New clients are expected to represent 5-10% of the Company's revenues by next year
Toronto Stock Exchange Symbol: LRI
LAVAL, QC, July 20 /CNW Telbec/ - LAB Research Inc. ("LAB Research"), (TSX: LRI), a Canadian-based global non-clinical contract research organization, today announced that five new large pharma clients have placed initial studies with the Company following the successful pre-qualification of its sites. These new clients are expected to represent at least 5-10% of the Company's revenues by 2011.
Each of the company's sites has contributed to attract new large pharma clients over the last quarter. LAB Research Canada has been successful in attracting new relationships by leveraging its market leadership in the field of safety pharmacology, mini-pig toxicology and vaccines. LAB Research Denmark has added one large Pharma client by leveraging its market leadership in the field of mini-pig testing and juvenile toxicology studies while LAB Research Hungary has secured a new large pharma client by offering highly competitive pricing for its wide-range of high quality toxicology services.
All five new large pharma clients have placed initial orders following the successful completion of scientific, good laboratory practices ("GLP"), and animal welfare audits of the respective sites.
"We continue to see the benefits of our sites expansion program completed last year. We are able to offer IND enabling studies at each of our sites as well as market leadership in several highly scientific growing field of toxicology. This allows us to attract more large clients looking to expand their list of approved suppliers to better support their growing outsourcing needs", commented Mr. Luc Mainville, President and Chief Executive Officer of LAB Research. "These new pharma relationships validate our growth and development strategy aimed at positioning LAB Research as a high quality provider to the global market. By adding larger clients with recurrent outsourcing needs to an already broad list of biotech clients we are improving our client mix and will be making greater use of our increased capabilities. Consequently we are well positioned to improve our quarterly financial performance sequentially going forward." added Mr. Mainville.
About LAB Research Inc.:
LAB Research is a Canadian global non-clinical contract research organization that performs full-service contract research for the pharmaceutical, biotechnology, agro-chemical, petro-chemical and industrial markets. LAB Research supports the development of its customers' products from state-of-the-art facilities located in Canada, Denmark and Hungary.
LAB Research's shares trade on the TSX under the symbol "LRI", with 52.7 million shares outstanding.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of LAB Research Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
SOURCE LAB RESEARCH INC.
For further information: For further information: visit LAB Research's website at www.labresearch.com, or contact: Luc Mainville, Chief Executive Officer, Tel: (450) 973-2240 (ext. 1206), email@example.com; Frédéric Dumais, Partner, Jasmin-Dumais Financial Communications, Tel :(514) 862-1251, firstname.lastname@example.org