SOURCE: Pacific Biometrics, Inc.

August 19, 2008 08:45 ET

Pacific Biometrics, Inc. Announces Resignation of Dr. Mario Ehlers as Chief Medical Officer

Dr. Ehlers Remains President of the Pacific Biomarkers Subsidiary

SEATTLE, WA--(Marketwire - August 19, 2008) - Pacific Biometrics, Inc. (OTCBB: PBME) ("PBI"), a leading provider of specialized central laboratory and contract research services, disclosed today that Mario Ehlers, MD, PhD, has resigned his position as chief medical officer of the company, effective August 22, 2008. Dr. Ehlers served as chief medical officer since joining the company in September 2002. He is leaving to take up a position in academia.

Dr. Ehlers has agreed to assist the company in the search for a qualified replacement, which has already commenced, and in managing the transition. In connection with his resignation, the company has entered into a consulting agreement with Dr. Ehlers for up to six months, pursuant to which he will provide certain ongoing consulting services to PBI. In addition, Dr. Ehlers will continue to serve as president of the company's wholly owned subsidiary, Pacific Biomarkers, Inc.

"The company wishes Mario success in his new position in academia," commented Ron Helm, Chairman and Chief Executive Officer. "During his 6-year tenure as chief medical officer of PBI, the company has grown substantially in terms of the breadth and depth of its service offerings and the diversity of its client base. Moreover, as recently announced, the company's backlog and total active contracts have grown about 400% during this period. Therefore, while we are sorry to see Mario go, the company is extremely well positioned for the 2009 fiscal year and beyond."

Mr. Helm continued: "One of the recent initiatives in which Mario played a key role is the launch of our new, wholly owned subsidiary, Pacific Biomarkers. As already announced, sales of our new biomarker services have exceeded expectations and we expect robust growth going forward. I am especially pleased that Mario will continue to serve as president of Pacific Biomarkers. He has also agreed to assist with the transition for PBI and to provide general consulting services for the next six months."

"Leaving PBI was a very difficult decision for me," said Dr. Ehlers. "These past six years have been tremendously stimulating and rewarding, and I am very pleased that I was able to play a part in growing the company and increasing the backlog to record levels. Like Ron, I am also extremely excited about the growth prospects for Pacific Biomarkers. I believe PBI will go from strength to strength and I am very happy to help with the transition after I leave."

About Pacific Biometrics, 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, and through its non-profit affiliate Pacific Biometrics Research Foundation, is one of only three U.S.-based members of the Centers for Disease Control (CDC) Cholesterol Reference Method Laboratory Network. PBI's clients include many of the world's largest pharmaceutical, biotech, and diagnostic companies.

Pacific Biomarkers, Inc., incorporated February 1, 2008 as a wholly owned subsidiary of Pacific Biometrics, Inc., focuses specifically on the emerging field of biomarker assay development and testing. Services include validating and performing ligand-binding assays for novel clinical biomarkers, immunogenicity testing, and multiplex testing.

For more information about Pacific Biometrics, 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 growth in revenues and backlog that may result from established and new services, impacts on our financial results, our future growth, and the viability and acceptance of our products and services in the market. Values for backlog and active contracts are based on internal, unaudited management reports. These values can vary from day to day depending on contract modifications or cancellations. Moreover, the method used for calculating backlog and total active contracts may change from time to time. 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, our ability to bid on and win laboratory services contracts, the success of our marketing and business development efforts, competition in the industry, and our ability to manage growth, as well as the risks and other factors set forth in our periodic filings with the U.S. Securities and Exchange Commission (including our Form 10-KSB for the year ended June 30, 2007 and our Form 10-QSB for the quarters ended September 30, 2007, December 31, 2007, and March 31, 2008).

Contact Information

  • Contacts:

    Pacific Biometrics, Inc.
    Ron Helm
    Chairman and CEO
    (206) 298-0068

    Kari Charbonnel
    (206) 298-0068