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Encorium Group Forms Joint Venture in Biostatistics, Data Management, and Consulting Services

Posted on: Tuesday, 28 August 2007, 18:20 CDT

Encorium Group, Inc. (Nasdaq: ENCO), an international full service contract research organization (CRO) that provides comprehensive clinical and drug development solutions for pharmaceutical, biotechnology and medical device companies today announced the formation of a joint venture with Prosoft Software, Inc. (Prosoft) to provide biostatistical, data management and consulting services relating to clinical trial design, implementation, data analysis, and regulatory submissions.

Encorium and Prosoft have been important strategic partners since 1998. Along with Encorium personnel, Prosoft has provided biostatistical analyses and consulting services to small as well as larger pharmaceutical and biotechnology companies throughout the world. Prosoft, which is headquartered in Wayne, PA, has nearly 12 years experience in the development of drugs and biologics. Dr. Dror Rom, President and founder of Prosoft and his staff of 16 professionals provide expertise that spans all preclinical and clinical phases of the development process across a wide array of therapeutic areas including cardiovascular, oncology, dermatology, infectious diseases/vaccines, respiratory, allergy, immunology, and CNS. Prosoft has had direct involvement in the filing of numerous regulatory submissions in North America and Europe.

This Agreement provides for a well defined relationship between Encorium and Prosoft. Under the terms of the Agreement, each party will assist the other in the marketing and delivery of biostatistical, data management and consulting services. The parties believe that this joint venture relationship will enhance their ability to market and deliver quality services to a wide base of clients. Encorium will hold a 51% equity interest in the joint venture.

Dr. Dror Rom, President of Prosoft stated, "We are delighted to join our biostatistical, data management, and consulting groups with Encorium's global management team. Prosoft has been working closely with Encorium Group for almost a decade. Over that time, we have been impressed with Encorium's strong track record of success in providing consulting services, clinical trial design expertise, and operational management and execution for the biopharmaceutical industry. We believe that through the joint venture with Encorium Group, we will enhance the quality of our client services and integrate our operating procedures and processes in order to achieve greater growth in our product offerings and capabilities."

Kenneth M. Borow, M.D., President and Chief Executive Officer for Encorium Group, Inc. commented, "We are enthusiastic about the opportunity to expand our relationship with Prosoft. Over the years, our companies have worked successfully together on more than 60 clinical trials. As we have stated previously, part of Encorium's growth strategy is to consolidate our long-standing strategic partners into a well integrated, efficient, and profitable company that consistently provides high quality deliverables to our clients."

About Prosoft Software, Inc.

Prosoft Software, Inc. is a biostatistical and data management Contract Research Organization (CRO) based in Wayne, PA. It provides high quality operational and consulting deliverables to its clients. With its staff of 16 biostatistics professionals, Prosoft offers a full range of biostatistical services relating to protocol development, sample size determination, development of rigorous and customized statistical plans, randomization, statistical analysis, support of Data Monitoring Committees (DMC), report ready analysis tables, and support for medical writing of study reports. For more information please visit our website at www.prosoftsoftware.com

About Encorium Group, Inc.

Encorium Group, Inc. is a global clinical research organization that is a leader in the design and management of complex clinical trials and Patient Registries for the pharmaceutical, biotechnology and medical device industries. The Company's mission is to provide its clients with high quality, full-service support for their biopharmaceutical and medical device development programs. Encorium offers therapeutic expertise, experienced team management and advanced technologies. The Company has drug and biologics development as well as clinical trial experience across a wide variety of therapeutic areas such as diabetes, cardiovascular, vaccines, infectious diseases, oncology, endocrinology/metabolism, gene therapy, immunology, neurology, gastroenterology, dermatology, hepatology, women's health and respiratory medicine. Encorium believes that its leadership in the design of complex clinical trials, its extensive early stage development capabilities, its broad therapeutic expertise and commitment to excellence, and its application of innovative technologies offer its clients a means to more quickly and cost effectively move products through the clinical development process. Encorium is headquartered in Wayne, Pennsylvania with its European base of operations in Espoo, Finland. The Company has a geographic footprint that includes over one billion people in North America, Western/Central/Eastern Europe, Scandinavia, and the Baltics. For more information please visit our website at www.encorium.com

This press release contains forward-looking statements identified by words such as "estimate,""project,""expect,""intend,""believe,""anticipate" and similar expressions. Actual results might differ materially from those projected in, expressed in or implied by the forward-looking statements. Potential risks and uncertainties that could affect the Company's future operating results and financial condition include, without limitation: (i) our success in attracting new business and retaining existing clients and projects; (ii) the size, duration, and timing of clinical trials we are currently managing may change unexpectedly; (iii) the termination, delay or cancellation of clinical trials we are currently managing could cause revenues to decline unexpectedly; (iv) the timing difference between our receipt of contract milestone or scheduled payments and our incurring costs to manage these trials; (v) outsourcing trends in the pharmaceutical, biotechnology and medical device industries; (vi) the ability to maintain profit margins in a competitive marketplace; (vii) our ability to attract and retain qualified personnel; (viii) the sensitivity of our business to general economic conditions; (ix) other economic, competitive, governmental and technological factors affecting our operations, markets, products, services and prices; (x) announced awards received from existing and potential customers are not definitive until fully negotiated contracts are executed by the parties; (xi) our backlog may not be indicative of future revenues and may not generate the revenues expected; (xii) our ability to successfully integrate the businesses of Encorium and Remedium Oy which we acquired on November 1, 2006; and (xiii) the ability of the combined businesses to operate successfully, generate revenue growth and operating profits. You should not place any undue reliance on these forward looking statements which speak only as of the date of this press release. Additional information concerning factors that might affect our business or stock price which could cause actual results to materially differ from those in forward-looking statements is contained in Encorium Group's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2006 and other periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from Encorium Group's investor relations department or The Equity Group Inc.

Source: Business Wire

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