Pacific Biometrics, Inc. Awarded Major Research Contracts As Part Of A Global Arthritis Program
Seattle, Washington, April 4, 2008 - Pacific Biometrics, Inc. (PBI) (OTCBB: PBME) today announced the signing of a series of contracts worth a combined $3.0 million with a major multinational Sponsor. The contracts relate to a series of clinical trials that form part of a global phase II and phase III program that is investigating the safety and efficacy of a follow-on biological approach for the treatment of rheumatoid arthritis.
Pacific Biometrics (PBI) will provide the Sponsor with arthritis biomarker testing on samples collected to support the Sponsor’s clinical development program, eventually expected to result in a New Drug Application (NDA) filing with the FDA and equivalent filings with regulatory agencies in other jurisdictions. The initial phase of testing for this program commenced in the first quarter of calendar 2008 and testing is anticipated to continue through the third quarter of 2015, although several of the studies will be completed by 2012.
Ron Helm, Chief Executive Officer of Pacific Biometrics, commented, “We are extremely pleased to have the opportunity to work with this innovative Sponsor to test for improvements in immunological markers in patients with rheumatoid arthritis. The Sponsor’s investigational drug is considered to have the potential to become a major follow-on biologic treatment for this debilitating disease. PBI’s involvement in this high-profile development program constitutes an important milestone in our objective to become the premier specialty central lab serving the drug development market for bone and joint diseases, in addition to our best-in-class expertise in testing for cholesterol, lipids, and cardiovascular and metabolic disease. 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 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 improve our backlog. I am very encouraged by our recent success in signing these new contracts and look forward to continued success in winning additional business. These are long-term contracts and assuming the scope of the studies remains unchanged, the contracts will contribute to revenues over more than five years, starting in fiscal 2008.”
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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