Albany, N.Y, United States
Albany Molecular Research, Inc. (Nasdaq: AMRI) has announced the construction of a new 50,000 sq. ft. research and development centre at the Shapoorji Pallonji Biotech Park in Hyderabad, India. The company held a groundbreaking ceremony at the site of the new facility, which represents the first major expansion of the company's Hyderabad Research Centre, a subsidiary of Albany Molecular Research, Inc. When completed in late 2007, the new R&D center will conduct contract projects in early stage drug discovery research, including custom chemical synthesis and medicinal chemistry. In addition, the new facility will house a scale-up laboratory, which will be used to develop efficient methods for producing larger quantities of active pharmaceutical ingredients and intermediates.
When fully staffed, the new facility will add over 100 employees to the company's existing Hyderabad operations, which currently have 19 employees in the nearby ICICI Knowledge Park. The current facility can accommodate up to 40 employees and is expected to reach full capacity in the coming months.
"The expansion of our Hyderabad Research Centre will enhance our ability to provide customers with a range of flexible drug discovery and development services and cost options," said AMRI Chairman, CEO and President Thomas E. D'Ambra, Ph.D. "Since the opening of AMRI facilities in India and Singapore last year, many of our customers have already capitalized on the synergies created by this global expansion."
Among those participating in the groundbreaking ceremony were Rajesh Shenoy, Ph.D., director of the Albany Molecular Research Hyderabad Research Centre (AMRHRC); Harold Meckler, Ph.D., vice president of science and technology at AMRI and chairman of the AMRHRC Board of Directors; M.R. Subramanya, project architect from Venkatramaman Associates; and Sumit Rakshit and Rajeev Kumar, project managers from Cushman and Wakefield.
Albany Molecular Research, Inc. is a global drug discovery company that provides chemistry services to pharmaceutical and biotechnology companies and conducts its own proprietary R&D programs.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements may be identified by forward-looking words such as "may," "could," "should," "would," "will," "intend," "expect," "anticipate," "believe" and "continue" or similar words and include, without limitation, statements by the company's Chairman, CEO and President and statements regarding the company's proposed research facility in Hyderabad, India and the company's current operations at the Hyderabad Research Centre. Readers should not place undue reliance on our forward-looking statements. The company's actual results may differ materially from such forward-looking statements as a result of numerous factors, some of which the company may not be able to predict and may not be within the company's control. Factors that could cause such differences include, but are not limited to the company's ability to attract and retain experienced scientists, trends in pharmaceutical and biotechnology companies outsourcing of chemical research and development, the company's ability to enforce its intellectual property and technology rights, the risks posed by international operations to the company, and the company's ability to effectively manage its growth as well as those factors discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2005 as filed with the Securities and Exchange Commission on March 16, 2006 and the company's other SEC filings. The company does not undertake any duty to and does not intend to update any forward-looking statements contained in this press release after the date of this press release. MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5152213
CONTACT: Albany Molecular Research, Inc. Media: David Albert 518-464-0279, ext. 2229 or Investor: P. Curtis Schenck 518-464-0279, ext. 2933
Source: Business Wire (Business Wire India)