Pacific Biometrics, Inc. Awarded Additional Research Contracts as Part Of Global First-In-Class Arthritis Drug Program
Seattle, Washington, April 7, 2008 - Pacific Biometrics, Inc. (OTCBB: PBME) has been awarded two contracts worth a combined $1.6 million with a top multinational pharmaceutical company (the “Sponsor”). These contracts are part of a series of four contracts, two of which were previously announced, related to clinical trials that form part of a global development program for an innovative biological treatment for rheumatoid arthritis (RA), and will provide essential laboratory data for a pivotal Phase III program.
Pacific Biometrics is specifically contracted to provide testing for an extensive panel of inflammatory, metabolic, cardiovascular, and musculoskeletal biomarkers to support the Sponsor’s phase III clinical development program. The Sponsor ultimately hopes to submit a new drug application (NDA) filing with the FDA and equivalent filings with regulatory agencies in other jurisdictions. Testing for the newly awarded contracts is expected to begin at the end of the 2nd quarter of calendar 2008 and continue through the 4th quarter of calendar 2011.
“We are extremely pleased to have signed additional contracts for this pivotal, international phase III arthritis program, which is exciting on multiple fronts,” said Ron Helm, Chief Executive Officer of Pacific Biometrics. “First of all, these studies will further strengthen our relationship with this Sponsor, who accounts for an important and growing percentage of our more diversified customer base. Second, our selection for this project is validation for our worldwide, best-in-class testing of biomarkers as they relate to the diagnosis and treatment of arthritis - a growing area of expertise for the Company. Third, the drug in question is a highly innovative, first-in-class biologic agent for RA that may have applicability to a broader range of inflammatory diseases. Finally, assuming the scope of the studies remains unchanged, the contracts should have a meaningful impact on our fiscal 2009, 2010 and 2011 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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