LAB Research started its business in 1998 as LAB Pre-Clinical Research International Inc. From 1999 and 2002, we focused on increasing our CRO operations and by the end of 2002, we grew from eight employees to over 110 employees.
In 2002, we expanded our Laval site (Canada) capacity by adding an $8.5 million custom-built 38,000 ft2 building, currently our head office.
In 2003, we acquired LAB Research Hungary (founded in 1974) expanding our core services to include genotoxicity, ecotoxicology, reprotoxicology, inhalation and general toxicology. In 2004, we further expanded our inhalation services at this site.
In 2005, we acquired LAB Research Denmark, formerly Scantox (founded in 1978). LAB Research Denmark is a recognized leader in minipig toxicology in addition to providing dermal studies, genotoxicity, reproductive and general toxicology.
BUILDING ON SOLID FUNDAMENTALS
In 2006, we successfully completed our Initial Public Offering making LAB Research one of the very few dedicated preclinical companies listed on a major stock exchange. In late December 2006, we completed the expansion of our Canadian facilities at a cost of $12 million.
July of 2007 LAB Research announced that its Danish site expansion was completed on time and on budget. This expansion also facilitates a 25% increase in LAB Research Denmark site's capacity.
As for our Hungarian operation, this too was on track and completed in September 2007. The new 59,000 ft2 facility brings the total capacity at LAB Research Hungary to 164,000 square feet. This expansion increased our large housing by five-fold and facilitates the future introduction of specialized services, as well as in keeping with our goal of maintaining our global competitiveness.
KEEPING THE MOMENTUM
During 2007, LAB Research announces a number of hires including senior CRO scientists expanding the Company’s scientific team and significantly enhancing its ability to serve an ever-widening client base in Europe, North America and Asia.
In June 2007 also marked an important milestone for LAB Research employing 500 employees worldwide. We are extremely proud of our dedicated staff who have been instrumental in making LAB Research a recognized industry leader in nonclinical services.
October 2007, LAB Research Canada breaks ground on its second expansion adding an additional 87,000 ft2 to our existing facility for a total of 170,000 square feet. This will increase our number of housing rooms from 36 to 80 and will include 12 multi-purpose rooms suited to conduct inhalation toxicology studies.
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