Pacific Biometrics, Inc. Awarded Research Contracts as Part of Global Phase I and II Diabetes and Obesity Programs
Seattle, Washington, April 3, 2008 - Pacific Biometrics, Inc. (PBI) (OTCBB: PBME) has been awarded a series of contracts with a top multinational pharmaceutical company (the “Sponsor”) to provide essential laboratory data for a global Phase I and Phase II metabolic disease program. These contracts are part of a series of seven contracts related to clinical trials that form part of a global development program for an innovative approach for the treatment of type 2 diabetes and obesity.
PBI will provide the Sponsor with testing of metabolic markers and gut hormones on samples collected to support the Sponsor’s clinical development program. Testing has already commenced and is anticipated to be completed by the end of the first quarter of calendar 2009, although additional studies may be added to the program. PBI estimates total revenue over the expected life of these contracts at over $800,000.
Ron Helm, Chief Executive Officer of Pacific Biometrics, commented, “We are delighted to have the opportunity to work with this industry-leading Sponsor to test for improvements in metabolic and gut hormone profiles in patients with type 2 diabetes and obesity. The Sponsor is developing a next-generation metabolic drug and we are excited to be a part of this program. This class of drug, and related programs, is part of an industry trend toward developing novel approaches for the treatment of metabolic syndrome, which includes diabetes, obesity, and lipid abnormalities. The Sponsor required a lab with gold-standard methods for metabolic marker and hormone testing, as well as the capability to set up and validate new assays, and PBI is well positioned to deliver the highest quality results in all of these areas. Our reputation for providing accurate, reliable analyses and responsive services continues to strengthen our prospects for future business.”
Helm continued, “As these contracts indicate, our expertise across multiple categories of biomarkers offers Pacific Biometrics a competitive advantage that we believe will enable us to pursue a growing number of opportunities going forward. The size and timeline for completion of this project will not only strengthen our relationship with this Sponsor, but will also add to growth in our backlog. Assuming the scope of the studies remains unchanged, the contracts should have a meaningful impact on our fiscal 2008 and 2009 financial results.”
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 Biomarkers, Inc., incorporated February 1, 2008 as a wholly owned subsidiary of Pacific Biometrics, Inc., focuses specifically on the emerging field of biomarker assay development and testing. Services include validating and performing ligand-binding assays for novel clinical biomarkers, immunogenicity testing, and multiplex testing.
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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