Crown Bioscience Announces Second Quarter Results, Appoints Dr. Yangzhou Wang as Sr. VP of Global Operations
SANTA CLARA, Calif., Aug. 14, 2017 (GLOBE NEWSWIRE) -- Crown Bioscience, a wholly-owned subsidiary of Crown Bioscience International (TWSE: ticker 6554) and a global drug discovery and development services company providing translational platforms to advance oncology, cardiovascular and metabolic disease research, today announces its results for the second quarter ending June 30, 2017.
CrownBio is pleased to report that second quarter results showed strong revenue and profit growth. Revenue grew by 33% to $18.9 million while operating profit increased to $2.05 million after tax. Year-to-date (YTD) revenue echoes the upward trend with 37% revenue growth over 2016 and $2.57 million after tax operating profit. For shareholders, Crown's success translates to an exponential increase in earnings-per-share (EPS), delivering five times last year's EPS.
CrownBio also announces today the appointment of Yangzhou Wang, Ph.D., one of the industry's preeminent operational scientists, as Senior Vice President of Global Operations.
"We are thrilled to bring Dr. Wang onboard," said Dr. Jean-Pierre Wery, CEO of CrownBio. "CrownBio is experiencing tremendous, sustained growth which has led to the expansion to eight offices worldwide. With our sustained success, Dr. Wang's outstanding scientific expertise and international experience will further strengthen our global operational excellence."
"I am very excited to join CrownBio," said Dr. Wang, "The impressive global reach and scientifically advanced preclinical oncology, cardiovascular and metabolic platform place it at the top of the industry, and make it the world's leading company for acceleration of drug discovery and development." He continued, "I have long admired CrownBio's growth, innovation and scientific advancements and am looking forward to the extraordinary work we are going to create together."
CrownBio also announces the retirement of Dr. Alex Wu and Bing Zhu from their positions as President/Chief Strategic Officer and Chief Operating Officer. A cofounder of CrownBio, Dr. Alex Wu has served as the CEO, President, and CSO of CrownBio. Bing Zhu, the former Chief Financial Officer (2013 - 2016), successfully led CrownBio into a publicly traded company.
"We are extremely grateful for the guidance and dedication both Dr. Wu and Mr. Zhu have given to CrownBio. We remain confident that CrownBio will further our success and commitment as the world's leading provider of innovative, efficient preclinical and clinical solutions," said Dr. Wery.
About Yangzhou Wang, Ph.D.
With a Ph.D. in Biological Sciences from the State University of New York at Buffalo, Dr. Yangzhou Wang specializes in mergers and acquisitions, business integration and development. As the Vice President of International Sales and Business Development at WuXi AppTec, he was the driving force behind the global growth of the company's preclinical and clinical testing businesses. Dr. Wang also spent a significant part of his career in academia, including serving as the Manager at the Hewlett Packard Laboratories Advanced Studies Group, and as an assistant professor at the Hauptman Woodward Medical Institute and the State University of New York at Buffalo.
About Crown Bioscience Inc.
Crown Bioscience is a global drug discovery and development solutions company providing translational platforms to advance oncology and metabolic disease research. With an extensive portfolio of relevant models and predictive tools, Crown Bioscience enables clients to deliver superior clinical candidates.
Crown Bioscience Inc.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Crown Bioscience Inc. via Globenewswire
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