Encorium Group acquires Progenitor International Research, A Vaccine Focused Emerging Market CRO

West Conshohocken, PA – July 19th, 2010 – Progenitor Holding AG, based in Switzerland, announced that it has been acquired by Encorium Group, Inc. (Nasdaq: ENCO), based in Finland. Encorium announced on the 19th of July the acquisition of Progenitor Holding AG, an emerging market CRO headquartered and organized in Switzerland and its wholly-owned subsidiaries in Mexico, Panama, Argentina, Chile, Switzerland, India and Hong Kong.

Dr. Kai E. Lindevall, Chief Executive Officer of Encorium says “We are very pleased and proud to announce this transaction. Progenitor is a prestigious emerging market CRO and the acquisition will further strengthen our service offering to include the conduct of clinical trials also in emerging markets such as Latin America, India and Asia Pacific. The acquisition is a key advancement of our strategic goal of becoming more specialized in clinical trial design and delivery and moving to become the world’s leading vaccine CRO. The vaccines experience of the combined entities is one of the most impressive amongst medium sized CROs and the potential is substantial. We welcome to our Executive team two experienced and successful entrepreneurial leaders, Dr. Renée E. Moore and Mr. Klaus D. Albrecht, the founders of Progenitor who will play significant roles in the combined business and are expected to contribute significantly to the management of Encorium”.

Renée E. Moore, President and CEO of Progenitor said “The strategic combination of the teams at Encorium and Progenitor is an exciting step in the creation of a vaccine focused CRO that can meet client’s needs internationally. Combined the two entities have in recent years been instrumental in over 70 vaccine and infectious disease trials.”

Fairmount Partners advised Progenitor and originated and structured the transaction.

Fairmount Partners is a registered Broker Dealer, member FINRA (www.finra.org) and SIPC (www.sipc.org).

Principals of Fairmount Partners acted as advisors to Progenitor in this transaction.

Contact: Neal McCarthy