Caprion Proteomics inc. announces strategic marketing and distribution alliance with Covance inc.
MONTREAL, December 16, 2008 - Caprion Proteomics Inc. announced today that it has entered into a strategic marketing and distribution alliance with Covance Inc. (NYSE:CVD), a leading provider of drug development services. As part of the alliance, Covance has purchased a minority equity stake in Caprion Proteomics, and will act as the exclusive contract research organization distributor of Caprion's proteomic biomarker services. In addition, Caprion will become Covance's exclusive provider of such services. Financial terms of the alliance were not disclosed.
The combination of Caprion's distinctive capabilities for proteomic biomarker discovery, verification, and validation, with Covance's leading research services platform, will offer pharmaceutical and biotechnology customers a distinctive, innovative, and fully-integrated biomarker solution across the entire drug development continuum - from early proof of concept through late-stage clinical trials and post-marketing surveillance. Through the support of Covance's extensive worldwide marketing, sales and distribution capabilities, as well as its extensive customer base, the alliance will also enable Caprion to significantly enhance its visibility and reach into this emerging high-growth service market.
"We are very pleased to be adding Caprion's solid scientific capabilities and leading biomarker technology platform to Covance's line up," said Deborah Tanner, Corporate Senior Vice President and President of Covance Central Laboratory Services. "We expect that our clients will have a keen interest in this additional capability given Caprion's impressive track record of accelerating biomarker validation for early drug safety and efficacy assessment."
"We are excited to join forces with Covance's market-leading central laboratory and world-class scientific talent," said Martin LeBlanc, President and CEO of Caprion. "Caprion has established a large pharmaceutical and biotech customer base through the use of our distinctive, best-in-class technology platform, which we expect will be further adopted in the market as a result of our alliance with Covance and will ultimately yield superior biomarker solutions for our clients."
"This alliance with Covance marks an important strategic milestone for Caprion" said Adam Dolder, Managing Director at Great Point Partners, LP, Caprion's majority shareholder. "Covance's ability to expand Caprion's customer outreach will be key in the realization of the company's full potential."
About Caprion Proteomics
Caprion Proteomics is the leading provider of proteomics based services to the pharmaceutical and biotech industries. Caprion's proprietary proteomics discovery technology, CellCarta®, is a gel-free, label-free mass spectrometry platform that enables a comprehensive, quantitative and robust measurement of the protein expression differences across large sets of biological samples. Caprion has been providing biomarker and target identification services since 2002, performing more than 30 large-scale biomarker projects for pharmaceutical industry clients such as Pfizer, Johnson & Johnson, Abbott Laboratories, Biogen Idec, Daiichi-Sankyo, Mitsubishi-Tanabe, Wyeth, AstraZeneca, Merck, Boehringer Ingelheim, ICOS, Bayer-Schering , EMD-Serono, Vertex, DebioPharm and Transgene. Caprion also has been awarded two major 5-year Biodefense proteomics research contracts in infectious disease with the NIH-NIAID, and was awarded the Frost & Sullivan Biomarker Technology award in 2007. Caprion Proteomics, a privately-held company, is majority owned by Great Point Partners, LP. For more information, please visit: www.caprion.com.
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 9,300 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.
President & CEO
Caprion Proteomics Inc.,
Director of Marketing and Business Development
Caprion Proteomics Inc.,