Another Encorium deal has bitten the dust. The beleaguered contract research organization (CRO) recently announced that its recent attempt to sell its Finnish subsidiary Encorium OY to an unnamed CRO in the U.S. is scuttled. In a release, the company stated that, on the heels of $8.7 million in new business contract wins thanks to its selection for swine flu vaccine trials, it now plans to “move ahead independently.”

Also helping is the private placement of 3.94 million shares of its common stock with a private investor for $1.6 million.

Kai Lindevall, executive chairman of the firm, said in the release, “Our experience and capabilities in the vaccine field coupled with the recent new awards in this area demonstrate the long term potential we have to grow into a leading vaccine franchise with expertise in pre-clinical support, regulatory consultancy and strategic trial planning.”

Encorium is the result of the Wayne, Pa.-based CRO Covalent Group buying the CRO Remedium Oy of Finland in November 2006. Here's another story on Encorium and its troubles last year.

—by Suz Redfearn