IBT Laboratories unveils $2m expansion
next year to expand its pharmaceutical services division.
The US-based firm said it plans to use the expansion to capitalise on the growing demand for the immunology research and testing services it provides – boosted by the Food and Drug Administration (FDA's) recent insistence that all new drugs must be tested to determine how they affect the immune system. According to the firm this has generated an increased need for drug manufacturers and contract research organisations to partner with specialty laboratories. "We are one of the only laboratories in the US specialising in molecular and cellular immunology," said IBT president John Halsey. "Last year our revenues increased by 26 per cent over the previous year (from $5.2m to $6.6m) as a result of a spike in business from global pharmaceutical companies." The company said it expects the new investment to drive 50 per cent revenue growth in 2007. "We anticipate that our clinical trial services will continue to grow exponentially based on industry projections that the contract pharmaceutical development market will reach more than $42bn by 2010," said Halsey. As part of the expansion, IBT said it will develop new immunology tests and methodologies, enhance its analytical systems and expand its customer service, shipping and logistics functions. It will also create ten new jobs, bringing the total number of employees to 80. In addition, the company said it plans to "aggressively pursue new international partnerships and business opportunities."
