Press release from Marketwire
CML HealthCare Inc. Enters Into a Strategic Partnership With Inflamax Research Inc. and Establishes CML HealthCare Bioanalytics Inc. to Expand Testing Capacity
Tuesday, May 07, 2013
CML HealthCare Inc. Enters Into a Strategic Partnership With Inflamax Research Inc. and Establishes CML HealthCare Bioanalytics Inc. to Expand Testing Capacity06:00 EDT Tuesday, May 07, 2013
MISSISSAUGA, ONTARIO--(Marketwired - May 7, 2013) - CML HealthCare Inc. (TSX:CLC) (the "Company" or "CML"), a leading community-based Canadian provider of diagnostic testing for integrative health is pleased to announce that it has entered into a partnership with a leading Toronto-based Contract Research Organization (CRO), Inflamax Research Inc. ("Inflamax") to provide seamless clinical research and bioanalytical services to the pharmaceutical and biotechnology industry. This partnership will allow CML to increase its market share in the specialized CRO custom bioanalytical testing space, currently serviced by its subsidiary, Hemostasis Reference Laboratory. To better support our clients, CML will be establishing a new entity, CML HealthCare Bioanalytics Inc. This new entity is expected to be operational by the third quarter in 2013 to service the needs of Inflamax, and other CRO, pharmaceutical, and biotechnology companies.
"We are very excited to partner with Inflamax to expand CML's reach in the specialized CRO laboratory testing space. This is directly aligned with our strategy to extend our core capabilities. This partnership will position CML for further growth in this multi-billion dollar market worldwide," said Thomas Wellner, President and Chief Executive Officer of CML. "Dr. Piyush Patel, Chief Executive Officer of Inflamax, and CML's Dr. Nicola Hughes, Director, 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."
"Our partnership with CML will create a powerhouse Canadian clinic and custom analytical testing CRO, which will allow Inflamax to expand its existing pipeline of allergy-focused clinical trials, with the added ability to perform studies that require bioanalytical testing as well as measurement of biomarkers in early phase mechanistic studies for new large and small molecule drugs," said Dr. Piyush Patel, Chief Executive Officer of Inflamax.
"As a well-respected scientist and laboratory leader, I am thrilled to be working with such a renowned clinical group as Inflamax," said Dr. Nicola Hughes, Director, Laboratory Clinical Operations Integration. "The synergy between our groups, based on our respective areas of expertise, is a true partnership for success."
About CML HealthCare Inc.
Based in Mississauga, Ontario, CML HealthCare Inc. is a leading community-based, medical diagnostic services provider in Canada. In addition to operating 114 Client C.A.R.E. Centres in Ontario, 84 imaging centres in Ontario and British Columbia, its subsidiaries, Hemostasis Reference Laboratory, is focused on specialized coagulation testing and equipment calibration for international customers while Rocky Mountain Analytical provides specialized testing for naturopaths and physicians practicing integrated medicine in Canada. CML is publicly-traded on the Toronto Stock Exchange under the symbol "CLC" and has approximately 89.8 million common shares outstanding. For more information, please visit www.cmlhealthcare.com or follow CML on Twitter @cmlhealthcare.
About Inflamax Research Inc.
Inflamax Research is a full-service clinical research organization specializing in allergy, asthma, COPD, dry eye syndrome, contact lens induced dry eye, non-allergic rhinoconjunctivitis and nasal & ocular delivery systems. Dr. Piyush Patel, Inflamax's CEO is an industry veteran who has been in the forefront of development in EEC technology. Dr. Patel is an author of several patents relating to Environmental Exposure Chamber (EEC) technology and has been involved in the development of many mainstay anti-allergy drugs and immunotherapies currently on the market. He was the owner of Allied Research International; a CRO specializing in EECs, which was sold in 2007. Dr. Patel was named Entrepreneur of the Year in 2008 for his work in building that company.
FOR FURTHER INFORMATION PLEASE CONTACT:
CML HealthCare Inc.
Alice Dunning, MBA, CFA
Director, Corporate Communications
(905) 565-0043 ext. 3472
(905) 565-2844 (FAX)
Inflamax Research Inc.
Dr. Piyush Patel
Chief Executive Officer
(905) 282 6310
(905) 282 1835 (FAX)