« Return to News | CROs/Service Providers

Encorium Cuts Loss by $1.8M

Friday, May 22, 2009 07:00 AM

Following Encorium Group’s announcement of plans to sell its assets, the Wayne, Pa.-based contract research organization (CRO) released its first quarter financial results earlier this week, reporting a significant decrease in net loss for Q1 2009 compared with the same period last year.

Encorium’s loss for the quarter was $195,220, or $(0.01) per diluted share, down from $2 million, or $(0.10) per diluted share, in the first quarter 2008. Encorium CEO David Ginsburg attributed the decrease to staff reductions and a reduction in overhead expenses.

“We are very pleased with the results of our cost-cutting efforts, which significantly reduced our direct expenses and SG&A to better align our costs to our current book of business, ” Ginsburg said in a company statement.

Net revenues for the first quarter of 2009 were also down from the same period last year. Revenue for the quarter was $7 million, down 6.1% from $7.5 million last year.

Encorium has entered into two non-binding letters of intent to sell the assets of its U.S. operations and its European subsidiary, Encorium Oy. The first letter of intent, for the U.S. business, is with Italian CRO Pierrel SpA. The company did not release any specific information about the pending European deal, other than to say it’s with a global clinical research organization based in the U.S.

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

December 17

Medici Global says its Alzheimer's Facebook page demonstrates the need for more early detection trials

Analysts: Expect more equity purchases of CROs in 2013

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

January 2013

Parexel celebrates 30 years of change, growth
CRO's founder and chairman reflects on challenges of the past, present and future

Strategies for increasing patient diversity in trials
Sponsors look to improve racial, ethnic recruitment without going overseas

Already a subscriber?
Log in to your digital subscription.

Purchase the January issue.

Subscribe to The CenterWatch Monthly.

December 2012

Publicity, regulation tightening reins on use of KOLs
Debate rages over need to revamp how sponsors use, pay medical experts

Time may be right to makeover the investigator brochure
Size, complexity prevent critical document from being thoroughly read

Already a subscriber?
Log in to your digital subscription.

Purchase the December issue.

Subscribe to The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs

More Jobs

 

Copyright © 1995-2013 CenterWatch.