Phoenix Pharma Central Services (S) Pte Ltd, Singapore, has been awarded an accreditation with distinction by the Commission on Laboratory Accreditation of the College of American Pathologists (CAP), based on results of a recent on-site inspection.

The laboratory's director was advised of this national recognition and congratulated for the "excellence of the services being provided". Phoenix Pharma Central Services (S) Pte Ltd is one of the more than 6,000 CAP-accredited laboratories nationwide.

The CAP Laboratory Accreditation Program, begun in the early 1960's, is recognized by the federal government as being equal to or more stringent than the government's own inspection program.

During the CAP accreditation process, inspectors examine the laboratory's records and quality control of procedures for the preceeding two years. CAP inspectors also examine the entire staff's qualifications, the laboratory's equipment, facilities, safety program and record, as well as the overall management of the laboratory. This stringent inspection program is designed to specifically ensure the highest standard of care for the laboratory's patients.

The College of American Pathologists is a medical society serving nearly 16,000 physician members and the laboratory community throughout the world. It is the world's largest association composed exclusively of pathologists and is widely considered the leader in laboratory quality assurance. The CAP is an advocate for high-quality and cost-effective medical care.

Click here to view the Accreditation Certificate.

Burlington, N.C., July 29, 2002 -- The clinical trials testing division of Laboratory Corporation of America® Holdings (LabCorp®; NYSE: LH) has entered into a partnership with Phoenix Pharma Central Services in Singapore, enabling it to provide local support of clinical trials in Asia. Significantly, LabCorp will establish its own polymerase chain reaction (PCR) laboratory and data management system within the Phoenix Pharma facility. Also offered are routine safety, chemistry, hematology, serology and esoteric testing, as well as frozen specimen storage.

"A presence in Singapore is strategically important to our clients because of naïve patient populations, most notably HIV, Hepatitis C and oncology in Asia," explained Scott C. Neilson, senior vice president of LabCorp Clinical Trials. "We are a world leader in providing HIV viral load testing, and our relationship with Phoenix Pharma will enable us to support clients' trials throughout the region with increased speed and efficiency."

Phoenix Pharma, with extensive clinical trials experience, is licensed by the Singapore Ministry of Health and will soon be accredited by the College of American Pathologists. In addition, it has applied for Level 1 certification by the HgA1c Glycohemoglobin Standardization Committee. LabCorp's clinical trials division, based in Raritan, N.J., with European operations in Mechelen, Belgium, is a leading central laboratory supporting global pharmaceutical, biotechnology, and medical device clinical trials with method development and a broad menu of safety and efficacy testing from drug discovery through phase IV.

With corporate headquarters in Burlington, N.C., Laboratory Corporation of America Holdings is a national clinical laboratory organization, which operates facilities for conducting clinical assays and diagnostic testing throughout the U.S.

The company had 2001 revenues of $2.2 billion and employs approximately 19,000.

The Company noted that each of the above forward-looking statements is subject to change based on various important factors, including without limitation, competitive actions in the marketplace and adverse actions of governmental and other third-party payers.

Further information on potential factors that could affect the Company's financial results is included in the Company's Form 10-K for the year ended December 31, 2001 and subsequent SEC filings. For further information, business/financial reporters should contact Pam Sherry, Laboratory Corporation of America® Holdings, 358 South Main Street, Burlington, NC 27215, phone: 336-436-4855, e-mail: sherryp@labcorp.com. Trade journal reporters should contact Amy McGrath, Director of Worldwide Marketing, Clinical Trials, LabCorp, 69 First Avenue, Raritan, NJ 08869; phone: 908-526-2400, e-mail: mcgrata@labcorp.com.