PRINCETON, N.J., and INDIANAPOLIS -- Covance Inc. (NYSE: CVD), a leading global drug development services company, and the Indiana Clinical and Translational Sciences Institute, part of the Indiana University School of Medicine, today announced an agreement to collaborate in conducting early clinical trials for new medicines on behalf of biotechnology and pharmaceutical companies.
This alliance provides a significant opportunity to bring more Phase I clinical research to Indiana, through the clinical research unit located within the IU School of Medicine in Indianapolis and Covance's clinical research unit located in Evansville. Phase I clinical research includes studies where investigational new drugs are administered to humans for the first time.
Working together, the two organizations will conduct high-quality research in a safe and regulated environment for sponsors who are looking to recruit both healthy volunteers and patients for early clinical studies.
"The alliance with the Indiana CTSI will help us provide biopharmaceutical clients with quicker access to patients in a hospital setting that supports specialized care and monitoring," said Rob Aspbury, vice president and general manager, Global Clinical Pharmacology Services at Covance. "With quicker access to patients, we can streamline the drug development process and bring important new medications to patients who need them."
The Indiana CTSI will provide access to a 13,606-square-foot, 24-patient facility at IU Health University Hospital in Indianapolis. The institute also stands ready to expand operations into a recently renovated 33,078-square-foot, 50-patient facility in the same building. This space re-opens to clinical research for the first time in six years due to the efforts of the Indiana CTSI.
"The Indiana CTSI works every day to support tremendously talented biomedical scientists whose discoveries have the potential to translate into life-saving new therapies and treatments," said Anantha Shekhar, M.D., Ph.D., director of the Indiana CTSI, associate dean for translational research, and the Raymond E. Houk Professor of Psychiatry at the IU School of Medicine. "Our mission is to accelerate the rate at which this research travels out of the lab and into the care of the patients who need it. This alliance with Covance will greatly enhance our ability to accomplish this vital work."
Services provided by the Indiana CTSI include access to 24-hour nursing support, in-patient and out-patient facilities, on-site laboratory analyses and professional patient recruitment services. These patient recruitment efforts are strengthened through robust patient data from the Regenstrief Institute, a partner of the Indiana CTSI which houses the Indiana Network for Patient Care, in which more than 70 Indiana hospitals share nearly 80 percent of the state's electronic medical record data. Additional patient and support services are provided through its affiliation with IU Health.
The alliance between Covance and the Indiana CTSI was facilitated by BioCrossroads, an organization that advances Indiana's signature strengths in the life sciences by connecting corporations, academic institutions and philanthropic organizations.
"This is a major milestone for both Covance and the Indiana CTSI. It's the type of public-private partnership that really can influence breakthroughs in medicine," said Deborah Keller, executive vice president and group president, R&D Laboratories at Covance, and a member of the BioCrossroads Board of Directors. "Indiana is unique in its depth and breadth of drug development opportunities, both on the corporate and academic sides, and this collaboration is a shining example of bringing the two together thanks to the work and support of BioCrossroads."
Covance has been conducting Phase I clinical trials for more than 35 years. In addition to its 80-bed clinical research unit in Evansville, Ind., Covance has clinics in Madison, Wis.; Daytona, Beach, Fla.; Dallas, Texas; and Leeds, UK. In 2012, Covance conducted more than 100 Phase I trials globally. Covance also has a similar Phase I clinical research alliance with the Royal Liverpool University Hospital in Liverpool, UK.
About the Indiana CTSI
The Indiana CTSI is a statewide collaboration of Indiana University, Purdue University and the University of Notre Dame to facilitate the translation of scientific discoveries in the lab into new patient treatments in Indiana and beyond. It was established in 2008 with a Clinical and Translational Science Award totaling more than $30 million from the National Center for Advancing Translational Science at the National Institutes of Health (Grants TR000006, TR000163 and TR000162; PI: A. Shekhar) with additional support from the state, the three member universities, and public and private partners. It is a member of the national network of 60 CTSA-funded organizations across the country. For more information, visit http://www.indianactsi.org.
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 $2 billion, global operations in 30 countries, and more than 12,000 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at http://www.covance.com.
Forward Looking Statement
Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results 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 Company's business, are based largely on management's expectations and are subject to and 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, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts, risks associated with acquisitions and investments, the Company's ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, fluctuations in currency exchange rates, and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
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