Encorium signs $5.1 million contract for Phase II study of thrombosis drug

Jul 18, 2008 (Datamonitor via COMTEX) -- ENCO | Quote | Chart | News | PowerRating -- Encorium Group has signed a $5.1 million contract with a biotechnology company, for a Phase II clinical trial to be conducted by Encorium in conjunction with its South American partner Estudios Clinicos Latino America.

The contract amount includes $170,000 payable under a letter of intent that was announced previously. The current trial will assess the efficacy and safety of multiple doses of a new anti-thrombotic agent in an at-risk patient population with cardiovascular disease.

Encorium will provide full service support, including consulting on trial design and protocol development, project and study site management and monitoring, data management, biostatistical analysis, safety monitoring, and medical writing.

Revenues will be recognized as services are performed on a proportional performance basis over the life of the contract, beginning in the current third quarter.

Kai Lindevall, Encorium's CEO, said: "The ability to provide access to resources, clinical trial sites, and patients across the Americas is an important extension of our core capabilities. The award of this contract confirms the value of our globalization strategy."

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