Averion Revenues Double Following Hesperion Acquisition
Averion, a contract research organization (CRO) specializing in oncology, reported its third quarter revenues more than doubled following its acquisition of Swiss CRO Hesperion.
Net service revenue for the three months ended September 30 was $15.9 million, compared with $7.8 million for the same period last year. The Southborough, Mass.-based company’s direct expenses for the third quarter of 2008 increased $5.7 million over third quarter 2007 to $9.9 million. The Hesperion acquisition, completed in October 2007, contributed $5.4 million to those third quarter expenses.
“We continued to realize positive trends in our net service revenue despite the difficulties facing many of our clients who are currently seeking additional sources of funds,” said Averion CEO Markus Weissbach, M.D., Ph.D., in a company statement. “We continue to manage our business very carefully and capitalize on the efficiencies of our expanded international operations through the integration of Hesperion and Averion.”
Averion expanded its European operations last month with the opening of a Czech Republic office, and the CRO continues to look for other expansion opportunities (both geographically and in the services it provides), according to Weissbach. Averion has U.S. offices in California, Maryland and New York; and international offices in France, the Netherlands, the United Kingdom, Poland, Russia, Israel, Germany, Austria, Ukraine and the Czech Republic.