SOURCE: New Life Scientific, Inc.

July 19, 2006 11:05 ET

New Life Scientific Is Awarded Contract to Conduct Clinical Studies for US-Based Biotech Company

FREEHOLD, NJ -- (MARKET WIRE) -- July 19, 2006 -- New Life Scientific, Inc. (OTCBB: NWLS) announced that US-based Biotech Company awarded contract to Pharma Trials International (PTI), subsidiary of NWLS. It is a study of a novel cardiovascular agent that will be conducted by PTI in Europe. The project is scheduled for completion in the third quarter of 2008. This is PTI's second project with NWLS involvement, and both projects will be managed from PTI's headquarters in Hillsborough, NJ.

Henry Val, CEO of New Life Scientific, Inc., said, "PTI won the contract in a competitive environment involving several CROs. Our strong presence in Eastern and Central Europe, and our ability to truly understand our clients' needs and the dedication of our staff were important factors in our winning this contract."

According to Peter Goodenow VP, Clinical Operations of PTI, "PTI is recognized as a valuable CRO partner to Biotech and Pharmaceutical interests. Our unique offering of scientific and operational experience, as well as clinical research venues in Europe, US and Canada makes us a desirable partner for drug and device development." Goodenow added, "When you can move forward on a project with speed that only few competitors might match, your sponsor clients take notice."

"This was a very significant win for PTI and further highlights the benefits we are achieving from the business development capabilities we have added in the past year since NWLS involvement," said Wieslaw Bochenek, MD, PhD, President. "Peter and his team did a great job of coordinating the team members while at the same time being anticipating and being responsive to our sponsors' needs."

About New Life Scientific, Inc. (OTCBB: NWLS): New Life Scientific, Inc. was formed with the intent to develop and commercialize novel biotech/pharmaceutical products including vaccines and stem cell based treatment modalities and to expand through our own research, collaborations, acquisitions and in-licensing. NWLS utilizes its strategic geographical positioning in Europe to seek undiscovered, emerging and under-valued biotechnologies in the countries of Eastern Europe, with the further intent of their commercialization. NWLS has two subsidiaries: PharmaTrials International (PTI), a provider of services in the areas of clinical trials, market research and the regulatory approval of products for pharmaceutical, biotech and medical device companies worldwide. Invamed Pharma, with expertise in development and commercialization of pharmaceutical/biotech products coming from its own pipeline of in-licensed and new therapeutic classes as well as reformulation of existing products using InvaPharm proprietary technology to improve therapeutic potential of drugs.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1965: Those statements contained herein which are not historical are forward-looking statements, and as such, are subject to risks and uncertainties that could cause actual operating results to materially differ from those contained in the forward-looking statements. Such statements include, but are not limited to, certain delays that are beyond the company's control, with respect to market acceptance of new technologies, or product delays in the testing and evaluation of products, and other risks, as detailed in the company's periodic filings with the Securities and Exchange Commission.

Contact Information

  • Contact:
    For: New Life Scientific, Inc.
    Henry Val
    Email: Email Contact

    Peter Goodenow
    PharmaTrials Int'l, Inc.
    908-359-2099 x 205
    Email Contact