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WuXi PharmaTech Announces Second-Quarter 2009 Results
Date:8/11/2009

SHANGHAI, Aug. 11 /PRNewswire-Asia/ -- WuXi PharmaTech (Cayman) Inc. (NYSE: WX), a leading research and development outsourcing company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China and the United States, today announced its financial results for second-quarter 2009.

    (Logo:http://www.newscom.com/cgi-bin/prnh/20040705/CNM002LOGO )

    Second-Quarter 2009 Highlights

    -- Net revenues totaled $67.0 million
    -- Laboratory Services net revenues increased 19% year over year to $61.5
       million
    -- China-based Laboratory Services net revenues grew 26% year over year to
       $44.8 million
    -- U.S.-based Laboratory Services net revenues increased 4% year over year
       to $16.7 million
    -- Manufacturing Services net revenues decreased 69% year over year to
       $5.5 million
    -- GAAP diluted earnings per ADS grew 72% year over year to 20 cents
    -- Non-GAAP diluted earnings per ADS grew 7% year over year to 24 cents

Management Comment

"WuXi PharmaTech's overall financial performance in the second quarter exceeded our expectations, both in revenues and profitability, building confidence that we will meet our previously announced guidance for revenues and beat our previously announced guidance for adjusted EBITDA for the full year," said Dr. Ge Li, Chairman and Chief Executive Officer. "The company is achieving its current financial goals in a difficult operating environment while investing in new growth opportunities that we expect will drive revenue and income growth over the next several years.

"Our current success reflects our sound business model and expanding capabilities. Our core capabilities in discovery chemistry continue to deliver a large portion of our revenues and revenue growth. In recent years, we have been building new capabilities in discovery biology, DMPK/ADME, formulation, toxicology, bioanalytical services, process research, analytical development services, and other areas. These newer services have become increasingly significant revenue growth drivers as we offer an integrated platform of services. We have also expanded our services beyond development of small-molecule pharmaceuticals to include testing services for biologics and medical-device products.

"In our short history, WuXi PharmaTech has grown to become a leading contract research organization providing integrated R&D services to the global life science industries. Our mission as a company is to partner with the world's leading life science and medical device companies to help them improve the success of research and shorten the time of development," Dr. Li concluded.

GAAP Results

Second-quarter 2009 net revenues decreased 3% year over year to $67.0 million due to a 69% decline in Manufacturing Services net revenues, offset by 19% growth in Laboratory Services net revenues. Manufacturing Services net revenues are inherently variable due to fluctuating demand and customer delivery schedules, and the majority of the year-over-year decline in Manufacturing Services net revenues came from large projects in 2008 that did not recur in 2009. In addition, Manufacturing Services net revenues in second-quarter 2009 were impacted by project mix that included more early-stage projects. Laboratory Services net revenues in second-quarter 2009 benefited from stronger demand for our integrated drug discovery and development services, particularly in DMPK/ADME, bioanalytical services, discovery biology, process research, analytical development services, formulation development, and our core discovery chemistry services.

Second-quarter 2009 GAAP gross profit increased 7% year over year to $27.1 million, mainly due to an increased contribution from Laboratory Services, driven by both revenue growth and gross-margin improvement, offset by a decline in the gross-profit contribution of Manufacturing Services from lower revenues and lower gross margin. Second-quarter 2009 GAAP gross margin improved year over year to 40% from 37%, mainly due to lower amortization expenses for acquired intangible assets as a result of a lower balance for these assets following impairment charges taken in fourth-quarter 2008. Gross margin from Laboratory Services improved year over year to 43% from 38%, also mainly due to lower intangible amortization. Partially offsetting this benefit, gross margin declined year over year in Manufacturing Services to 15% from 32% due primarily to unfavorable project mix and inventory write-downs.

Second-quarter 2009 GAAP operating income increased 22% year over year to $13.6 million due to the 7% increase in gross profit and a 5% decline in operating expenses. Second-quarter 2009 GAAP operating expenses declined 5% year over year to $13.4 million due to a 10% decline in general and administrative expenses resulting from cost control and improved operating efficiency, partially offset by a 29% increase in selling and marketing expenses resulting from expanded business development efforts.

Second-quarter 2009 GAAP net income from continuing operations increased 37% year over year to $14.7 million due to the 22% increase in operating income and a favorable change in other income (expenses) net, offset by higher tax expense. Other income (expenses) net in second-quarter 2009 included gains from foreign-exchange forward contracts of $0.3 million, compared to losses of $1.4 million on such contracts in second-quarter 2008. Taxes in second-quarter 2009 were $2.1 million, or 12% of pretax income. In the prior-year period, a larger tax benefit was recorded mainly due to the deferred tax impact from amortization of acquired intangible assets.

Second-quarter 2009 GAAP net income grew 72% year over year due to the 37% increase in net income from continuing operations and no losses from discontinued operations. Second-quarter 2008 GAAP net income included a loss from discontinued operations related to the biologics manufacturing business. There was no impact from discontinued operations in second-quarter 2009, as these operations had ceased. Second-quarter 2009 GAAP diluted earnings per ADS grew 72% year over year to 20 cents, compared to 12 cents in second-quarter 2008.

Non-GAAP Results

Non-GAAP financial results excluded the impact of share-based compensation expenses, amortization and the deferred tax impact of acquired intangible assets, and losses from discontinued operations.

Second-quarter 2009 non-GAAP gross profit decreased 6% year over year to $28.4 million, mainly due to a decline in the gross-profit contribution from Manufacturing Services due to lower revenues and lower gross margins, partially offset by the favorable impact of higher gross profit in the Laboratory Services business. Second-quarter 2009 non-GAAP gross margin declined year over year to 42% from 44% due to lower gross margin in the Manufacturing Services business from unfavorable project mix and inventory write-downs.

Second-quarter 2009 non-GAAP operating income declined 9% year over year to $17.1 million primarily due to the decline in non-GAAP gross profit. Operating expenses were essentially flat compared to the same period of 2008.

Second-quarter 2009 non-GAAP net income grew 7% year over year to $17.8 million due to a favorable change in other income (expenses) net, which more than offset the 9% decrease in non-GAAP operating income and higher taxes. Changes in other income (expenses) net and taxes are discussed above for GAAP results. Diluted non-GAAP earnings per ADS from continuing operations grew 7% year over year to 24 cents compared to 23 cents in second-quarter 2008.

    (See the table titled Reconciliation of GAAP to Non-GAAP below).

    2009 Financial Guidance
    We update our full-year 2009 financial guidance as follows:
    -- We reconfirm our expectation for total net revenues of $265-$275
       million
    -- We now anticipate growth in net revenues of China-based Laboratory
       Services of 20-23%, compared to our previous guidance of 15-20%
    -- We now project that full-year 2009 net revenues of U.S.-based
       Laboratory Services will increase slightly
    -- We expect adjusted EBITDA (excluding share-based compensation charges
       and potential mark-to-market gains or losses from foreign-currency
       forward contracts) of $80-$85 million, compared to previous guidance of
       $72 million
    -- We project full-year 2009 Manufacturing Services net revenues of $20-
       $30 million

Commenting on financial performance and guidance, Edward Hu, Chief Operating Officer and acting Chief Financial Officer, said, "Our second-quarter 2009 financial results exceeded our expectations and give us reason to reconfirm our full-year 2009 revenue guidance and increase our full-year 2009 adjusted EBITDA estimate to $80-$85 million. Second-quarter 2009 net revenues grew 13% versus first-quarter 2009. Laboratory Services net revenue growth of 19% year-over-year reflected growing demand for our platform of integrated services. As anticipated, Manufacturing Services net revenues were still light in the second quarter due to project delays and project mix, and we expect revenues in this business for this year to be in the range of $20-$30 million, depending on delivery schedules. As previously discussed, we expect total gross margin will decline in second-half 2009 as we increase hiring and continue investments."



                          WUXI PHARMATECH (CAYMAN) INC.
                      UNAUDITED CONSOLIDATED BALANCE SHEETS
  (in thousands of U.S. dollars, except ordinary share, ADS and par value data)

                                                        June 30,   December 31,
                                                          2009         2008
    Assets:
    Current assets:
      Cash and cash equivalents                          92,215       56,624
      Restricted cash                                     1,645        1,338
      Short-term investment                              10,246       14,631
      Accounts receivable, net                           45,982       36,457
      Inventories                                         6,632        6,926
      Prepaid expenses and other current assets          10,149        7,281
      Assets of discontinued operations (Note 1, 2)       3,754        6,508
         Total current assets                           170,623      129,765
    Non-current assets:
      Goodwill                                           23,956       23,956
      Property, plant and equipment, net                169,257      152,704
      Intangible assets, net                              8,231        9,934
      Prepaid land use rights                             5,363        5,424
      Deferred tax assets                                 8,836        8,807
      Other non-current assets                            5,965        5,809
         Total non-current assets                       221,608      206,634

         Total assets                                   392,231      336,399

    Liabilities and shareholders' equity:
    Current liabilities:
      Short-term and current portion of long-term debt   47,179        7,558
      Accounts payable                                   23,295       19,829
      Accrued expenses                                   11,865       14,279
      Deferred revenue                                    3,837        3,373
      Advanced subsidies                                  3,047        3,080
      Other taxes payable                                 3,320        5,742
      Other current liabilities                           5,319        3,448
      Liabilities of discontinued operations (Note 1)        83        1,495
         Total current liabilities                       97,945       58,804
    Non-current liabilities:
      Long-term debt, excluding current portion           2,242        2,305
      Advanced subsidies                                  1,706        1,819
      Convertible notes                                  35,864       35,864
      Other non-current liabilities                       7,389        6,731
         Total non-current liabilities                   47,201       46,719

         Total liabilities                              145,146      105,523

    Shareholders' equity:
      Ordinary shares ($0.02 par value, 5,002,500,000
       authorized as of June 30, 2009 and December
       31, 2008, respectively; 544,157,080 and
       529,385,590 issued and outstanding as of
       June 30, 2009, and December 31, 2008,
       respectively)                                     10,883       10,588
      Additional paid-in capital                        314,329      324,629
      Accumulated deficit                               (95,084)    (121,505)
      Accumulated other comprehensive income             16,957       17,164
         Total shareholders' equity                     247,085      230,876

       Total liabilities and shareholders' equity       392,231      336,399

      Note 1: The biologics manufacturing operations in Philadelphia, which
              management decided to close in December 2008, were classified as
              discontinued operations.
      Note 2: Assets of discontinued operations included assets held for sale
              of $ 3,744,000 as of June 30, 2009.



                          WUXI PHARMATECH (CAYMAN) INC.
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
        (In thousands of U.S. dollars, except ADS data and per ADS data)

                               Three Months Ended          Six Months Ended
                                    June 30,                    June 30,
                                                 %                         %
                              2009     2008   Change     2009    2008   Change
                                                               (Note 3)
    Net revenues:
     Laboratory Services    61,489      51,526  19%    118,084   94,042    26%
     Manufacturing
      Services               5,464      17,556 (69%)     8,017   31,208   (74%)
      Total net revenues    66,953      69,082  (3%)   126,101  125,250     1%
    Cost of revenues:
     Laboratory Services   (35,204)    (31,701) 11%    (69,059) (54,305)   27%
     Manufacturing
      Services              (4,670)    (11,985)(61%)    (6,643) (19,353)  (66%)
      Total cost of
       revenues            (39,874)    (43,686) (9%)   (75,702) (73,658)    3%

    Gross profit:
     Laboratory Services    26,285      19,825  33%     49,025   39,737    23%
     Manufacturing Services    795       5,571 (86%)     1,374   11,855   (88%)
      Total gross profit    27,080      25,396   7%     50,399   51,592    (2%)

    Operating expenses:
     Selling and marketing
      expenses              (2,413)     (1,872) 29%     (3,747)  (3,226)   16%
     General and
      administrative
      expenses             (11,031)    (12,321)(10%)   (22,741) (23,457)   (3%)
      Total operating
       Expenses            (13,444)    (14,193) (5%)   (26,488) (26,683)   (1%)

    Operating income        13,636      11,203  22%     23,911   24,909    (4%)
    Other income
    (expenses), net:
     Other income
     (expenses), net         2,975      (2,281)  *      6,368       527     *
     Interest income
     (expenses), net           144         (21)  *         94       495     *
      Total other income
      (expenses), net        3,119      (2,302)  *      6,462     1,022     *

    Income from continuing
     operations
     before income taxes    16,755       8,901  88%    30,373    25,931    17%
    Income tax (expenses)
     benefit                (2,069)      1,795   *     (3,952)      (66)    *

    Income from continuing
     operations             14,686      10,696  37%    26,421     25,865    2%
     Loss on discontinued
      operations,
      net (Note 1)
      Loss from operations
       of discontinued
       component                --      (3,478)  *         --     (5,522)   *
      Income tax benefit        --       1,302   *         --      2,038    *

    Loss on discontinued
     operations                 --      (2,176)  *         --     (3,484)   *
    Net income              14,686       8,520  72%    26,421     22,381   18%

    Basic net earnings
     (loss) per ADS:
    Earnings from
     continuing
     operations               0.22        0.17  26%      0.39       0.42   (6%)
    Loss on discontinued
     operations-
    net of tax (Note 1)         --       (0.03)  *         --      (0.06)   *
    Net earnings per ADS      0.22        0.14  59%      0.39       0.36    9%

    Weighted average
    ADS outstanding-
    basic               67,944,436 662,588,246     67,469,104 62,241,856

    Diluted net
     earnings
     (loss) per ADS:
    Earnings from
     continuing
     operations               0.20        0.15  37%      0.36       0.36    1%
    Loss on
     discontinued
     operations-
     net of tax
     (Note 1)                   --       (0.03)  *         --      (0.05)   *
    Net earnings
     per ADS                  0.20        0.12  72%      0.36       0.31   17%

    Weighted
     average ADS
     outstanding-
     diluted            73,152,798  72,949,790     73,356,170 72,731,304

    *  Not meaningful

    Note 3: Financial results of AppTec were consolidated as of January 31,
            2008.



                          WUXI PHARMATECH (CAYMAN) INC.
                        RECONCILIATION OF GAAP TO NON-GAAP
         (in thousands of U.S. dollars, except ADS data and per ADS data)

                                  Three Months Ended       Six Months Ended
                                       June 30,                 June 30,
                               2009       2008   %       2009       2008    %
    GAAP gross profit-
     continuing
     operations               27,080     25,396  7%     50,399     51,592  (2%)
    GAAP gross margin-
     continuing
     operations                   40%       37%             40%        41%
    Adjustments
     Share-based
      compensation               562        645          1,153      1,344
     Amortization of
      acquired intangible
      assets                     764      4,166          1,528      4,550
    Non-GAAP gross profit     28,406     30,207 (6%)    53,080     57,486  (8%)
    Non-GAAP gross margin         42%        44%            42%        46%

    GAAP operating
     income-continuing
     operations               13,636     11,203 22%     23,911     24,909  (4%)
    GAAP operating
     margin-continuing
     operations                   20%       16%             19%        20%
    Adjustments:
     Share-based
      compensation             2,659      3,419          4,658      6,397
     Amortization of
      acquired
      intangible assets          764      4,166          1,528      4,550
    Non-GAAP operating
     Income                   17,059     18,788 (9%)    30,097     35,856 (16%)
    Non-GAAP operating
     margin                       25%       27%             24%       29%

    GAAP net income-
     continuing
     operations               14,686     10,696 37%     26,421     25,865   2%
    GAAP net margin-
     continuing
     operations                   22%       15%             21%       21%
    Adjustments:
     Share-based
      compensation             2,659      3,419          4,658      6,397
     Amortization of
      acquired
      intangible assets          764      4,166          1,528      4,550
     Deferred tax impact
      related
      to acquired
      intangible assets         (296)    (1,632)          (592)    (1,784)
    Non-GAAP net income       17,813     16,649  7%     32,015     35,028  (9%)
    Non-GAAP net margin           27%       24%             25%       28%

    GAAP net income           14,686      8,520 72%     26,421     22,381  18%
    Add back:
     Depreciation and
      amortization             5,620     10,672         10,627     15,526
     Interest (income)
      expenses, net             (144)        21            (94)      (495)
     Income tax expenses       2,069     (3,097)         3,952     (1,972)
    EBITDA                    22,231     16,116 38%     40,906     35,440  15%
    Adjustments
     Share-based
      compensation             2,659      3,419          4,658      6,397
     Mark-to-market
      gains (losses)
      from foreign-
      currency forward
      contracts                  401      2,515         (2,219)      (168)
    Adjusted EBITDA           25,291     22,050 15%     43,345     41,669   4%

    Income attributable to
     holders of ADS
     (Non-GAAP):
    Basic                     17,813     16,649  7%     32,015     35,028  (9%)
    Diluted                   17,813     16,649  7%     32,015     35,028  (9%)

    Basic earnings per ADS
     (Non-GAAP)                 0.26       0.27 (1%)      0.47       0.56 (16%)
    Diluted earnings per ADS
     (Non-GAAP)                 0.24       0.23  7%       0.44       0.48  (9%)

    Weighted average ADS
     outstanding - basic
    (Non-GAAP)            67,944,436 62,588,246     67,469,104 62,241,856
    Weighted average ADS
     outstanding -
     diluted (Non-GAAP)   73,152,798 72,949,790     73,356,170 72,731,304



                          WUXI PHARMATECH (CAYMAN) INC.
                                REVENUE BREAKDOWN
                          (in thousands of U.S. dollars)

                                    Three Months Ended    Six Months Ended
                                         June 30,              June 30,
                                    2009   2008     %    2009    2008     %

    Net revenues:
      China-based Laboratory
       Services                  44,810   35,564   26%  86,458  67,983   27%
      U.S.-based Laboratory
       Services*                 16,679   15,962    4%  31,626  26,059   21%
         Subtotal                61,489   51,526   19% 118,084  94,042   26%
      China-based Manufacturing
       Services                   5,464   17,556  (69%)  8,017  31,208  (74%)
    Total net revenues           66,953   69,082   (3%)126,101 125,250    1%


    * Only five months of revenues (February to June 2008) were included in
      2008 for U.S.-based Laboratory Services because that business was
      acquired on January 31, 2008.

Conference Call

WuXi PharmaTech senior management will host a conference call at 8:00 am (Eastern) / 5:00 am (Pacific) / 8:00 pm (Beijing/Shanghai/Hong Kong) on Wednesday, August 12, 2009, to discuss its second-quarter 2009 financial results and future prospects. The conference call may be accessed by calling:

    United States: 1-866-519-4004
    China (Landline): 800-819-0121
    China (Mobile): 400-620-8038
    Hong Kong: 800-933-053
    United Kingdom: 0-808-234-6646
    International: +65-6735-7955
    Conference ID: 96870349
    Web PIN: 8656

A telephone replay will be available two hours after the call's completion at:

    United States: 1-866-214-5335
    China North: 10-800-714-0386
    China South: 10-800-140-0386
    Hong Kong: 800-901-596
    United Kingdom: 0-800-731-7846
    International: +61-2-8235-5000
    Passcode: 96870349

A live webcast of the conference call and replay will be available on the investor relations page of WuXi PharmaTech's website at http://www.wuxiapptec.com

About WuXi PharmaTech

WuXi PharmaTech is a leading pharmaceutical, biotechnology, and medical device R&D outsourcing company, with operations in China and the United States. As a research-driven and customer-focused company, WuXi PharmaTech provides broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process. WuXi PharmaTech's services are designed to assist its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. WuXi PharmaTech's operating subsidiaries are known as WuXi AppTec. For more information, please visit: http://www.wuxiapptec.com.

Use of Non-GAAP Financial Measures

We have provided three-month and six-month 2008 and 2009 gross profit, operating income, net income and earnings per ADS on a non-GAAP basis, which excludes share-based compensation expenses, amortization and deferred tax impact of acquired intangible assets, and discontinued operations. We also provided three-month and six-month 2008 and 2009 adjusted EBITDA, which is the GAAP net income adjusted by adding back depreciation and amortization, interest, income taxes, share-based compensation and mark-to-market gains (losses) from foreign-currency forward contracts. We believe both management and investors benefit from referring to these non-GAAP measures in assessing our financial performance and liquidity and when planning and forecasting future periods. These non-GAAP operating measures are useful for understanding and assessing underlying business performance and operating trends. We expect to continue providing gross profit, operating income, and net income on a non-GAAP basis using a consistent method on a quarterly basis.

You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of non-GAAP measures to GAAP measures for the indicated periods attached hereto.

Cautionary Note Regarding Forward-Looking Statements

Statements in this release contain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995, including, among others, anticipated full-year, second-half, and third-quarter 2009 operating results (including estimated total net revenues, China-based Laboratory Services net revenues, Manufacturing Services net revenues, adjusted EBITDA, gross margins, and other trends), planned capital expenditure and investment levels, and the anticipated benefits of those efforts and the planned expansion of our service offerings and areas of related revenue growth.

These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and financial condition and other circumstances may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Among other factors, continued uncertainty in the global economy and the pressures being felt by our customers and pharmaceutical industry consolidation may adversely impact our business and the trends for outsourced R&D and manufacturing for longer than expected or more severely than expected; we may be unable to successfully make our planned investments and capital expenditures on a timely basis; these investments may not yield the desired results; we may need to modify the nature and level of our investments and capital expenditures; pharmaceutical companies may not change their business models as expected or in a manner favorable to us; we may fail to capitalize on the opportunities presented; we may not maintain our preferred provider status with our clients; and we may be unable to successfully expand our capabilities to meet client needs. In addition, other factors that could cause our actual results to differ from what we currently anticipate include our limited operating history; failure to generate sufficient future cash flows or secure any required future financing on acceptable terms or at all; failure to retain key personnel; effective integration of continuing products and services from AppTec; our reliance on a limited number of customers to continue to account for a high percentage of our revenues; risk of payment failure by any of our large customers, which could significantly harm our cash flows and profitability; dependence upon the continued service of our senior management and key scientific personnel; and our ability to retain our existing customers or expand our customer base. You should read the financial information contained in this release in conjunction with the consolidated and pro-forma financial statements and related notes thereto included in our 2008 Annual Report on Form 20-F filed with and available on the Securities and Exchange Commission's website at http://www.sec.gov. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 6 of our 2008 Annual Report on Form 20-F. Our results of operations for second-quarter 2009 are not necessarily indicative of our operating results for any future periods. All projections in this release are based on limited information currently available to us, which is subject to change. Although these projections and the factors influencing them will likely change, we undertake no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release, except as required by law. Such information speaks only as of the date of this release.

    For more information, please contact:

    WuXi PharmaTech (Cayman) Inc.

     Ronald Aldridge (for investors)
     Director of Investor Relations
     Tel:   +1-201-585-2048
     Email: ir@wuxiapptec.com

     Stephanie Liu (for the media)
     WuXi PharmaTech (Cayman) Inc.
     Tel:   +86-21-5046-4362
     Email: pr@wuxiapptec.com

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