SOURCE: Pacific Biomarkers, Inc.

Pacific Biomarkers, Inc.

January 11, 2011 08:00 ET

Pacific Biomarkers, Inc. Announces Awards of Major Research Contracts

SEATTLE, WA--(Marketwire - January 11, 2011) - Pacific Biomarkers, Inc. (OTCBB: PBMC) ("PBI"), a provider of biomarker laboratory services to the pharmaceutical, biotechnology and diagnostics industries, announced today that it has been awarded two major research contracts with two multinational pharmaceutical companies (the "Sponsors") to provide clinical biomarker services. The studies involve analysis of biomarkers associated with cardiovascular, metabolic and inflammatory diseases and hepatic and renal injury. 

PBI has been contracted to provide specialty biomarker testing to investigate several areas of drug development relating to safety, tolerability and efficacy. Testing for the newly awarded contracts will begin as early as February 2011 and continue through the end of calendar 2011. PBI estimates the combined total revenue over the expected lives of these contracts at approximately $1.1 million.

Amar Sethi, MD, PhD, Vice President, Research and Development, commented, "Our experience and knowledge in drug development, biomarker assay development and clinical trial laboratory support enable us to help our clients by providing the most appropriate biomarkers combined with the best assays for those biomarkers. This important capability allows PBI to support emerging therapeutics related to cardiovascular disease and diabetes where conventional biomarkers and assays may not be adequate."

"Our selection for these projects is validation for our worldwide, best-in-class testing of biomarkers as they relate to the diagnosis and treatment of diseases and the detection of organ injury," commented Ron Helm, Chief Executive Officer of PBI. Mr. Helm added, "Assuming the scope of the trials remain unchanged, the contracts should make a meaningful contribution to our fiscal 2011 and 2012 financial results."

About Pacific Biomarkers, Inc. (PBI)
Established in 1989, PBI provides specialized central laboratory and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research. The Company provides expert services in the areas of cardiovascular disease, diabetes, osteoporosis, arthritis, and nutrition. The PBI laboratory is accredited by the College of American Pathologists, New York State, and the Lipid Standardization Program. PBI's clients include many of the world's largest pharmaceutical, biotech, and diagnostic companies. PBI also provides clinical biomarker services focusing on the emerging field of biomarker assay development and testing. Services include validating and performing ligand-binding assays for novel clinical biomarkers, immunogenicity testing, cell-based assay testing and multiplex testing.
PBI is headquartered in Seattle, Washington, and its common stock trades on the OTC Bulletin Board under the symbol "PBMC." For more information about PBI, visit the company's web site at www.pacbio.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release includes forward-looking statements including, but not limited to, the anticipated scope, duration and revenues from the awarded contracts, as well as viability and acceptance of the Company's biomarker services and future growth. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, the following: a sponsor's decision to change or terminate early any of the studies; changes in clients' R&D expenditures and outsourcing; changes in healthcare and drug development regulation; the success of marketing and business development efforts, and competitive factors; and other risks and uncertainties set forth in the Company's periodic filings with the U.S. Securities and Exchange Commission (including Form 10-K for the year ended June 30, 2010).

Contact Information

  • For additional information, please contact:
    Ron Helm
    CEO
    (206) 298-0068

    The Investor Relations Group
    Janet Vasquez
    (212) 825-3210