Services include regulatory submissions, project management and field monitoring. Revenue recognition will begin in the current quarter with the remainder expected to occur on a proportional performance basis as services are performed on each project.
Kenneth Borow, Encorium Group’s president and chief medical and strategic development officer, said: “With the signing of these contracts, Encorium has announced approximately $13.5 million of new business during the past three weeks. In aggregate, these new contracts represent both repeat and new client business and cover a wide array of therapeutic areas for multiple small as well as large biopharmaceutical companies.
“Encorium will provide clinical trial services for these studies on three continents including North America, Europe and South America. We are very encouraged about our company’s ability to win new business, especially as we move forward with our globalization efforts.”