SOURCE: Pacific Biometrics, Inc.

June 16, 2008 08:50 ET

Pacific Biometrics, Inc. Awarded a Series of Contracts Relating to Its Pacific Biomarkers Subsidiary

Contracts From a Single Sponsor Total $1.3M

SEATTLE, WA--(Marketwire - June 16, 2008) - Pacific Biometrics, Inc. (OTCBB: PBME) ("PBI"), a leading provider of specialized central laboratory and contract research services, has been awarded a series of contracts with a top multinational pharmaceutical company (the "Sponsor") to provide highly specialized biomarker assay-development and testing services for a diverse range of drug programs. This series of contracts comprises a total of 21 projects related to preclinical and clinical development programs for innovative biologic drugs covering a broad range of therapeutic areas.

The contracted services will be provided by Pacific Biomarkers, a wholly owned subsidiary of PBI focused on clinical biomarker services. Specifically, the company will set up and validate custom assays and test clinical samples for novel biomarkers and for anti-drug antibodies (immunogenicity testing) to support the Sponsor's clinical development programs. Testing has already commenced and is expected to continue into the fourth quarter of calendar 2009. PBI estimates total revenue over the expected life of these contracts at over $1.3 million.

Mario Ehlers, MD, PhD, President of Pacific Biomarkers, commented, "We are delighted to have the opportunity to work with this industry-leading Sponsor to provide a range of clinical biomarker services across multiple therapeutic areas and drug programs. These contracts call for a high level of technical and scientific expertise, since each assay is essentially a custom job. This series of contracts, all awarded during fiscal 2008, indicate the high degree of confidence this sponsor has in our capabilities. We believe there are very few commercial labs who have the scientific infrastructure, regulatory accreditation, and clinical trials experience to provide these types of services. Together with our extensive relationships within both pharma and diagnostic companies, we believe Pacific Biomarkers is uniquely positioned to penetrate this market by leveraging the 19-year history of the parent company, PBI, in providing esoteric lab services."

Ron Helm, Chairman and Chief Executive Officer of PBI, noted, "It is our objective to become a significant player in a rapidly growing and evolving market. A recent analysis indicated that biomarker services for clinical trials is the fastest-growing segment of the biomarkers and outsourced-lab market and is expected to grow at a CAGR of 23.5% over the next five years. As these contracts indicate, our expertise across multiple categories of biomarkers offers Pacific Biometrics a competitive advantage that we believe will enable us to pursue a growing number of opportunities going forward. The size and timeline for completion of these projects will not only strengthen our relationship with this Sponsor, but will also add to growth in our backlog. Assuming the scope of the studies remains unchanged, the contracts should have a meaningful impact on our fiscal 2008 and 2009 financial results."

Ehlers concluded, "We are expecting robust growth in the clinical biomarker services market. There is an increasing trend to outsource all components of the drug-development continuum, and that includes the provision of novel biomarker assay development and testing for clinical trials. A critical requirement for these services is a high level of scientific expertise coupled with excellent problem-solving skills, and Pacific Biomarkers' scientists embody those qualities."

About Pacific Biometrics, Inc. and Pacific Biomarkers, Inc.:

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 our new services, our strategic planning and business development plans, impacts on our financial results, our future growth, and the viability and acceptance of our products and services in the market. 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

    Pacific Biomarkers, Inc.
    Mario Ehlers
    President
    (206) 298-0068