Exhibit 99.1
Encorium Group, Inc. Announces the Resignation of Lawrence R. Hoffman as Chief Financial Officer;
Company to Immediately Begin Search for Successor
WAYNE, Pa.--(BUSINESS WIRE)-- Encorium Group, Inc. (Nasdaq: ENCO), a full-service multinational contract research organization (CRO) that provides design, development, and management capabilities for clinical trials and patient registries to many of the world's leading pharmaceutical and biotechnology companies, today announced the resignation of Lawrence R. Hoffman, the Company's Chief Financial Officer, effective May 2, 2008. Mr. Hoffman has decided to leave the Company to pursue other interests.
Kai Lindevall, M.D., Ph.D., Encorium's Chief Executive Officer and Kenneth M. Borow, M.D., Encorium Group's President and Chief Medical and Strategic Development Officer jointly commented, "On behalf of the entire Encorium organization, we wish Larry good luck in his future endeavors and thank him for his role in the growth of the Company over the past four years. Larry has created a solid financial foundation that will support our ongoing global expansion and business development initiatives. We will now begin the search process for a new, top-level executive based in the United States. We have retained the services of an executive search firm to spearhead this recruitment effort, and will appoint an interim Chief Financial Officer in the near future."
About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization specializing in the design and management of complex clinical trials and Patient Registries for the pharmaceutical, biotechnology and medical device industries. The Company's mission is to provide its clients with high quality, full-service support for their biopharmaceutical and medical device development programs. Encorium offers therapeutic expertise, experienced team management and advanced technologies. The Company has drug and biologics development as well as clinical trial experience across a wide variety of therapeutic areas such as infectious diseases, cardiovascular, vaccines, oncology, diabetes endocrinology/metabolism, gene therapy, immunology, neurology, gastroenterology, dermatology, hepatology, women's health and respiratory medicine. Encorium believes that its expertise in the design of complex clinical trials, its therapeutic experience and commitment to excellence, and its application of innovative technologies, offer its clients a means to more quickly and cost effectively move products through the clinical development process. Encorium is headquartered in Wayne, Pennsylvania with its European base of operations in Espoo, Finland. The Company has a geographic footprint that includes over one billion people in North America, Western/Central/Eastern Europe, Scandinavia, and the Baltics.
This press release contains forward-looking statements identified by words such as "estimate," "project," "expect," "intend," "believe," "anticipate" and similar expressions. Actual results might differ materially from those projected in, expressed in or implied by the forward-looking statements. Potential risks and uncertainties that could affect the Company's future operating results and financial condition include, without limitation: (i) our success in attracting new business and retaining existing clients and projects; (ii) the size, duration, and timing of clinical trials we are currently managing may change unexpectedly; (iii) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues and cash-on-hand to decline unexpectedly; (iv) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (v) outsourcing trends in the ph armaceutical, biotechnology and medical device industries; (vi) the ability to maintain profit margins in a competitive marketplace; (vii) our ability to attract and retain qualified personnel; (viii) the sensitivity of our business to general economic conditions; (ix) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (x) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties; (xi) our backlog may not be indicative of future revenues and may not generate the revenues expected; (xii) our ability to successfully integrate the businesses of Encorium and Remedium Oy which we acquired on November 1, 2006; and (xiii) the performance of the combined business to operate successfully and generate growth. You should not place any undue reliance on these forward looking statements which speak only as of the date of this press release. Additional inf ormation concerning factors that might affect our business or stock price which could cause actual results to materially differ from those in forward-looking statements is contained inEncorium Group's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2007 and other periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request fromEncorium Group's investor relations department or The Equity Group, Inc.
Contacts
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior,212-836-9606
aprior@equityny.com
www.theequitygroup.com
