Message #15 From:
NewsBot Date: July 6, 2006 06:11:00 AM
PBME News Pacific Biometrics, Inc. Awarded Major Research Contract as Part of Phase IIIb Cardiovascular Program; Size and Timeline of Project Adds Growth to Backlog
SEATTLE--(BUSINESS WIRE)--July 6, 2006--Pacific Biometrics, Inc. (OTCBB: PBME; "PBI") has been awarded a contract with a top multinational pharmaceutical company (the "Sponsor") to provide essential laboratory data for a Phase IIIb cardiovascular trial. This study is part of a major drug-development program to evaluate the prevention and treatment of dyslipidemia, atherosclerosis, and coronary heart disease.
PBI will provide the Sponsor with cholesterol, lipid, inflammatory and oxidative marker testing on samples collected to support the Sponsor's clinical trial. The biochemical markers to be tested at PBI will be used by the Sponsor to evaluate their correlation with imaging assessments of atheroma volume and composition. Testing is anticipated to begin in September 2006 and will continue for about 18 months. PBI estimates total revenue over the expected life of this contract to reach approximately $1.2 million.
Ron Helm, Chief Executive Officer of Pacific Biometrics, commented, "This Phase IIIb trial provides PBI with the opportunity to continue to work with this industry-leading Sponsor to test for changes in lipid profiles in patients at risk for atherosclerosis and coronary heart disease. Using an innovative trial design, the Sponsor hopes to demonstrate a reduction in atheroma volume using imaging endpoints. The testing at PBI is intended to provide evidence of a correlation between imaging and biochemical markers. The cholesterol and inflammatory marker profile requires a central laboratory that has expertise in biomarkers for both lipids and cardiovascular risk, and PBI is well positioned to deliver the highest quality results in both of these areas."
Mr. Helm continued, "This contract is particularly exciting because it demonstrates the accelerating use of both biochemical and imaging markers as surrogate endpoints in clinical trials. We expect this trend to continue as biomarkers are increasingly used to target therapies more effectively. 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 add to growth in our backlog. Assuming the scope of the studies remains unchanged, the contract should have a meaningful impact on our fiscal 2007 and 2008 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 Biometrics also owns several patented and patent-pending technologies, including monitoring devices for glucose and changes in bone turnover, an advanced, proprietary, isothermal DNA amplification technology, and a gene-based cell viability technology to distinguish live from dead cells in a broad range of diagnostic applications.
For more information about Pacific Biometrics, visit the company's web site at www.pacbio.com.
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 the amount of revenues that we may receive under this contract, the duration, size and scope of the contract, our strategic planning and business development plans, growth in our backlog, impacts on our financial results, 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, 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, 2005 and our Forms 10-QSB for the quarters ended September 30, 2005, December 31, 2005, and March 31, 2006).
