@equityny.com
www.theequitygroup.com
--------------------------------------------------------------------------------
Source: Encorium Group, Inc.
Thursday July 12, 9:00 am ET
WAYNE, Pa.--(BUSINESS WIRE)--Encorium Group, Inc. (Nasdaq:ENCO - News), a leader in the design, development, and management of complex clinical trials and patient registries for many of the world's leading pharmaceutical and biotechnology companies, today announced the signing of a $1.7 million contract with a Japanese biotechnology company for a Phase 2 clinical trial of a new drug for Major Depressive Disorder (MDD). Encorium will provide multiple services including program consulting, project management, site management and monitoring, data management, biostatistical support, and medical writing. Revenue recognition will begin during the current third quarter and continue on a proportional performance basis over the life of the contract as services are performed.
Kai E. Lindevall, M.D., Ph.D. Encorium Group's President, International Operations, Europe and Asia commented, "This is a landmark event in our long-term commitment to provide the Japanese biopharmaceutical industry with quality solutions in a cost efficient and timely manner. Our regulatory and medical consultancy capabilities, combined with our ability to successfully execute clinical trials in Europe differentiated us from the competition. We are seeing increasing interest within the Japanese biopharmaceutical industry for the mix of capabilities and geography that Encorium offers. We anticipate that this clinical trial will be an important starting point for other potential long-term collaborations in this very influential segment of the biopharmaceutical industry."
Kenneth M. Borow, M.D., Encorium Group's Chief Executive Officer, commented, "This contract is an excellent example of our increasing commitment to globalizing our product offerings and client base. Including this announcement, over the past three weeks Encorium has announced $8.5 million of new contract signings across multiple geographies and therapeutic areas. Importantly, revenue recognition for all of these contracts will begin in the current third quarter."
About Major Depressive Disorder
Major Depressive Disorder (MDD), or clinical depression, affects 7-12% of men and 20-25% of women in their lifetime. Approximately 10-30% of subjects with MDD have a chronic course with episodes that last two or more years. Clinical efficacy trials indicate that one-third of patients respond to medications with remission in six to eight weeks. Mood disorders rank among the top 10 causes of worldwide disability. Suicide is the worst complication of MDD with 10-15% of patients formerly hospitalized with depression committing suicide. MDD accounts for nearly one-third of all deaths by suicide. Recognizing the magnitude of this healthcare problem, the U.S. Surgeon General issued a Call to Action on Suicide in 1999.
About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization that is a leader 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 and biologics development as well as clinical trial experience across a wide variety of therapeutic areas such as infectious diseases, cardiovascular, vaccines, oncology, endocrinology/metabolism, diabetes, gene therapy, immunology, neurology, gastroenterology, dermatology, hepatology, women's health and respiratory medicine. Encorium believes that its leadership in the design of complex clinical trials, its therapeutic expertise and commitment to excellence, and its application of innovative technologies, offer its clients a means to more quickly and cost effectively move products through the clinical development process. Encorium is headquartered in Wayne, Pennsylvania with its European base of operations in Espoo, Finland. The Company has a geographic footprint that includes over one billion people in North America, Western/Central/Eastern Europe, Scandinavia, and the Baltics.
This press release contains forward-looking statements identified by words such as "estimate," "project," "expect," "intend," "believe," "anticipate" and similar expressions. Actual results might differ materially from those projected in, expressed in or implied by the forward-looking statements. Potential risks and uncertainties that could affect the Company's future operating results and financial condition include, without limitation: (i) our success in attracting new business and retaining existing clients and projects; (ii) the size, duration, and timing of clinical trials we are currently managing may change unexpectedly; (iii) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues to decline unexpectedly; (iv) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (v) outsourcing trends in the pharmaceutical, biotechnology and medical device industries; (vi) the ability to maintain profit margins in a competitive marketplace; (vii) our ability to attract and retain qualified personnel; (viii) the sensitivity of our business to general economic conditions; (ix) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (x) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties;(xi) our backlog may not be indicative of future revenues and may not generate the revenues expected;(xii) our ability to successfully integrate the businesses of Encorium and Remedium Oy which we acquired on November 1, 2006; and (xiii) ability of the combined businesses to operate successfully, generate revenue growth and operating profits. You should not place any undue reliance on these forward looking statements which speak only as of the date of this press release. Additional information concerning factors that might affect our business or stock price which could cause actual results to materially differ from those in forward-looking statements is contained in Encorium Group's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2006 and other periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from Encorium Group's investor relations department or The Equity Group Inc.
Contact:
Encorium Group, Inc.
Lawrence R. Hoffman, CPA, Esq.
Chief Financial Officer
610-975-9533
lhoffman@encorium.com
www.encorium.com
or
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
aprior@equityny.com
www.theequitygroup.com
--------------------------------------------------------------------------------
Source: Encorium Group, Inc.
aufträge über aufträge....
encorium sieht sehr gut aus!
encorium sieht sehr gut aus!
Encorium Group, Inc. Announces $4.0 Million of Additional New Business Contracts
Tuesday July 17, 9:00 am ET
Total of $12.5 Million in New Contracts Signed During 2Q07
WAYNE, Pa.--(BUSINESS WIRE)--Encorium Group, Inc. (Nasdaq: ENCO - News), a leader in the design, development, and management of complex clinical trials and patient registries for many of the world's leading pharmaceutical and biotechnology companies, today announced that the Company signed multiple new contracts with an aggregate value of approximately $4.0 million during its second quarter ended June 30, 2007. These contracts, which are in addition to the $8.5 million of signed contracts announced over the past four weeks, are for developmental support of new clinical trials and various changes-of-scope for existing studies. The contracts are with multiple clients and are across numerous therapeutic areas including cardiovascular diseases, oncology, diabetes, infectious diseases, and immunology/vaccines. Encorium will provide a variety of services, including consulting and trial design, project management, field monitoring, data management, financial management, and quality assurance. Revenue recognition for these contracts principally began in the current third quarter and will occur on a proportional performance basis as services are performed on each project.
Kenneth M. Borow, M.D., Chief Executive Officer for Encorium Group, commented, "I believe that Encorium is beginning to demonstrate a stronger competitive position as a consequence of our combination with Remedium last November. We are now seeing the benefits resulting from our increased geographic reach, our proficiencies and experience at the local country level, our expanded therapeutic area expertise, and having a more diverse client portfolio. In addition, the significant investments that we have made into new business development and marketing of the Encorium brand are showing very real results as reflected by the $12.5 million in contract signings in the second quarter of 2007."
Kai E. Lindevall, M.D., Ph.D., Encorium Group's President, International Operations, Europe and Asia, stated, "We have developed strong momentum in our European and Asian operations with $13.3 million of new contracts signed in these geographic areas during the first six months of 2007. Many of these contracts represent repeat business with longstanding clients, a result that we believe reflects positively on the high quality of our operations. Our strategy of providing excellent consulting and operational services to emerging biotechnology companies is also generating new and exciting opportunities for Encorium. As a consequence, we have been able to form preferred provider partnerships with several of our clients. I am also quite proud of the recent successes that we have had within the Japanese biopharmaceutical market as reflected by last week's new business announcement. We look forward to signing additional new business contracts with Japanese biopharmaceutical companies in the future."
About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization that is a leader 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 and biologics development as well as clinical trial experience across a wide variety of therapeutic areas such as infectious diseases, cardiovascular, vaccines, oncology, endocrinology/metabolism, diabetes, gene therapy, immunology, neurology, gastroenterology, dermatology, hepatology, women's health and respiratory medicine. Encorium believes that its leadership in the design of complex clinical trials, its therapeutic expertise and commitment to excellence, and its application of innovative technologies, offer its clients a means to more quickly and cost effectively move products through the clinical development process. Encorium is headquartered in Wayne, Pennsylvania with its European base of operations in Espoo, Finland. The Company has a geographic footprint that includes over one billion people in North America, Western/Central/Eastern Europe, Scandinavia, and the Baltics.
This press release contains forward-looking statements identified by words such as "estimate," "project," "expect," "intend," "believe," "anticipate" and similar expressions. Actual results might differ materially from those projected in, expressed in or implied by the forward-looking statements. Potential risks and uncertainties that could affect the Company's future operating results and financial condition include, without limitation: (i) our success in attracting new business and retaining existing clients and projects; (ii) the size, duration, and timing of clinical trials we are currently managing may change unexpectedly; (iii) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues to decline unexpectedly; (iv) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (v) outsourcing trends in the pharmaceutical, biotechnology and medical device industries; (vi) the ability to maintain profit margins in a competitive marketplace; (vii) our ability to attract and retain qualified personnel; (viii) the sensitivity of our business to general economic conditions; (ix) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (x) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties;(xi) our backlog may not be indicative of future revenues and may not generate the revenues expected;(xii) our ability to successfully integrate the businesses of Encorium and Remedium Oy which we acquired on November 1, 2006; and (xiii) ability of the combined businesses to operate successfully, generate revenue growth and operating profits. You should not place any undue reliance on these forward looking statements which speak only as of the date of this press release. Additional information concerning factors that might affect our business or stock price which could cause actual results to materially differ from those in forward-looking statements is contained in Encorium Group's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2006 and other periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from Encorium Group's investor relations department or The Equity Group Inc.
Contact:
Encorium Group, Inc.
Lawrence R. Hoffman, CPA, Esq., 610-975-9533
Chief Financial Officer
lhoffman@encorium.com
www.encorium.com
or
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
aprior@equityny.com
www.theequitygroup.com
--------------------------------------------------------------------------------
Source: Encorium Group, Inc.
Tuesday July 17, 9:00 am ET
Total of $12.5 Million in New Contracts Signed During 2Q07
WAYNE, Pa.--(BUSINESS WIRE)--Encorium Group, Inc. (Nasdaq: ENCO - News), a leader in the design, development, and management of complex clinical trials and patient registries for many of the world's leading pharmaceutical and biotechnology companies, today announced that the Company signed multiple new contracts with an aggregate value of approximately $4.0 million during its second quarter ended June 30, 2007. These contracts, which are in addition to the $8.5 million of signed contracts announced over the past four weeks, are for developmental support of new clinical trials and various changes-of-scope for existing studies. The contracts are with multiple clients and are across numerous therapeutic areas including cardiovascular diseases, oncology, diabetes, infectious diseases, and immunology/vaccines. Encorium will provide a variety of services, including consulting and trial design, project management, field monitoring, data management, financial management, and quality assurance. Revenue recognition for these contracts principally began in the current third quarter and will occur on a proportional performance basis as services are performed on each project.
Kenneth M. Borow, M.D., Chief Executive Officer for Encorium Group, commented, "I believe that Encorium is beginning to demonstrate a stronger competitive position as a consequence of our combination with Remedium last November. We are now seeing the benefits resulting from our increased geographic reach, our proficiencies and experience at the local country level, our expanded therapeutic area expertise, and having a more diverse client portfolio. In addition, the significant investments that we have made into new business development and marketing of the Encorium brand are showing very real results as reflected by the $12.5 million in contract signings in the second quarter of 2007."
Kai E. Lindevall, M.D., Ph.D., Encorium Group's President, International Operations, Europe and Asia, stated, "We have developed strong momentum in our European and Asian operations with $13.3 million of new contracts signed in these geographic areas during the first six months of 2007. Many of these contracts represent repeat business with longstanding clients, a result that we believe reflects positively on the high quality of our operations. Our strategy of providing excellent consulting and operational services to emerging biotechnology companies is also generating new and exciting opportunities for Encorium. As a consequence, we have been able to form preferred provider partnerships with several of our clients. I am also quite proud of the recent successes that we have had within the Japanese biopharmaceutical market as reflected by last week's new business announcement. We look forward to signing additional new business contracts with Japanese biopharmaceutical companies in the future."
About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization that is a leader 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 and biologics development as well as clinical trial experience across a wide variety of therapeutic areas such as infectious diseases, cardiovascular, vaccines, oncology, endocrinology/metabolism, diabetes, gene therapy, immunology, neurology, gastroenterology, dermatology, hepatology, women's health and respiratory medicine. Encorium believes that its leadership in the design of complex clinical trials, its therapeutic expertise and commitment to excellence, and its application of innovative technologies, offer its clients a means to more quickly and cost effectively move products through the clinical development process. Encorium is headquartered in Wayne, Pennsylvania with its European base of operations in Espoo, Finland. The Company has a geographic footprint that includes over one billion people in North America, Western/Central/Eastern Europe, Scandinavia, and the Baltics.
This press release contains forward-looking statements identified by words such as "estimate," "project," "expect," "intend," "believe," "anticipate" and similar expressions. Actual results might differ materially from those projected in, expressed in or implied by the forward-looking statements. Potential risks and uncertainties that could affect the Company's future operating results and financial condition include, without limitation: (i) our success in attracting new business and retaining existing clients and projects; (ii) the size, duration, and timing of clinical trials we are currently managing may change unexpectedly; (iii) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues to decline unexpectedly; (iv) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (v) outsourcing trends in the pharmaceutical, biotechnology and medical device industries; (vi) the ability to maintain profit margins in a competitive marketplace; (vii) our ability to attract and retain qualified personnel; (viii) the sensitivity of our business to general economic conditions; (ix) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (x) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties;(xi) our backlog may not be indicative of future revenues and may not generate the revenues expected;(xii) our ability to successfully integrate the businesses of Encorium and Remedium Oy which we acquired on November 1, 2006; and (xiii) ability of the combined businesses to operate successfully, generate revenue growth and operating profits. You should not place any undue reliance on these forward looking statements which speak only as of the date of this press release. Additional information concerning factors that might affect our business or stock price which could cause actual results to materially differ from those in forward-looking statements is contained in Encorium Group's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2006 and other periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from Encorium Group's investor relations department or The Equity Group Inc.
Contact:
Encorium Group, Inc.
Lawrence R. Hoffman, CPA, Esq., 610-975-9533
Chief Financial Officer
lhoffman@encorium.com
www.encorium.com
or
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
aprior@equityny.com
www.theequitygroup.com
--------------------------------------------------------------------------------
Source: Encorium Group, Inc.
klasse news!
über 12 millionen$ aufträge in der letzten zeit!
bin long hier
über 12 millionen$ aufträge in der letzten zeit!
bin long hier
I believe that Encorium is beginning to demonstrate a stronger competitive position as a consequence of our combination with Remedium last November. We are now seeing the benefits resulting from our increased geographic reach, our proficiencies and experience at the local country level, our expanded therapeutic area expertise, and having a more diverse client portfolio. In addition, the significant investments that we have made into new business development and marketing of the Encorium brand are showing very real results as reflected by the $12.5 million in contract signings in the second quarter of 2007."
habe nochmal nachgelegt
es ist ein witz !
wie die firma bewertet ist!
nach den millionen $ von aufträgen
es ist ein witz !
wie die firma bewertet ist!
nach den millionen $ von aufträgen
bin gestern eingestiegen
es ist ein witz...
über 12 millionen$ neue aufträge...
die aktie fällt
über 12 millionen$ neue aufträge...
die aktie fällt
da wußten wohl einige mehr....das die zahlen schlecht ausgefallen sind!
bin gestern ausgestiegen..
Encorium Reports 2007 Second Quarter Financial Results
Monday August 13, 4:05 pm ET
Company to Hold Conference Call at 11:00 AM ET Tomorrow
2007 Second Quarter Business and Financial Highlights
-- Signed $12.5 million in new business contracts during the quarter
-- New business pipeline growing as a result of increased business development efforts and geographic footprint expansion in central and eastern Europe
-- Acquisition strategy in place to continue expansion of the Company\'s capabilities to conduct clinical trials on a global basis
-- Net loss reflects increased amortization from the Remedium acquisition and the previously announced loss of a major contract in the first quarter of 2007. However, backlog increased to $41 million at June 30, 2007 versus approximately $27 million as of June 30, 2006
WAYNE, Pa.--(BUSINESS WIRE)--Encorium Group, Inc. (Nasdaq: ENCO - News), a leader in the design, development, and management of complex clinical trials and patient registries for many of the world\'s leading pharmaceutical and biotechnology companies, today announced its financial results for the second quarter ended June 30, 2007 (see attached tables). These financial results include a full quarter and six months of combined operations following the November 1, 2006 closing of Encorium\'s business combination with Remedium Oy, a privately owned, full-service contract research organization (CRO) based in Espoo, Finland.
ADVERTISEMENT
Kenneth M. Borow, M.D., President and Chief Executive Officer for Encorium Group, commented, \"While we were hopeful that negotiations with our sponsors would have resulted in contract signings earlier this year, we believe that recent trends are positive indicators that our \"infinitely local\" operational expertise is gaining traction. During the latter part of the second quarter we signed and began services on $12.5 million in new business contracts. This newly signed business is now fully operational in the current third quarter. Importantly, these contracts were across multiple therapeutic areas including cardiovascular disease, diabetes, immunology/vaccines, infectious diseases/antivirals, neurology, oncology, and women\'s health. This broad scope of clinical conditions becomes an excellent base for additional new clinical trials business opportunities with multiple clients.\"
Dr. Borow continued, \"Contract signings at our European business continue to exceed expectations. We believe that this reflects the benefits resulting from our increased geographic reach and our proficiencies and experience at the local country level across Europe. In addition, over the past six weeks we have seen a surge in our potential new business pipeline among all clinical trial phases. At the present time, the Company\'s pipeline of potential new business opportunities is in excess of $55 million. We expect to convert a number of these opportunities into new contracts as we move into the end of the third quarter and early portion of the fourth quarter.\"
Dr. Borow concluded, \"We continue to pursue a variety of potential acquisition possibilities to help accelerate the next phase of our growth. As we have noted in the past, we are specifically focusing on companies that would enhance Encorium\'s existing operations either through expansion of our geographic reach (for example South America and India) and/or broadening of our therapeutic area capabilities within targeted sectors (for example oncology and endocrinology/metabolism).\"
2007 Second Quarter Financial Results
Net revenue for the second quarter of 2007 increased to $7.3 million from $3.6 million in the comparable prior year period. Net revenues for the Company\'s North American operations were $2.8 million while the Company\'s European operations reported net revenues of $4.5 million. Higher year-over-year net revenues for the second quarter were due to the acquisition of Remedium which was completed on November 1, 2006.
Direct expenses for the quarter ended June 30, 2007 were $4.9 million versus $2.0 million in the prior year period. These expenses as a percentage of net revenue were 67% in the second quarter of 2007, an increase from 56% in the second quarter of 2006 and from 57% in the first quarter of 2007. The decrease in gross profit margin in the second quarter of 2007 compared to the second quarter of 2006 and sequentially was principally due to lower rates of staff utilization in North America.
Selling, general, and administrative expenses were $2.8 million for the three months ended June 30, 2007 as compared to $912,000 for the three months ended June 30, 2006. This increase was principally due to higher business development and marketing costs in North America and Europe as the Company scaled up its capabilities in these areas in order to win additional new business. As a percentage of net revenues, SG&A expenses increased to 39% in the second quarter of 2007 from 25% in the comparable prior year period, and sequentially from 35% in the first quarter of 2006.
The Company reported a net loss for the second quarter of 2007 of $847,000, or $0.04 per diluted share, based on weighted average diluted shares outstanding of 19.1 million, compared to net income for the second quarter of 2006 of $670,000, or $0.05 per diluted share, based on weighted average diluted shares outstanding of 13.4 million.
The Company\'s net loss included depreciation and amortization expenses of $629,000 in the second quarter of 2007, as compared to $86,000 in the prior year period, an increase of $543,000. This increase is, in part, the result of the Company recording $498,000 of non-cash amortization expense directly associated with intangible assets acquired in the combination with Remedium.
2007 Six Month Financial Results
Net revenue for the six months ended June 30, 2007 increased to $16.1 million versus $5.6 million for the same six-month period in 2006. This increase in net revenue is due to the business combination with Remedium.
Direct expenses were $10.0 million, or 62% of net revenue, for the six months ended June 30, 2007 versus $3.7 million, or 66% of net revenue, for the six months ended June 30, 2006. SG&A expenses for the six months ended June 30, 2007 were $5.9 million, or 37% of net revenue, compared to $2.0 million, or 35% of net revenue for the prior six-month period. As a result of the aforementioned factors, the Company reported a net loss for the six months ended June 30, 2007 of $738,000, or $0.04 per share, from a net loss of $108,000, or $0.01 per share, in the comparable six-month period in 2006.
This net loss included depreciation and amortization expenses of $1.2 million for the six months ended June 30, 2007 as compared to $183,000 in the comparable prior year period, an increase of $1.1 million as a result of the combination with Remedium.
Management Outlook
Based on its recent contract signings and current backlog, Encorium is reiterating its previously announced net revenue guidance for the year ending December 31, 2007. Importantly, while this forecast takes new, incremental signed contracts into account, it does not include contributions to revenue that may arise from any business that is currently not under contract to Encorium. Thus, this estimate is based solely on the Company\'s current signed backlog of business contracts.
Backlog for the period ended June 30, 2007 was approximately $41 million versus approximately $27 million as of June 30, 2006, an increase of $14 million.
Financial Position
Encorium\'s balance sheet at June 30, 2007 reflected cash and cash equivalents of $7.9 million, compared to $5.5 million at December 31, 2006, and shareholders\' equity of $23.8 million, compared to $17.3 million at December 31, 2006. The increase in cash and cash equivalents at June 30, 2007 resulted primarily from the Company\'s completion of a private placement with certain institutional investors that raised $5 million in gross proceeds.
Investor Conference Call
Encorium will hold a conference call on August 14, 2007 at 11:00 AM (ET) to discuss these results. To participate in the live call by telephone, please dial (866) 550-5902, or for international callers, please dial (706) 643-2029. Those interested in listening to the conference call live via the Internet may do so by visiting the Company\'s Web site at www.encorium.com, or by going directly to: http://investor.shareholder.com/media/eventdetail.cfm?mediai… ENCO&mediakey=2A80E668856356BCCFE3370D2AB90C58&e=0 (Due to its length, this URL may need to be copied/pasted into your Internet browser\'s address field. Remove the extra space if one exists).
Please go to the Web site 15 minutes prior to the scheduled start to register, download, and install any necessary audio software. A webcast audio replay will be available for 30 days.
About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization that is a leader 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 and biologics development as well as clinical trial experience across a wide variety of therapeutic areas such as infectious diseases, cardiovascular, vaccines, oncology, endocrinology/metabolism, diabetes, gene therapy, immunology, neurology, gastroenterology, dermatology, hepatology, women\'s health and respiratory medicine. Encorium believes that its leadership in the design of complex clinical trials, its therapeutic expertise and commitment to excellence, and its application of innovative technologies, offer its clients a means to more quickly and cost effectively move products through the clinical development process. Encorium is headquartered in Wayne, Pennsylvania with its European base of operations in Espoo, Finland. The Company has a geographic footprint that includes over one billion people in North America, Western/Central/Eastern Europe, Scandinavia, and the Baltics.
This press release contains forward-looking statements identified by words such as \"estimate,\" \"project,\" \"expect,\" \"intend,\" \"believe,\" \"anticipate\" and similar expressions. Actual results might differ materially from those projected in, expressed in or implied by the forward-looking statements. Potential risks and uncertainties that could affect the Company\'s future operating results and financial condition include, without limitation: (i) our success in attracting new business and retaining existing clients and projects; (ii) the size, duration, and timing of clinical trials we are currently managing may change unexpectedly; (iii) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues to decline unexpectedly; (iv) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (v) outsourcing trends in the pharmaceutical, biotechnology and medical device industries; (vi) the ability to maintain profit margins in a competitive marketplace; (vii) our ability to attract and retain qualified personnel; (viii) the sensitivity of our business to general economic conditions; (ix) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (x) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties; (xi) our backlog may not be indicative of future revenues and may not generate the revenues expected; (xii) our ability to successfully integrate the businesses of Encorium and Remedium Oy which we acquired on November 1, 2006; and (xiii) ability of the combined businesses to operate successfully, generate revenue growth and operating profits. You should not place any undue reliance on these forward looking statements which speak only as of the date of this press release. Additional information concerning factors that might affect our business or stock price which could cause actual results to materially differ from those in forward-looking statements is contained in Encorium Group\'s SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2006 and other periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from Encorium Group\'s investor relations department or The Equity Group Inc.
ENCORIUM GROUP, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
------------ ------------------------ ------------
Net revenue $ 7,332,431 $ 3,605,508 $16,143,777 $ 5,593,546
Reimbursement
revenue 1,216,607 575,215 2,478,958 769,703
------------ ------------------------ ------------
Total Revenue 8,549,038 4,180,723 18,622,735 6,363,249
------------ ------------------------ ------------
Operating Expenses
Direct 4,944,872 2,016,015 9,953,808 3,704,074
Reimbursement
out-of-pocket
expenses 1,216,607 575,215 2,478,958 769,703
Selling, general
and
administrative 2,846,655 911,610 5,940,472 1,960,618
Depreciation and
amortization 629,056 85,522 1,241,776 182,822
------------ ------------------------ ------------
Total Operating
Expenses 9,637,190 3,588,362 19,615,014 6,617,217
------------ ------------------------ ------------
Income (Loss) from
Operations (1,088,152) 592,361 (992,279) (253,968)
Interest
Income 82,366 79,274 135,214 149,308
Interest
Expense (16,079) (1,535) (26,335) (3,137)
------------ ------------------------ ------------
Net Interest Income 66,287 77,739 108,879 146,171
------------ ------------------------ ------------
Net Income (Loss)
before Income
Taxes (1,021,865) 670,100 (883,400) (107,797)
Income Tax Benefit (174,875) - (145,143) -
------------ ------------------------ ------------
Net Income (Loss) $ (846,990) $ 670,100 $ (738,257) $ (107,797)
============ ======================== ============
Net Income (Loss)
per Common Share
Basic $ (0.04) $ 0.05 $ (0.04) $ (0.01)
Diluted $ (0.04) $ 0.05 $ (0.04) $ (0.01)
Weighted Average
Common and Common
Equivalent Shares
Outstanding
Basic 19,070,611 13,348,401 18,207,771 13,348,401
Diluted 19,070,611 13,442,037 18,207,771 13,348,401
ENCORIUM GROUP, INC
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
June 30, December 31,
2007 2006
------------ ------------
Assets
Current Assets
Cash and cash equivalents $ 7,884,571 $ 5,533,093
Investigator advances 677,822 1,299,682
Accounts receivable, less allowance of
$97,000 for June 30, 2007 and December 31,
2006, respectively 6,493,231 6,583,393
Prepaid expenses and other 869,299 562,940
Prepaid taxes 3,814 2,375
Costs and estimated earnings in excess of
related billings on uncompleted contracts 1,896,883 1,430,045
------------ ------------
Total Current Assets 17,825,620 15,411,528
------------ ------------
Property and Equipment, Net 1,303,360 1,048,219
Intangible Assets
Goodwill 15,376,191 15,372,540
Other intangibles, Net 5,201,205 6,197,584
Other assets 280,443 267,179
------------ ------------
Total Assets $39,986,819 $38,297,050
============ ============
Liabilities and Stockholders\' Equity
Current Liabilities
Accounts payable $ 1,055,426 $ 1,371,492
Notes payable 170,055 20,768
Accrued expenses 3,182,739 3,111,614
Accrued acquisition costs 2,007,665 5,714,780
Deferred taxes 935,571 623,972
Obligations under capital leases 22,773 29,205
Billings in excess of related costs and
estimated earnings on uncompleted
contracts 4,302,665 3,673,435
Customer advances 3,306,195 4,774,112
------------ ------------
Total Current Liabilities 14,983,089 19,319,378
------------ ------------
Long Term Liabilities
Obligations under capital leases - 7,790
Deferred taxes 632,706 1,093,254
Other liabilities 542,836 574,795
------------ ------------
Total Long Term Liabilities 1,175,542 1,675,839
------------ ------------
Total Liabilities 16,158,631 20,995,217
------------ ------------
Stockholders\' Equity
Common stock, $.001 par value 35,000,000
shares authorized, 20,065,241 and
17,498,575 shares issued and outstanding
respectively 20,065 17,499
Additional paid-in capital 30,004,361 23,720,213
Additional paid-in capital warrants 905,699 -
Accumulated deficit (6,650,784) (5,912,527)
Accumulated other comprehensive income 247,071 174,872
------------ ------------
Less: 24,526,412 18,000,057
Treasury stock, at cost, 230,864
shares (698,224) (698,224)
------------ ------------
Total Stockholders\' Equity 23,828,188 17,301,833
------------ ------------
Total Liabilities and Stockholders\' Equity $39,986,819 $38,297,050
============ ============
Contact:
Encorium Group, Inc.
Lawrence R. Hoffman, CPA, Esq., 610-975-9533
Chief Financial Officer
lhoffman@encorium.com
www.encorium.com
OR
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
aprior@equityny.com
www.theequitygroup.com
--------------------------------------------------------------------------------
Source: Encorium Group, Inc.
bin gestern ausgestiegen..
Encorium Reports 2007 Second Quarter Financial Results
Monday August 13, 4:05 pm ET
Company to Hold Conference Call at 11:00 AM ET Tomorrow
2007 Second Quarter Business and Financial Highlights
-- Signed $12.5 million in new business contracts during the quarter
-- New business pipeline growing as a result of increased business development efforts and geographic footprint expansion in central and eastern Europe
-- Acquisition strategy in place to continue expansion of the Company\'s capabilities to conduct clinical trials on a global basis
-- Net loss reflects increased amortization from the Remedium acquisition and the previously announced loss of a major contract in the first quarter of 2007. However, backlog increased to $41 million at June 30, 2007 versus approximately $27 million as of June 30, 2006
WAYNE, Pa.--(BUSINESS WIRE)--Encorium Group, Inc. (Nasdaq: ENCO - News), a leader in the design, development, and management of complex clinical trials and patient registries for many of the world\'s leading pharmaceutical and biotechnology companies, today announced its financial results for the second quarter ended June 30, 2007 (see attached tables). These financial results include a full quarter and six months of combined operations following the November 1, 2006 closing of Encorium\'s business combination with Remedium Oy, a privately owned, full-service contract research organization (CRO) based in Espoo, Finland.
ADVERTISEMENT
Kenneth M. Borow, M.D., President and Chief Executive Officer for Encorium Group, commented, \"While we were hopeful that negotiations with our sponsors would have resulted in contract signings earlier this year, we believe that recent trends are positive indicators that our \"infinitely local\" operational expertise is gaining traction. During the latter part of the second quarter we signed and began services on $12.5 million in new business contracts. This newly signed business is now fully operational in the current third quarter. Importantly, these contracts were across multiple therapeutic areas including cardiovascular disease, diabetes, immunology/vaccines, infectious diseases/antivirals, neurology, oncology, and women\'s health. This broad scope of clinical conditions becomes an excellent base for additional new clinical trials business opportunities with multiple clients.\"
Dr. Borow continued, \"Contract signings at our European business continue to exceed expectations. We believe that this reflects the benefits resulting from our increased geographic reach and our proficiencies and experience at the local country level across Europe. In addition, over the past six weeks we have seen a surge in our potential new business pipeline among all clinical trial phases. At the present time, the Company\'s pipeline of potential new business opportunities is in excess of $55 million. We expect to convert a number of these opportunities into new contracts as we move into the end of the third quarter and early portion of the fourth quarter.\"
Dr. Borow concluded, \"We continue to pursue a variety of potential acquisition possibilities to help accelerate the next phase of our growth. As we have noted in the past, we are specifically focusing on companies that would enhance Encorium\'s existing operations either through expansion of our geographic reach (for example South America and India) and/or broadening of our therapeutic area capabilities within targeted sectors (for example oncology and endocrinology/metabolism).\"
2007 Second Quarter Financial Results
Net revenue for the second quarter of 2007 increased to $7.3 million from $3.6 million in the comparable prior year period. Net revenues for the Company\'s North American operations were $2.8 million while the Company\'s European operations reported net revenues of $4.5 million. Higher year-over-year net revenues for the second quarter were due to the acquisition of Remedium which was completed on November 1, 2006.
Direct expenses for the quarter ended June 30, 2007 were $4.9 million versus $2.0 million in the prior year period. These expenses as a percentage of net revenue were 67% in the second quarter of 2007, an increase from 56% in the second quarter of 2006 and from 57% in the first quarter of 2007. The decrease in gross profit margin in the second quarter of 2007 compared to the second quarter of 2006 and sequentially was principally due to lower rates of staff utilization in North America.
Selling, general, and administrative expenses were $2.8 million for the three months ended June 30, 2007 as compared to $912,000 for the three months ended June 30, 2006. This increase was principally due to higher business development and marketing costs in North America and Europe as the Company scaled up its capabilities in these areas in order to win additional new business. As a percentage of net revenues, SG&A expenses increased to 39% in the second quarter of 2007 from 25% in the comparable prior year period, and sequentially from 35% in the first quarter of 2006.
The Company reported a net loss for the second quarter of 2007 of $847,000, or $0.04 per diluted share, based on weighted average diluted shares outstanding of 19.1 million, compared to net income for the second quarter of 2006 of $670,000, or $0.05 per diluted share, based on weighted average diluted shares outstanding of 13.4 million.
The Company\'s net loss included depreciation and amortization expenses of $629,000 in the second quarter of 2007, as compared to $86,000 in the prior year period, an increase of $543,000. This increase is, in part, the result of the Company recording $498,000 of non-cash amortization expense directly associated with intangible assets acquired in the combination with Remedium.
2007 Six Month Financial Results
Net revenue for the six months ended June 30, 2007 increased to $16.1 million versus $5.6 million for the same six-month period in 2006. This increase in net revenue is due to the business combination with Remedium.
Direct expenses were $10.0 million, or 62% of net revenue, for the six months ended June 30, 2007 versus $3.7 million, or 66% of net revenue, for the six months ended June 30, 2006. SG&A expenses for the six months ended June 30, 2007 were $5.9 million, or 37% of net revenue, compared to $2.0 million, or 35% of net revenue for the prior six-month period. As a result of the aforementioned factors, the Company reported a net loss for the six months ended June 30, 2007 of $738,000, or $0.04 per share, from a net loss of $108,000, or $0.01 per share, in the comparable six-month period in 2006.
This net loss included depreciation and amortization expenses of $1.2 million for the six months ended June 30, 2007 as compared to $183,000 in the comparable prior year period, an increase of $1.1 million as a result of the combination with Remedium.
Management Outlook
Based on its recent contract signings and current backlog, Encorium is reiterating its previously announced net revenue guidance for the year ending December 31, 2007. Importantly, while this forecast takes new, incremental signed contracts into account, it does not include contributions to revenue that may arise from any business that is currently not under contract to Encorium. Thus, this estimate is based solely on the Company\'s current signed backlog of business contracts.
Backlog for the period ended June 30, 2007 was approximately $41 million versus approximately $27 million as of June 30, 2006, an increase of $14 million.
Financial Position
Encorium\'s balance sheet at June 30, 2007 reflected cash and cash equivalents of $7.9 million, compared to $5.5 million at December 31, 2006, and shareholders\' equity of $23.8 million, compared to $17.3 million at December 31, 2006. The increase in cash and cash equivalents at June 30, 2007 resulted primarily from the Company\'s completion of a private placement with certain institutional investors that raised $5 million in gross proceeds.
Investor Conference Call
Encorium will hold a conference call on August 14, 2007 at 11:00 AM (ET) to discuss these results. To participate in the live call by telephone, please dial (866) 550-5902, or for international callers, please dial (706) 643-2029. Those interested in listening to the conference call live via the Internet may do so by visiting the Company\'s Web site at www.encorium.com, or by going directly to: http://investor.shareholder.com/media/eventdetail.cfm?mediai… ENCO&mediakey=2A80E668856356BCCFE3370D2AB90C58&e=0 (Due to its length, this URL may need to be copied/pasted into your Internet browser\'s address field. Remove the extra space if one exists).
Please go to the Web site 15 minutes prior to the scheduled start to register, download, and install any necessary audio software. A webcast audio replay will be available for 30 days.
About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization that is a leader 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 and biologics development as well as clinical trial experience across a wide variety of therapeutic areas such as infectious diseases, cardiovascular, vaccines, oncology, endocrinology/metabolism, diabetes, gene therapy, immunology, neurology, gastroenterology, dermatology, hepatology, women\'s health and respiratory medicine. Encorium believes that its leadership in the design of complex clinical trials, its therapeutic expertise and commitment to excellence, and its application of innovative technologies, offer its clients a means to more quickly and cost effectively move products through the clinical development process. Encorium is headquartered in Wayne, Pennsylvania with its European base of operations in Espoo, Finland. The Company has a geographic footprint that includes over one billion people in North America, Western/Central/Eastern Europe, Scandinavia, and the Baltics.
This press release contains forward-looking statements identified by words such as \"estimate,\" \"project,\" \"expect,\" \"intend,\" \"believe,\" \"anticipate\" and similar expressions. Actual results might differ materially from those projected in, expressed in or implied by the forward-looking statements. Potential risks and uncertainties that could affect the Company\'s future operating results and financial condition include, without limitation: (i) our success in attracting new business and retaining existing clients and projects; (ii) the size, duration, and timing of clinical trials we are currently managing may change unexpectedly; (iii) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues to decline unexpectedly; (iv) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (v) outsourcing trends in the pharmaceutical, biotechnology and medical device industries; (vi) the ability to maintain profit margins in a competitive marketplace; (vii) our ability to attract and retain qualified personnel; (viii) the sensitivity of our business to general economic conditions; (ix) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (x) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties; (xi) our backlog may not be indicative of future revenues and may not generate the revenues expected; (xii) our ability to successfully integrate the businesses of Encorium and Remedium Oy which we acquired on November 1, 2006; and (xiii) ability of the combined businesses to operate successfully, generate revenue growth and operating profits. You should not place any undue reliance on these forward looking statements which speak only as of the date of this press release. Additional information concerning factors that might affect our business or stock price which could cause actual results to materially differ from those in forward-looking statements is contained in Encorium Group\'s SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2006 and other periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from Encorium Group\'s investor relations department or The Equity Group Inc.
ENCORIUM GROUP, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
------------ ------------------------ ------------
Net revenue $ 7,332,431 $ 3,605,508 $16,143,777 $ 5,593,546
Reimbursement
revenue 1,216,607 575,215 2,478,958 769,703
------------ ------------------------ ------------
Total Revenue 8,549,038 4,180,723 18,622,735 6,363,249
------------ ------------------------ ------------
Operating Expenses
Direct 4,944,872 2,016,015 9,953,808 3,704,074
Reimbursement
out-of-pocket
expenses 1,216,607 575,215 2,478,958 769,703
Selling, general
and
administrative 2,846,655 911,610 5,940,472 1,960,618
Depreciation and
amortization 629,056 85,522 1,241,776 182,822
------------ ------------------------ ------------
Total Operating
Expenses 9,637,190 3,588,362 19,615,014 6,617,217
------------ ------------------------ ------------
Income (Loss) from
Operations (1,088,152) 592,361 (992,279) (253,968)
Interest
Income 82,366 79,274 135,214 149,308
Interest
Expense (16,079) (1,535) (26,335) (3,137)
------------ ------------------------ ------------
Net Interest Income 66,287 77,739 108,879 146,171
------------ ------------------------ ------------
Net Income (Loss)
before Income
Taxes (1,021,865) 670,100 (883,400) (107,797)
Income Tax Benefit (174,875) - (145,143) -
------------ ------------------------ ------------
Net Income (Loss) $ (846,990) $ 670,100 $ (738,257) $ (107,797)
============ ======================== ============
Net Income (Loss)
per Common Share
Basic $ (0.04) $ 0.05 $ (0.04) $ (0.01)
Diluted $ (0.04) $ 0.05 $ (0.04) $ (0.01)
Weighted Average
Common and Common
Equivalent Shares
Outstanding
Basic 19,070,611 13,348,401 18,207,771 13,348,401
Diluted 19,070,611 13,442,037 18,207,771 13,348,401
ENCORIUM GROUP, INC
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
June 30, December 31,
2007 2006
------------ ------------
Assets
Current Assets
Cash and cash equivalents $ 7,884,571 $ 5,533,093
Investigator advances 677,822 1,299,682
Accounts receivable, less allowance of
$97,000 for June 30, 2007 and December 31,
2006, respectively 6,493,231 6,583,393
Prepaid expenses and other 869,299 562,940
Prepaid taxes 3,814 2,375
Costs and estimated earnings in excess of
related billings on uncompleted contracts 1,896,883 1,430,045
------------ ------------
Total Current Assets 17,825,620 15,411,528
------------ ------------
Property and Equipment, Net 1,303,360 1,048,219
Intangible Assets
Goodwill 15,376,191 15,372,540
Other intangibles, Net 5,201,205 6,197,584
Other assets 280,443 267,179
------------ ------------
Total Assets $39,986,819 $38,297,050
============ ============
Liabilities and Stockholders\' Equity
Current Liabilities
Accounts payable $ 1,055,426 $ 1,371,492
Notes payable 170,055 20,768
Accrued expenses 3,182,739 3,111,614
Accrued acquisition costs 2,007,665 5,714,780
Deferred taxes 935,571 623,972
Obligations under capital leases 22,773 29,205
Billings in excess of related costs and
estimated earnings on uncompleted
contracts 4,302,665 3,673,435
Customer advances 3,306,195 4,774,112
------------ ------------
Total Current Liabilities 14,983,089 19,319,378
------------ ------------
Long Term Liabilities
Obligations under capital leases - 7,790
Deferred taxes 632,706 1,093,254
Other liabilities 542,836 574,795
------------ ------------
Total Long Term Liabilities 1,175,542 1,675,839
------------ ------------
Total Liabilities 16,158,631 20,995,217
------------ ------------
Stockholders\' Equity
Common stock, $.001 par value 35,000,000
shares authorized, 20,065,241 and
17,498,575 shares issued and outstanding
respectively 20,065 17,499
Additional paid-in capital 30,004,361 23,720,213
Additional paid-in capital warrants 905,699 -
Accumulated deficit (6,650,784) (5,912,527)
Accumulated other comprehensive income 247,071 174,872
------------ ------------
Less: 24,526,412 18,000,057
Treasury stock, at cost, 230,864
shares (698,224) (698,224)
------------ ------------
Total Stockholders\' Equity 23,828,188 17,301,833
------------ ------------
Total Liabilities and Stockholders\' Equity $39,986,819 $38,297,050
============ ============
Contact:
Encorium Group, Inc.
Lawrence R. Hoffman, CPA, Esq., 610-975-9533
Chief Financial Officer
lhoffman@encorium.com
www.encorium.com
OR
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior, 212-836-9606
aprior@equityny.com
www.theequitygroup.com
--------------------------------------------------------------------------------
Source: Encorium Group, Inc.
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