FOR IMMEDIATE RELEASE
Canadian Medical Laboratories Limited ("CML") is pleased to announce the opening in the Greater Toronto area of a bioanalytical laboratory and Phase I Site by its wholly owned subsidiary, Pharma Medica Research Inc. (PMRI). PMRI will be fully operational as of March 1, 1998 and will be operated under its President and Chief Operating Officer, Ian W. French, B.S.P., Ph.D. PMRI has already accumulated a clinical and analytical backlog in excess of $1.5 million and expects to build a backlog in excess of $8 million within six months.
The Phase I Site will be under the direction of Joyce Shields, who has held a similar industry position for over 15 years. CML is also pleased to announce the appointment of Alfred Elvin, Ph.D to the position of Director, Laboratory Operations for PMRI. Prior to joining PMRI, Dr.Elvin was Associate Director, Pharmacokinetics at Boehringer Ingelheim Pharmaceuticals in Connecticut. John Cooper has been appointed as Laboratory Manager of PMRI. Mr. Cooper was formerly with Dr. K. Midha=s laboratory at the University of Saskatchewan.
In addition, CML has formed a U.S. based site management organization (SMO)
that is in the process of acquiring research sites in the U.S. SMOs
organize and manage multi-site clinical investigations on behalf of
pharmaceutical and biotechnology companies as part of the drug approval
process. Currently CML's U.S. subsidiary is negotiating to purchase six
sites. If completed, these acquisitions would generate revenue in excess
of $9 million U.S. on an annualized basis. CML intends to acquire
additional sites over the next two years in order to emerge as one of the
market leaders in this industry.
For further information, please contact:
Telephone: (905) 624-0440