Toronto Stock Exchange Symbol: LRI
Canadian and Hungarian sites to increase technical and scientific staff
by 15% to support growth in activity
LAVAL, QC, July 26 /CNW Telbec/ - LAB Research Inc. ("LRI" or "LAB Research"), (TSX: LRI), a Canadian-based global non-clinical contract research organization, today announced that it has entered into a preferred provider agreement ("PPA") with a leading Japanese pharmaceutical company (the "Japanese Client").
Under the PPA agreement, the Canadian site of LAB Research will be providing its full suite of services to the Japanese Client and more specifically its recognized expertise in general toxicology, infusion, drug metabolism and safety pharmacology. As part of the PPA, LAB Research Canada will also be providing dedicated program management resources, annual volume discounts, preferential scheduling and reporting timelines and other operational advantages.
"After several years of collaboration, the PPA confirms our ability to sustain a high level of excellence in meeting expectations of this sophisticated Japanese Client. The agreement also validates our strategy of developing closer relationships with an increased number of pharmaceuticals that value the quality of our work and our scientific contribution to their research and development program, " said Mr. Luc Mainville, President and Chief Executive Officer of LAB Research. "As pharmaceutical companies continue to outsource more and more of their toxicology requirements, this agreement testifies of our ability to participate in the consolidation of business relationships currently taking place in our industry. Based on its broad capabilities, global platform and high quality branding, LAB Research is well positioned to take advantage of this trend. Our ability to pre-qualify our sites to offer services to the pharmaceutical market has translated in a robust increased in activity at each of our sites." added Mr. Mainville.
The Canadian and Hungarian sites are currently adding technical and scientific resources to support increased activity from an expanding base of pharmaceutical clients. The 15% addition to headcount also confirms the permanent increased utilization of the sites' expanded capabilities completed last year.
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), firstname.lastname@example.org; Frédéric Dumais, Partner, Jasmin-Dumais Financial Communications, Tel :(514) 862-1251, email@example.com