Revenue recognition for the announced new business contracts is expected to begin in the fourth quarter of 2008 on a proportional basis as services are performed on each project.
David Ginsberg, CEO of Encorium, said: “This new business win confirms Encorium’s increasingly strong position in the therapeutic arena of oncology as well as our determination to further leverage our capabilities to become one of the leading contract research organizations in the oncology space.
“The fact that we have the capability to conduct all or part of a client’s trials in Europe exemplifies how we are able to bring value-added services to our US clients through our transatlantic presence. The combined wins, worth approximately $26 million during the last four and a half months, clearly reflect both the great trust the pharmaceutical industry has in Encorium and how our increased business development efforts are starting to pay off.”