Cincinnati, Ohio-based Kendle is the latest contract research organization (CRO) to reduce its full year 2008 guidance as a result of the negative effect of foreign exchange rates.

The company now expects its 2008 net service revenues to be in the range of $475 million to $480 million, down from $485 million to $500 million. Kendle had already lowered the low-end of its full-year revenue guidance from $490 million in November.

The CRO’s share prices were down 3.99% to $19.95 in late Monday trading.