May 27 2010
Pacific Biomarkers, Inc. (OTC Bulletin Board: PBMC) ("PBI") has been awarded a contract by a leading multinational pharmaceutical company (the "Sponsor") to provide essential laboratory data for an adaptive Phase I cardiovascular trial. This study is part of a major drug-development program to evaluate an innovative new treatment to reduce recurrent cardiovascular events associated with acute coronary syndrome (ACS).
Under the terms of the contract, PBI is to provide specialty cardiovascular biomarker testing services to investigate the safety, tolerability and pharmacokinetics of a new investigational drug as part of an adaptive Phase I clinical trial. Testing under the newly awarded contract will begin in June 2010 and continue into the third quarter of fiscal 2011. PBI estimates total revenue over the expected life of this contract at approximately $1.7 million.
"This is an exciting time for us," noted Dr. Elizabeth Leary, Chief Scientific Officer at Pacific Biomarkers, Inc. "Our experience and capabilities in drug development, biomarker assays and clinical trial laboratory support allow us to help our clients select not only the most appropriate biomarker for a particular study but also the best assay for that biomarker. This represents a critically important advantage in supporting emerging therapeutics related to cardiovascular diseases and diabetes, where conventional biomarkers and assays may be insufficient."
"Our selection by the Sponsor for this project further validates our worldwide, best-in-class biomarker testing capabilities as they relate to the diagnosis and treatment of cardiovascular disease, which has long been a core area of expertise for the Company," commented Ron Helm, Chief Executive Officer of PBI. "Assuming the scope of the trial remains unchanged, the contract should contribute meaningfully to our fiscal 2011 financial results."