Covance Wins â€œBest CROâ€ Award for Supporting Global Vaccine Development
--Covance recognized for providing superior vaccine services to biopharmaceutical industryâ€”
PRINCETON, NJ - May 5, 2008 â€“ Covance Inc. (NYSE:CVD), the worldâ€™s largest publicly traded contract research organization, today announced that it has won the â€œBest Contract Research Organizationâ€ (CRO) award at the 2008 World Vaccine Congress, held recently in Washington, D.C.Â
As part of the Vaccine Industry Excellence (ViE) awards, the Best CRO award is designed to highlight the importance of contract research services within the vaccine industry.Â This award recognizes Covance as best-in-class when it comes to providing services that support vaccine development.
â€œThis recognition reaffirms our commitment to providing vaccine services that encompass all phases of development,â€ said Wendel Barr, Chief Operating Officer, Covance.Â â€œWe understand that each vaccine is unique, and therefore we offer services and experience â€“ including scientific, technical, and regulatory expertise â€“ across different types of vaccines to help guide our customers through the complexities of vaccine development.â€Â Â
A panel of international judges selected Covance based on the companyâ€™s state-of-the-art facilities, vaccine services, and superior customer relations that together help biopharmaceutical companies speed vaccine development.Â The ViE Awards were created to honor and generate public recognition of the efforts, accomplishments, and positive contributions of organizations and individuals in the global vaccine industry.Â Â Â Â
The global vaccine market generated sales of $13.5 billion in 2006 and is expected to reach $24.8 billion by 2013, according to a 2007 report published by Wood Mackenzie, a research and consulting firm.Â
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $1.5 billion, global operations in more than 20 countries, and more than 8,900 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.
Statements contained in this press release, which are not historical facts, are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including the statements contained herein regarding anticipated trends in the Companyâ€™s business are based largely on managementâ€™s expectations and are subject to an qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending,Â the Companyâ€™s ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts, and other factors described in the Companyâ€™s filings with the Securities and Exchange Commission. Covance and the Covance are registered service marks of Covance in the United States and other countries.