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Company News Release
Debuting at BIO, Covance MarketPlace Connects Emerging Biotech with Potential Partners Early in the Development Process
Princeton, N.J. – June 23, 2014 – Covance Inc. (NYSE: CVD), the world’s most comprehensive drug development company and a leader in nutritional analysis, today announced the introduction of Covance MarketPlace, a new solution that enables Covance’s emerging biotechnology and established pharmaceutical clients to easily find and forge new partnerships in a secure forum.
Sourcing high-quality drug candidates efficiently and effectively is a pivotal step in the industry’s quest to accelerate the development and launch of innovative new medicines. Covance MarketPlace helps biotechnology companies more effectively showcase their molecules to larger pharmaceutical companies as they continue to increase their own in-licensing efforts. With Covance conducting development work for all the molecules in Covance MarketPlace, prospective partners can be confident in the quality of the data, design of the plan and regulatory acceptance.
“As a trusted partner with extensive capabilities across the drug development spectrum, Covance is uniquely positioned to provide novel solutions for both our emerging biotechnology and larger pharmaceutical clients,” said John Watson, Chief Commercial Officer and President, Strategic Partnering, Covance. “Covance MarketPlace provides a simple and elegant solution that connects the portfolios of our biotechnology clients with select pharmaceutical partners looking for innovative molecules backed by high-quality and regulatory-compliant data, and insights that leverage our nearly 70 years of experience.”
The company is actively working with its client base of more than 500 biotechnology companies to place their compounds into Covance MarketPlace. Upon completion, Covance MarketPlace will be activated for select Covance pharmaceutical clients, giving them line-of-sight to molecules early in their development lifecycle, typically at the IND/CTA-enabling, first-in-human or proof-of- concept phase.
“With expertise from pre-clinical through market commercialization, Covance can proactively guide our clients in the design of programs that link robust preclinical strategies to optimized clinical plans to improved product labels,” said Steve Street, Vice President and General Manager of Covance Early Development. “This scientific, medical and regulatory continuity combined with our unique understanding of the challenges faced by emerging biotechnology companies, affords us tremendous insights that we use to streamline a molecule’s development. Helping our biotechnology clients enhance the quality and value of their compounds while gaining vital exposure to the right audiences at the right time can increase the likelihood of a novel medicine advancing into the clinic and, ultimately, to patients.”