Latest news with #CRO
Irish Independent
13-06-2025
- Business
- Irish Independent
Enterprise Ireland chairman Michael Carey resigns
In a statement Mr Carey confirmed he's stepping down from role he's held since September 2023. He is also resigning as chairman of the Housing Agency. 'With regret I am announcing my resignation from two voluntary unpaid/un-expensed state board positions: as chairman of Enterprise Ireland and of The Housing Agency,' he said. "Recent media reports have highlighted late account filings with the CRO for our business East Coast Bakehouse, where I'm a major shareholder and executive chairman. This has occurred due to management administrative errors. "The delay has been exacerbated by an unanticipated need for a decision by our board to change our auditors. There is no suggestion of any financial issues at the company; the accounts for these periods are completed and the fully audited accounts are expected to be filed in the CRO by early July.' Mr Carey added: "The widespread issue of late filings of accounts with the CRO has been highlighted in recent months, with over 15,000 firms in a similar position each year. This issue of this late filing at East Coast Bakehouse has received particular media attention due to my role as chairman of these state agencies. "I accept personal responsibility for the failure of the business to comply with this corporate governance requirement and the heightened requirement to fully comply, as chairman of a number of state boards. A late filing fee will be paid as appropriate and actions have been taken to avoid any future reoccurrence. "In order to avoid embarrassment to the ministers and any distraction from the crucially important jobs undertaken by these two agencies, I will step aside from these roles with immediate effect. I will work with the board and CEOs of these agencies as/if required to facilitate a smooth transition.' East Coast Bakehouse company is now more than 18 months late filing accounts for its 2023 financial year. The company is also late filing accounts for the 2024 financial year. Despite the resulting potential legal consequences, the Department of Enterprise, Trade and Employment, which oversees Enterprise Ireland, had continued to back Mr Carey's position as chairman of a state agency that helps Irish companies to grow and expand internationally. East Coast Bakehouse, which was founded by Mr Carey in 2015, is based in Drogheda, Co Louth. Enterprise Ireland is a significant backer of the venture, having ploughed about €2.4m into the business. ADVERTISEMENT Learn more The major delay in filing the accounts continues to leave Mr Carey and other directors of biscuit maker East Coast Bakehouse, including his wife, Alison Cowzer, open to potential prosecution for offences under the Companies Act. Earlier today, Mr Carey had told the Irish Independents that the accounts for the firm's 2023 and 2024 financial years would be filed by next month. In the middle of April, he said East Coast Bakehouse would file all up-to-date accounts in coming weeks. He said at the time the company expected to soon close a €5m equity fundraising and line up €5m in debt finance. On April 30, the Department of Enterprise told the Irish Independent that Mr Carey had informed it that the accounts for the company's 2023 financial year had been finalised. 'They have received a commitment that they will be filed with the CRO in the coming weeks and that steps have been taken to avoid this occurring again in future,' said the Department at the time. On June 4, Mr Carey told the Irish Independent that the funding process that had been underway was complete, and that the accounts for East Coast Bakehouse would be filed that week or the following Monday. Today he said it would now be July before the accounts are filed, with both 2023 and 2024 prepared. 'A number of issues outside of our control have delayed the process,' he said. 'Work continues on the audit of these accounts, aiming to file fully up-to-date with the Companies Registration Office in early July.' 'We acknowledge that filing of these accounts are late due to administrative errors and an unforeseen need to decide to change our auditors,' he added. 'A late filing fee will be paid as required in such circumstances.' Mr Carey added: 'Steps have been taken by the business to ensure this error is not repeated in future years.'
Indian Express
11-06-2025
- Climate
- Indian Express
Delhi among eight Indian cities facing double heatwave threat by 2030: Report
Delhi is one of eight Indian cities projected to experience a two-fold increase in the number of heatwave days by 2030, according to a latest research report. Mumbai, Chennai, Surat, Thane, Hyderabad, Patna, and Bhubaneswar are the seven other cities that are at a similar risk. Titled 'Weathering the Storm: Managing Monsoons in a Warming Climate', the report was released jointly by Esri India, a geographic information systems (GIS) solutions provider, and IPE Global, an international development consultancy group, on Monday. It is co-authored by climate experts Abinash Mohanty and Krishna Kumar Vsav. 'Extended heat wave conditions are likely to trigger more frequent, incessant, and erratic rainfall events. Eight out of ten districts in India are going to experience multiple instances of incessant and erratic rainfall by 2030,' the report stated. Delhi, which has already seen a heatwave this month, is projected to face heightened climate risks as summer conditions now increasingly spill over into the monsoon season. 'These extreme temperature events are not just limited to the peak summer months — they now increasingly overlap with the monsoon season, creating a dual threat of oppressive heat and extreme rainfall,' underlined a statement by Esri India. The report highlights a disturbing trend of intensifying heatwaves and prolonged summer-like conditions that extend well into the monsoon. It has warned of a 2.5-fold increase in the number of heatwave days by 2030 and a 43% rise in the intensity of extreme rainfall events across India, both driven by accelerating climate change. According to the analysis, India has seen a 15-fold increase in extreme heatwave days from March to May and June to September over the past three decades (1993–2024). The last decade alone recorded a 19-fold increase in such events, underscoring the growing urgency for climate adaptation, as per the findings. In the context of Delhi, this means that extreme heat will no longer be confined to the peak summer months but may coincide with heavy monsoon rains, posing a compound risk to the city's residents. In the report, it was further highlighted that about 72% of Tier-I and Tier-II cities are likely to face increased occurrences of both heat stress and extreme rainfall, often accompanied by storm surges, lightning, and hailstorms. Districts across diverse geographies — including Maharashtra, Tamil Nadu, Gujarat, Uttar Pradesh, Himachal Pradesh, and Odisha — have been flagged as vulnerable hotspots, indicating the pan-India nature of climate change risks. Among the states in the country, Gujarat, Rajasthan, Uttar Pradesh, Uttarakhand, and Himachal Pradesh are expected to face the greatest stress, with over 75% of their districts likely to endure this 'double whammy' of persistent heat and erratic rains by the end of the decade. In terms of the way forward, the note recommended the establishment of a Climate Risk Observatory (CRO) to provide real-time risk assessments at the national level. This system would facilitate hyper-granular risk mapping and enhance early warning systems. Another key recommendation is the development of risk financing instruments to offset the socio-economic impacts of extreme weather.
Globe and Mail
11-06-2025
- Business
- Globe and Mail
Fortrea Names Anshul Thakral Chief Executive Officer
DURHAM, N.C., June 11, 2025 (GLOBE NEWSWIRE) -- Fortrea (Nasdaq: FTRE) (the 'Company'), a leading global contract research organization (CRO), today announced that Fortrea's Board of Directors (the 'Board') named Anshul Thakral as Fortrea's CEO, effective August 4, 2025. He was also appointed to serve as a director on the Company's Board, effective as of that date. Thakral succeeds Interim CEO, Peter M. Neupert, who will remain as chairman of the board. Thakral brings more than 20 years of experience in life sciences as an executive and commercial leader, advisor and entrepreneur. He will focus on executing the Company's transformation plan and sharpening Fortrea's focus on profitable growth. Further, he will oversee additional value creation efforts for customers, employees and shareholders. 'Anshul is an exceptional leader with extensive life sciences experience, deep familiarity with the CRO industry, a commitment to innovation and a proven record of building companies and growing revenue,' said Neupert. 'His strong business development capabilities, commercial insights and relentless focus on customer engagement make him ideally suited to lead Fortrea. Further, he also shares the Company's commitment to modernizing the clinical trials process and combining the best talent, science and technology to effectively and efficiently respond to changing customer and patient needs. We are delighted to welcome Anshul to Fortrea as we seek to capitalize on the significant growth opportunities we see ahead and meet our customers' needs.' 'Since its founding, the Fortrea team has earned a strong reputation for leading with science and creating a differentiated customer experience,' said Thakral. 'I share the team's passion for customers and the patients they serve, and I'm honored to take the reins at this pivotal moment. It is an exciting opportunity to lead the organization as it continues to deliver flexible and agile drug development solutions that accelerate the delivery of life-changing treatments to patients. I'm confident this company can execute on its patient and customer-focused mission while delivering profitable growth, which ultimately delivers value for shareholders.' About Anshul Thakral Thakral joins Fortrea from Launch Therapeutics, a company he co-founded at which he served as CEO. Previously, he held several executive leadership roles at PPD, a leading CRO, including chief commercial officer and executive vice president of Peri- and Post-Approval Services. He led PPD Biotech, which contributed to PPD's growth. Prior to PPD, Thakral ran the global life sciences business unit at Gerson Lehrman Group and served as an Associate Principal at McKinsey & Company in the healthcare practice. He currently serves on the board of directors of TriNetX, Saama Technologies and Orsini Specialty Pharmacy. He earned his B.S. and M.S.E. in Biomedical Engineering from Johns Hopkins University and his MBA from the Wharton School at the University of Pennsylvania. About Fortrea Fortrea (Nasdaq: FTRE) is a leading global provider of clinical development solutions to the life sciences industry. We partner with emerging and large biopharmaceutical, biotechnology, medical device and diagnostic companies to drive healthcare innovation that accelerates life changing therapies to patients. Fortrea provides phase I-IV clinical trial management, clinical pharmacology and consulting services. Fortrea's solutions leverage three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insights and a strong investigator site network. Our talented and diverse team working in about 100 countries is scaled to deliver focused and agile solutions to customers globally. Learn more about how Fortrea is becoming a transformative force from pipeline to patient at and follow us on LinkedIn and X (formerly Twitter). Cautionary Statement Regarding Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, the Company's growth opportunities. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as 'guidance,' 'expect,' 'assume,' 'anticipate,' 'intend,' 'plan,' 'forecast,' 'believe,' 'seek,' 'see,' 'will,' 'would,' 'target,' similar expressions, and variations or negatives of these words that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from the Company's expectations due to a number of factors, including, but not limited to, the following: the Company's ability to successfully implement its business strategies and execute its long-term value creation strategy; risks and expenses associated with the Company's international operations, tariff policies, trade sanctions and other trade restrictions and currency fluctuations; the Company's customer or therapeutic area concentrations; any further deterioration in the macroeconomic environment or further changes in government regulations and funding, which could lead to defaults or cancellations by the Company's customers; the risk that the Company's backlog and net new business may not be indicative of the Company's future revenues and that the Company might not realize all of the anticipated future revenue reflected in the Company's backlog; the Company's ability to generate sufficient net new business awards, or the possibility that net new business awards are delayed, terminated, reduced in scope, or fail to go to contract; if the Company underprices its contracts, overruns its cost estimates, or fails to receive approval for, or experiences delays in documentation of change orders; and other factors described from time to time in documents that the Company files with the SEC. For a further discussion of the risks relating to the Company's business, see the 'Risk Factors' Section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (the "SEC"), as such factors may be amended or updated from time to time in the Company's subsequent periodic and other filings with the SEC, which are accessible on the SEC's website at These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company's filings with the SEC. All forward-looking statements are made only as of the date of this release and the Company does not undertake any obligation, other than as may be required by law, to update or revise any forward-looking statements to reflect future events or developments. Contacts:
Globe and Mail
11-06-2025
- Business
- Globe and Mail
Preclinical CRO Market to Hit USD 12.21 Billion by 2032 with 8.82% CAGR
According to a recent report by Coherent Market Insights, the global Preclinical CRO Market is estimated to be valued at USD 6.76 billion in 2025 and is expected to reach USD 12.21 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.82% from 2025 to 2032. Rising demand for outsourcing preclinical research activities, a growing number of pharmaceutical and biotech businesses, and a growing emphasis on drug discovery and development help to explain the market's notable expansion. Global Preclinical CRO Market Key Takeaways Registering a CAGR of 8.82%, the global preclinical CRO market size is forecast to expand from USD 6.76 Bn in 2025 to USD 12.21 Bn by 2032. By service, bioanalysis and DMPK segment is expected to account for a revenue of USD 2.40 Bn in 2025. Based on type, PDX models category is anticipated to account for more than three-fifths of the global preclinical CRO market share in 2025. Small animal model segment is set to dominate the target industry, accounting for about USD 3.92 Bn in 2025. As per Coherent Market Insights' latest preclinical CRO market analysis, North America is projected to hold nearly 2/3 of the global market revenue share in 2025. This is attributable to increasing funding in research and development, favorable government support, and growing demand for quality preclinical CRO services. Asia Pacific is poised to experience fastest growth during the forecast period, owing to rising prevalence of chronic diseases and expanding pharmaceutical and biotechnology sectors. Rising Demand for Novel Pharmaceuticals and Biologics Fueling Market Growth Coherent Market Insights' latest preclinical CRO market research highlights key factors driving industry growth. One such prominent growth driver is the increasing demand for novel pharmaceutical and biological products. The global burden of chronic and infectious diseases is growing, creating an urgent need for new, effective therapeutic solutions. This, in turn, is expected to increase demand for preclinical contract research organizations (CROs) as they play a critical role in the early-stage development and safety assessment of these novel therapies. Increasing complexity and cost of developing new drugs, especially gene therapies and cell therapies, is posing a challenge for pharmaceutical and biotechnology companies. To address this, they outsource preclinical research to specialized CROs. For instance, a survey by the Biotechnology Innovation Organization (BIO) found that 74% of 124 U.S. biopharma companies contract Chinese CDMO/CMO for preclinical and clinical services. Thus, rising demand for novel therapies will continue to boost preclinical CRO market growth. Purchase Now Up to 25% Discount on This Premium Research Report: High Cost of Preclinical Studies Restraining Market Growth The future preclinical CRO market outlook looks promising. This is due to rising demand for preclinical CRO services in pharmaceutical and biotech sectors. However, expensive nature of preclinical studies is negatively impacting the preclinical contract research organization (CRO) market growth to some extent. Preclinical research, including animal studies as well as toxicology testing, is quite expensive. This deters smaller biotech firms from outsourcing to CROs, thereby limiting overall preclinical CRO market demand. Growing Trend of Outsourcing R&D Activities Creating New Growth Prospects New drug research and development is a complex and costly task. This is where preclinical CROs step in. Many pharmaceutical and biotechnology companies are outsourcing their research to preclinical Contract Research Organizations (CROs) to Access specialized expertise Reduce costs Save time And focus on core competencies High-cost of in-house testing is encouraging pharmaceutical and biotechnology companies to outsource to contract research organizations. Preclinical CROs provide specialized expertise, infrastructure, and services during the early stage of drug development. They have the tendency to significantly lower overall drug development costs. For instance, according to Frost & Sullivan research results revealed by Avance Clinical at BIO24, biotech companies can reduce costs by over 30% and halve start-up times with CROs that have in-house scientific and regulatory affairs. More and more companies are expected to opt for outsourcing to preclinical CROs to cut costs and accelerate the transition to clinical trials. This growing trend of outsourcing in the pharmaceutical and biotechnology sectors will likely create lucrative growth opportunities for preclinical CROs. Impact of AI on the Preclinical CRO Market Artificial intelligence (AI) is revolutionizing the preclinical CRO market by enhancing efficiency, accuracy, and speed in drug discovery and development processes. It streamlines processes through data analysis, prediction, and automation. AI-driven tools enable advanced data analysis, predictive modeling, and automation of routine tasks. As a result, they help reduce the time and cost associated with preclinical testing. These tools enable CROs to deliver more reliable and comprehensive results, thereby accelerating the path to clinical trials. BenchSci, a prominent global leader in AI solutions for drug discovery, has made significant strides in this area. In January 2023, the company launched ASCEND, an end-to-end Software as a Service (SaaS) platform aimed at expediting the preclinical phase of drug development pipelines. ASCEND uses artificial intelligence to derive biological insights into the foundational aspects of diseases. By doing so, it enhances efficiency and accuracy of preclinical research. Rising adoption of such advanced technologies will likely boost the preclinical CRO market value. Emerging Preclinical CRO Market Trends Rising demand for toxicology testing is expected to create revenue-generation streams for preclinical CROs during the forecast period. There is a rising emphasis on safety, especially in oncology and immunology drugs. This will create need for toxicology services offered by CROs. The preclinical CRO industry is also witnessing a rapid shift towards integrated services, ranging from drug discovery to IND filing. This growing popularity of end-to-end solutions is set to play a key role in boosting revenue growth. Top CROs are focusing on employing artificial intelligence, machine learning, and advanced imaging technologies to enhance accuracy and speed of preclinical testing. This will allow them to attract more and more customers, thereby fueling growth of preclinical CRO market. Automated systems are also being used to rapidly screen thousands of compounds for biological activity. This leads to quicker results and reduces human errors. Similarly, 3D cell culture and organ-on-a-chip systems are becoming popular among CROs. Analyst's View ' The global preclinical CRO market is poised for rapid growth, owing to rising prevalence of chronic disease, increasing investments in new drug research and development, and growing trend of outsourcing in pharmaceutical and biotechnology sectors,' said senior analyst Komal Dighe. Current Events and Their Impact on the Preclinical CRO Market Event Description and Impact Rise in AI-Powered Preclinical Platforms (e.g., Insilico Medicine's Preclinical AI Suite) Description: Companies like Insilico Medicine and BenchSci introduced AI-powered platforms for preclinical testing in 2023-2024. Impact: CROs using AI tools achieve up to 30% faster screening and lower failure rates, boosting competitiveness and client appeal. U.S. FDA's 2025 Focus on Animal-Free Preclinical Models Description: FDA announced new guidance in early 2025 to promote and encourage the use of alternative, non-animal testing methods like organ-on-chip and in silico models in preclinical research. Impact: CROs offering innovative, ethical, and animal-free testing models are well-positioned to gain regulatory and client preference, enabling faster IND approvals. Competitor Insights Key companies listed in preclinical CRO market report: - Charles River Laboratories - WuXi AppTec - Covance (Labcorp) - Medpace - Syneos Health - ICON plc - PPD (Part of Thermo Fisher Scientific) - BioReliance (Merck KGaA) - Evotec SE - KCR - Charles River - Inotiv - Parexel International - Harlan Laboratories - Toxikon Key Developments In April 2025, CAS collaborated with Charles River Laboratories to strengthen its commitment to CRO scientific innovation. This new initiative is intended to accelerate drug discovery innovation. In June 2024, Novotech launched Early Phase Strategic Delivery Unit (EP SDU) for Biotechs for early phase clinical development. The new unit is intended to help the company's biotech clients expedite their early phase work before expanding into later one. Market Segmentation Service Insights (Revenue, USD Bn, 2020 - 2032) Bioanalysis and DMPK studies In vitro ADME In-vivo PK Toxicology Testing GLP Non-GLP Compound Management Process R&D Custom Synthesis Others Chemistry Medicinal Chemistry Computation Chemistry Safety Pharmacology Others Type Insights (Revenue, USD Bn, 2020 - 2032) Patient-Derived Organoid (PDO) Models Patient-Derived Xenograft (PDX) Models Animal Model Insights (Revenue, USD Bn, 2020 - 2032) Small Animal Model Large Animal Model Model System Insights (Revenue, USD Bn, 2020 - 2032) In Vivo In Vitro Application Insights (Revenue, USD Bn, 2020 - 2032) Oncology Neurology Cardiology Infectious Diseases Metabolic Disorders Others End Users Insights (Revenue, USD Bn, 2020 - 2032) Biopharmaceutical Companies Government and Academic Institutes Medical Device Companies Research Institutes and Universities Others Regional Insights (Revenue, USD Bn, 2020 - 2032) North America U.S. Canada Latin America Brazil Argentina Mexico Rest of Latin America Europe Germany U.K. Spain France Italy Russia Rest of Europe Asia Pacific China India Japan Australia South Korea ASEAN Rest of Asia Pacific Middle East GCC Countries Israel Rest of Middle East Africa South Africa North Africa Central Africa Get Customization on this Report: About Us: Coherent Market Insights leads into data and analytics, audience measurement, consumer behaviors, and market trend analysis. From shorter dispatch to in-depth insights, CMI has exceled in offering research, analytics, and consumer-focused shifts for nearly a decade. With cutting-edge syndicated tools and custom-made research services, we empower businesses to move in the direction of growth. We are multifunctional in our work scope and have 450+ seasoned consultants, analysts, and researchers across 26+ industries spread out in 32+ countries.
Irish Independent
11-06-2025
- Business
- Irish Independent
Wells Fargo has charge over shares in Dublin Liberties Distillery owner
Newly-filed paperwork with the Companies Registration Office (CRO), which was signed off by directors just last month and lodged last week, confirms the charge. The sign-off came just as Quintessential Brands was closing its Dublin Liberties Distillery in the capital, as it faces headwinds affecting the global whiskey market. It said at the time that the closure is temporary and that it is committed to reopening the venue 'soon'. A spokesperson for Quintessential Brands said the paperwork filed with the CRO relates to refinancing completed in 2020. It's unclear why there was a near five-year delay. Because of the nature of the agreement, which involves shares, a declaration had to be filed under Section 203 of the Companies Act, which relates to transactions involving financial assistance for the acquisition of shares. 'Failure to file the declaration not later than 21 days after the date of the restricted activity will invalidate the carrying on of that activity,' the CRO says. The High Court can validate a late filing where it is 'just and equitable' to do so. The Quintessential spokesperson said: 'It is paperwork that is finally being put in place for the refinancing that was completed in December 2020. Its covenants haven't changed and still apply today and moving forward.' The paperwork signed off by directors on May 16 states that Quintessential Brands Ireland Holdings 'will accede' to a facilities agreement originally dated in 2011 and subsequently amended and restated a number of times between Quintessential Brands Ireland Whiskey Limited and Wells Fargo Capital Finance (UK), including on April 29, 2020, and on December 17, 2020. 'It is a condition to the continued availability of the facilities available under the amended and restated facilities agreement that the company… enter into a share charge, between the company and Wells Fargo Capital Finance,' according to the new filing with the CRO. Quintessential Brands Ireland Holdings also owns First Ireland Spirits, the largest independent producer of Irish cream liqueur and Irish country creams in Ireland, according to the group. It has a manufacturing facility outside Abbeyleix in Co Laois. The Irish holding company is part of the wider Quintessential Brands group, which manufactures own-label and private-label drinks. Its stable includes Greenall's Gin, Dead Rabbit Irish Whiskey and O'Mara's Country Cream.
