Dr. Francisco Harrison, Chairman of the Harrison Clinical Research Group

Chairman´s New Year Greetings 2010

Dear Colleagues,

Same procedure as every year! It is time again to summarise and evaluate the achievements and the challenges that we faced in 2009, as well as to discuss the objectives and plans that we have for the forthcoming months in 2010. Normally, this is more of a routine task but this time it is complicated due to the characteristics of the financial turmoil of last year, which has turned out to be a very good lesson in management and in taking opportunities.

Champions are created by meeting challenges! In the area of clinical research, we have certainly been confronted with a new situation with a number of study cancellations and product development postponements, exacerbated by the shortage of venture capital for biotechnology research which has negatively influenced research budgets.

All these adverse situations have been the best environment to test whether a company is able to thrive and to grow. Harrison Clinical Research is confident that its know-how, tradition and experience have been the basis of our good results in 2009. Despite a cancellation volume amounting to up to 12% of our revenues, we have not only been able to close the year with a positive balance but also to expand our operations in other continents like the USA. HCRAmerica has started its activities, initiating its first US trials in the spring of 2009. In other regions, the collaboration with our partner Asklep in Japan and others in Asia has generated several new projects. Our activities with our partners in other continents, such as Latin America, have also marked 2009. The enlargement of our premises in Munich together with the larger size of projects performed in our Phase I-Phase IIa facilities (studies up to 1000 plus healthy volunteers) were further highlights.

The year 2010 is a year in which the positioning of Harrison Clinical Research, now also as a global player, will be consolidated and confirmed by many of our clients. In 2009, we already reached the record of 14 simultaneously participating countries in one project.

Our objectives for 2010 are to increase our presence in the US and to help as a bridge CRO in European-American studies to be performed on both sides of the Atlantic. Many of these projects will have a component in Latin America and, therefore, the consolidation of our structures in the US will move quickly into the development of an operational partnership in Latin America, which is an area that will grow significantly in the years to come.

Such growth has to be supported by strong sales and this means that one of the greatest challenges for 2010 will be the consolidation of business development operations as an international department, which has now a considerable size. This department will be put to the test in 2010 and we are pleased that Nancy Meyerson-Hess has rejoined Harrison Clinical Research as Business Development Director for Germany and Eastern Europe. We are confident that our international business development activities will attract a lot of new clients and a number of large companies that are willing to use our services. Harrison Clinical Research will continue in 2010 to establish strategic partnerships with some clients and I will personally concentrate on forging these. Currently, Harrison Clinical Research is already a partner of several biotechnology and pharmaceutical companies for all their clinical development and this has proven to be a wise decision in order to consolidate financial stability and long-term planning for our organisation.

I would like to take this opportunity to thank all the clients, partners and friends of Harrison Clinical Research for their trust in us, and I wish you an excellent 2010!

Dr. Francisco Harrison