Lab Canada

LAB International wins US $5.5 million service contract

Laval, QC – Aug 9, 2004 – LAB International, a developer of inhalation delivery products, says it has secured a US $5.5 million agreement to provide pre-clinical research and development services to an undisclosed US biotech company. Under the terms of the agreement, LAB will receive minimum annual payments over a three-year period in exchange for favorable commercial terms. The services to be provided will be performed at LAB’s Hungarian based contract research facility.

“Following Hungary’s recent acceptance into the European Union, there has been growing appreciation for the commercial benefits of conducting bio- pharmaceutical research in this high-quality, low-cost environment,” says Dr Halvor Jaeger, the company’s CEO.