Precision for Medicine Awarded NIH Contract Valued at $28 Million

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Nov 04, 2014, 08:20 ET

BETHESDA, Md., Nov. 4, 2014 /PRNewswire/ -- Precision for Medicine announced today that its subsidiary, Precision Bioservices, Inc., has been awarded a 7-year contract of up to $28 million to provide management and oversight of disease-study specimens for the National Institute of Allergy and Infectious Diseases (NIAID). NIAID is part of the National Institutes of Health (NIH), an agency of the US Department of Health and Human Services.

Under the terms of the contract, Precision will support and maintain a collection of biological specimens from NIAID-sponsored epidemiological and clinical trials that currently contain 5.9 million biospecimens and is expected to acquire an additional 2-3 million over the next 7 years. Precision will receive, store, aliquot, and ship specimens for use in research related to HIV/AIDS and maintain a Quality Assurance and Quality Control program for the repository that conforms to published best practice guidelines. The contract also allows for optional services such as the culturing and aliquoting of tuberculosis and other BSL-3 agents from NIAID-funded study groups performing research on HIV/AIDS and associated infections.

"Servicing the NIH's need for a very large volume, complex biorepository solution is an important component of our business and this contract further reinforces our capabilities in this area," said Chad Clark, Co-President and Chief Operating Officer. "This award is also a great reflection of our teams and their commitment to quality in the science of cryopreservation and biobank management."

About Precision
Formed in 2012, Precision is a specialized services company supporting next generation approaches to drug development and commercialization. It provides integrated services and infrastructure to support pharmaceutical and life sciences companies as they develop new products in the age of precision medicine. Precision brings expertise, technology, and project execution to support innovative, patient-centric solutions from discovery through commercialization. The company is headquartered in Bethesda, Maryland, with offices in Frederick, Maryland, New York City, Chicago, Gladstone, New Jersey, Indianapolis, Stamford, Connecticut, and Cambridge, Massachusetts.

www.precisionformedicine.com
www.precisionbioservices.com

SOURCE Precision for Medicine, Inc.