The partnership will enable CML to increase its market share in the specialized CRO custom bioanalytical testing space, currently serviced by its subsidiary, Hemostasis Reference Laboratory.
Expected to be operational by the third quarter in 2013, the new entity will serve the needs of Inflamax, and other CRO, pharmaceutical, and biotechnology companies.
CML president and CEO Thomas Wellner said that Piyush Patel, the CEO of Inflamax, and Nicola Hughes, the director of CML, Laboratory Clinical Operations Integration, have 15-20 years of CRO experience in clinical- and laboratory-operations, respectively.
"Their knowledge of the business and mutual commitment to high quality standards, to ensure regulatory compliance, will permit a rapid launch of CML HealthCare Bioanalytics Inc. and a smooth transition to bring Inflamax’s diagnostic testing requirements into CML HealthCare Bioanalytics," Wellner added.
Inflamax CEO Piyush Patel said that their partnership with CML will create a powerhouse Canadian clinic and custom analytical testing CRO with the added ability to perform studies that require bioanalytical testing.
Laboratory Clinical Operations Integration director Nicola Hughes said, "The synergy between our groups, based on our respective areas of expertise, is a true partnership for success."