Hello !!!! WTF !!! This is way undervalued isnt it ????
Just a few highlights....then I'll just sit back and wait...
BERWYN, Pa., Oct. 19 /PRNewswire-FirstCall/ -- Encorium Group, Inc. ENCO, a full-service multinational contract research organization (CRO) that provides design, development, and management capabilities for clinical trials and patient registries to many of the world's leading pharmaceutical companies, today announced that it has completed a private placement of 3,937,500 shares of its common stock with a private investor for an aggregate purchase price of $1,575,000, or $.40 per share.
The Company also announced that it has terminated previously announced negotiations for the sale of the Company's wholly-owned subsidiary Encorium OY to a clinical research organization based in the United States and will not pursue a sale of the Company or Encorium OY at this time. Given the Company's recent successes with respect to its strategy to grow into the world's leading vaccine franchise, including the recently announced $8.7 million of new business contract wins and the selection by a major pharmaceutical company for participation in a swine flu vaccine program, together with the investment announced today, the Company believes it is well positioned to win future contracts in the vaccine and oncology fields. As a result, the Company believes stockholder value will be maximized by moving ahead independently, while continuing to focus on clinical vaccine development.
Dr. Kai Lindevall, executive chairman stated, “We are very pleased that we were able to close this financing to shore up our balance sheet and provide the Company with additional working capital. Our experience and capabilities in the vaccine field coupled with the recent new awards in this area demonstrate the long term potential we have to grow into a leading vaccine franchise with expertise in pre-clinical support, regulatory consultancy and strategic trial planning. We believe these developments will position us to move ahead independently and are in the best interest of all stockholders.”
Encorium today announced the signing of approximately $8.7 million of new business contracts, including selection by a major pharmaceutical company for participation in a swine flu vaccine program.
"Dr. Kai Lindevall, executive chairman stated, “We are delighted to be able to announce these new business awards, despite a very challenging market environment. Our experience and capabilities in the vaccine field have been of paramount importance in our success. We are very proud of being the selected partner for one of the frontline clinical development programs for the swine flu vaccine. In addition, we were also recently entrusted with a avian flue vaccine, as well as other vaccine development programs having, in the aggregate, approximately 12,000 patient subjects. We believe our participation in these studies exemplifies the level of trust and respect that large vaccine companies have in our vaccine expertise and clinical operations."
“We believe Encorium has developed into one of the strongest medium sized clinical research organizations with expertise in the field of clinical vaccine development. Our recent success in the vaccine field has been substantial, with revenues from vaccine trials increasing by 150% in 2009 versus 2008. As an acknowledgement of our achievements, in April 2009, Encorium was nominated as a finalist for the Second Annual Vaccine Industry Excellence Award."
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