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May 25th 2011 – ELC GROUP, the pan-European pharmaceutical regulatory affairs organisation announced today a total revenue increase of 94% for the first quarter of 2011. ELC Group published their annual results in January and predicted a gain in net revenues for the first quarter of 2011. The resulting increase is higher than expected and was backed by a strong growth in global markets.
“2011 has started in line with expectations if not better” commented CEO Marco Rubinstein. “With strong gross bookings and a strengthening pipeline of new opportunities, we believe we are on track for even better results in the second half of the year. Looking forward, we are encouraged by the increasing demand for our regulatory affairs services, as well as a robust pipeline of development proposals. We are focused on achieving our goals while carefully managing costs and building value for investors.” In the second quarter, ELC GROUP is looking for a continued sequential increase in net revenues.
ELC GROUP is expected to turn its attention to acquisition targets in the specialty CROs and services companies’ landscape. Although ELC has traditionally focused its attention on opportunities based in Europe and Asia, the company is looking to make deals in other corners of the global marketplace as well.
ELC Group has also enhanced management team with key new members, including Dr. Paolo Biffignandi, Former TOPRA President as Advisory Board’s Chairman.
NOTE: The statements made in this Press Release may contain forward-looking statements that involve a number of risks and uncertainties.