Novotech in Expansion Mode as CRO Sector Continues to Grow at 15%

SYDNEY, Australia & SAN DIEGO--(BUSINESS WIRE)--Novotech, the largest Australian-owned contract research organization (CRO) with offices on the US east and west coasts, is now in rapid expansion mode as the CRO sector fundamentals continue to strengthen with growth of more than 15% per year.

Following the company’s successful expansion to the US, Novotech has attracted two leading biotech venture firms BioPacificVentures and Co-Investor Capital Partners as investors in the company and as backers of its overseas expansion plans.

Novotech, the recipient of the Frost & Sullivan Asian CRO of the Year 2006 - Australia Award and a winner of the Deloitte Fast 500 Asia Pacific 2006 program, is also looking to Asia as part of its corporate development with plans to have an office established in India by the end of 2007, and others in the region to follow shortly afterwards.

Novotech CEO, Alek Safarian said many of their US clients were requiring reach into Asia, and so offering a seamless operation serves their growing client base from the Australian and American regions. Novotech is highly regarded in the US and the EU for managing the Australasia/Asia Pacific component of global trials, and a stronger presence in Asia would further guarantee the Novotech stamp of excellence in high standard, speed, efficiency, and reasonable cost trials.

Aki von Roy from BioPacificVentures said the investment in Novotech was a strategic investment in the CRO space, which is thriving. Phillip Pryke of Co-Investor Capital Partners commented that Novotech, is now in an ideal position to further strengthen its presence internationally, in particular in Asia.

According to Frost & Sullivan Program Manager Shruti Dwivedi, Novotech demonstrated “exemplary growth and performance” and is well placed to benefit from the 15% per annum increase in trials conducted in Australia, much of which is coming from large pharmaceutical firms.

Novotech came out on top against its competitors after being evaluated on key criteria including “research capabilities, breadth and depth of services, geographical coverage, and alliances/partnerships that would enhance capabilities and the growth strategies adopted in pursuit of corporate objectives,” said Dwivedi.

“Novotech offers a broad spectrum of services in Australia and New Zealand, catered by a strong research team, experienced in diverse therapeutic fields. It has formed a subsidiary in the UK as well as external partnerships/alliances in North America and other regions to widen its geographical reach.”

Novotech also won praise for its therapeutic experience with its special focus on Oncology, Ophthalmology and Cardiology trials. It conducts approximately 60 clinical trials every year, where nearly 80% are in Phase II & III, with remaining in Phase 1.

Editors please note: Alek Safarian is a guest speaker at AusBiotech 2007 Conference Brisbane. Australia

Monday 22^nd October, 2pm

Drugs from the Sea.

www.biopacificventures.com

www.co-investor.net

About Novotech

Headquartered in Sydney, Novotech is focused on the Australian and New Zealand markets but has worldwide reach through the company's subsidiary in the United Kingdom and its US operations.

As the largest independent CRO in Australia, Novotech offers a level of flexibility and local knowledge that is unmatched among other contract research organizations in the region. Novotech’s US operations make it uniquely positioned to offer trials across the two countries, providing the benefits of Australia’s highly regarded cost-effective clinical trial capabilities, and at the same time take advantage of access to the much larger US market for rapid patient enrollment - a service that has to date only been available via large global CROs at higher overhead costs.

www.novotech-cro.com