Pierrel S.p.A.

Pierrel S.P.A. (Pierrel) principally operates in the outsourcing sector, offering services to the pharmaceutical companies in two areas, namely, Contract Manufacturing of drug products and consultancies and services for research and development of new molecules and drug products, Contract Research. Through its two services, Contract Manufacturing and Contract Research, the company helps companies in introducing their drug into the market. It is also a manufacturer of dental aesthetic drug products. The company is headquartered in Milan, Italy.

The international Contract Research activity is carried out through five subsidiaries, namely, Pharmapart AG, Switzerland; IFE Europe Gmbh, Germany; Goodwill Research Hungary; Hyperphar Group, Holland; and Pierrel Research USA Inc., the US.The company reported revenues of (Euro) EUR 46.25 million during the fiscal year ended December 2008, an increase of 79.56% over 2007. The operating loss of the company was EUR 8.33 million during the fiscal year 2008, as compared to an operating loss of EUR 5.14 million during 2007. The net loss of the company was EUR 10.04 million during the fiscal year 2008, as compared to a net loss of EUR 4.64 million during 2007.