Italian contract research organisation (CRO) Pierrel has acquired Encorium’s US clinical trial operations in a $2.7m (€1.9m) deal that could provide a much needed lifeline for the troubled group.
CRO Encorium has unveiled plans to sell both its US business and its Finnish subsidiary Encorium Oy just weeks after posting a gloomy set of Q1 financials dominated by a 15 per cent drop in net revenues.
Troubled contract research organisation Encorium Group finally published its delayed financial results yesterday, posting a net loss of $3.9m, three times the year-earlier loss.
Clinical research organisation Encorium has postponed the release of its third quarter results but said it still expects the figures to be in line with its most up-to-date guidance.
Contract research organisation Encorium has bought $250,000 of its own stock in a bid to stabilise its share price, which has been in steep decline in recent weeks.