PRINCETON, N.J., March 7, 2011 /PRNewswire/ -- Covance Inc. (NYSE : CVD ) announced today that the Association for Assessment and Accreditation of Laboratory Animal Care (AAALAC) awarded full accreditation to the company's early development research facility in Shanghai, China. Promoting the humane treatment of animals in science worldwide through voluntary accreditation and assessment programs, AAALAC International recognizes the highest standards for animal care and use in 34 countries.
"Covance takes very seriously our obligations to the animals in our care. The unanimous approval from AAALAC International for full accreditation with no additional recommendations for improvement affirms that we adhere to the highest standards of animal care," said Honggang Bi, Corporate Vice President and General Manager, Covance China. "The Council on Accreditation of AAALAC International commended the management and staff at the Shanghai facility for providing institutional and administrative commitment to the animal care program as evidenced by our newest facility, equipment, and programs."
Covance's facility in Shanghai provides bioanalytical, toxicology, lead optimization toxicology, in-vivo PK screening, and metabolism services. Covance continues to invest in China to offer its clients a growing range of preclinical safety assessment services to help pharmaceutical and biotechnology companies achieve study goals quickly and with greater confidence.
"Covance is proud to offer a broad-range of premium early drug development services in China. Our clients expect a high-level of operational and scientific expertise from Covance, regardless of where in the world the work is performed, and, accordingly, we operate all of our preclinical sites on the same platform. Our leadership team and staff in China include many long-term Covance employees and we are confident that we will delight our clients placing studies in China," said Mike Lehmann, Corporate Senior Vice President and President, Nonclinical Safety Assessment.
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $1.9 billion, global operations in more than 30 countries, and more than 10,000 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.
Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss or delay of large studies, risks associated with acquisitions and investments, the Company's ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, testing mix and geographic mix of kit receipts in central laboratories, fluctuations in currency exchange rates, and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no duty to update any forward looking statement to conform the statement to actual results or changes in the Company's expectations.
SOURCE Covance Inc.