Pacific Biometrics, Inc. Announces Incorporation of a New, Wholly Owned Subsidiary, Pacific Biomarkers, Inc.
Seattle, Washington, February 4, 2008 - Pacific Biometrics, Inc. (PBI) (OTCBB: PBME) announces the formation of a new, wholly owned subsidiary, Pacific Biomarkers, Inc., incorporated February 1, 2008 in the state of Washington. Pacific Biomarkers was created to focus specifically on the emerging field of biomarker development and testing. To that end, the recently launched new business unit, Clinical Biomarker Services, has been transferred to the subsidiary. As previously announced, Clinical Biomarker Services includes validation of ligand-binding assays for immunogenicity testing and novel biomarkers in a regulatory-compliant laboratory environment. These new specialty biomarker services are supported by investments in new instrument platforms for electrochemiluminescence- and multiplex-based testing.
Mario Ehlers, MD, PhD, PBI’s Chief Medical Officer since August 2002, will serve as Pacific Biomarker’s President and CEO. Dr. Ehlers is a physician-scientist with 11 years of experience in academic research and 10 years in the biopharmaceutical industry. He has extensive experience in business development and product design in the diabetes, cardiovascular, and musculoskeletal disease areas – including clinical development and facilitating progress through regulatory pathways. Dr. Ehlers was formerly chairman of an academic department at the University of Cape Town Medical School and an instructor in biochemistry at Harvard Medical School, and he has authored more than 50 published articles and five patents.
Announcing the incorporation of the new subsidiary, Ron Helm, Chief Executive Officer of Pacific Biometrics, commented, “The formation of Pacific Biomarkers is the next step in PBI’s aggressive entry into the biomarker services space. As we have noted on several occasions in recent years, we are seeing the continued evolution of clinical drug development towards increased reliance on biomarkers to guide development and improve the safety and efficacy of novel drugs. The provision of clinical biomarker services requires a high level of scientific expertise and a thorough understanding of ligand-binding assays, which PBI has demonstrated consistently since it was founded in 1989. We will also begin providing immunogenicity testing services, which is a specific requirement for biologic drugs and represents an area of growing demand.”
Helm continued, “The company is fully committed to becoming a significant player in outsourced clinical biomarker services and we expect to see substantial growth in backlog and revenues associated with these services in the medium and long term. Indeed, since launching our Clinical Biomarker Services business unit 6 months ago, we have already captured a significant number of contracts in this space and we are observing a strong demand going forward.”
“What’s particularly exciting about this new subsidiary,” said Dr. Ehlers, “is that it positions the company not only to provide specialty contract services for drug development but also to take a proprietary position in novel biomarkers when the opportunity presents itself. The market is moving towards a model where companion diagnostics are an essential component of new therapeutics. We intend to leverage the reputation, expertise and partnerships of our parent company, Pacific Biometrics, in both product research and business development efforts, as we move forward with testing services on a contract basis and as we search for potential in-licensing and product-development opportunities.”
About Pacific Biometrics, Inc. (PBI)
Established in 1989, PBI provides specialized central laboratory and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research. The company provides expert services in the areas of cardiovascular disease, diabetes, osteoporosis, arthritis, and nutrition. The PBI laboratory is accredited by the College of American Pathologists, and through its non-profit affiliate Pacific Biometrics Research Foundation, is one of only three U.S.-based members of the Centers for Disease Control (CDC) Cholesterol Reference Method Laboratory Network. PBI's clients include many of the world's largest pharmaceutical, biotech, and diagnostic companies.
Pacific Biometrics also owns several patented and patent-pending technologies, including monitoring devices for glucose and changes in bone turnover, an advanced, proprietary, isothermal DNA amplification technology, and a gene-based cell viability technology to distinguish live from dead cells in a broad range of diagnostic applications.
For more information about Pacific Biometrics, visit the company's web site at www.pacbio.com.
Source: Pacific Biometrics, Inc.
Contact:
Pacific Biometrics, Inc.
Ron Helm, CEO
(206) 298-0068
Kari Charbonnel, Investors and Media
(206) 298-0068
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements including to but not limited to our strategic planning and business development plans, our future growth, and the viability and acceptance of our products and services in the market. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, our ability to bid on and win laboratory services contracts, decisions by clients to suspend or terminate early their clinical studies, the success of our marketing and business development efforts, competition in the industry, and our ability to manage growth, as well as the risks and other factors set forth in our periodic filings with the U.S. Securities and Exchange Commission (including our Form 10-KSB for the year ended June 30, 2006 and our quarterly reports on Form 10-QSB for the quarters ended September 30, 2006, December 31, 2006, and March 31, 2007).
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