Increased project volume, new clients propel revenues and expanded services
Norwich Pharmaceuticals, a provider of full-service contract development and manufacturing services for the pharmaceutical and biotech industry, announced today that the company has achieved significant business growth in first quarter, 2012 as compared to the same period in 2011. Key growth areas include volume of projects currently in development and commercial production, scope of projects expanded into multiple service categories, and total value of new business won.
"Norwich’s growth is a direct result of our ability to maintain high quality standards while providing expertise and flexibility for both product development and commercial manufacturing," said Terry Novak, president of Norwich. "During the past year, Norwich has expanded our capabilities to meet the market demands for smaller scale development services. Providing expertise in novel, solid dose formulations, we have been able to offer services to new clientele while increasing our repeat business rate with current customers."
New client awards in the first quarter accounted for 33% of all Norwich projects while repeat business in Q1, 2012 more than doubled as compared to the same period last year. The total value of new projects increased 25%. Several of the new projects will utilize Norwich services for potent compounds, low humidity, bead extrusion, tablet coating, formulation development, BA/BE studies, and global packaging and distribution.
About Norwich Pharmaceuticals
Norwich is a full-service contract development and manufacturing provider for Rx and OTC pharmaceuticals. Norwich applies more than 120 years of experience and an unparalleled compliance record to offer customers greater flexibility, resources and speed that result in a streamlined progression from product development to scale-up and commercial manufacturing through clinical services. Visit www.norwichpharma.com for more information.