Averion Reports Year End 2006 Financial Results.

SOUTHBOROUGH, Mass. -- Averion International Corp. (OTCBB:AVRO), a clinical research organization (CRO) specializing in oncology, medical devices, dermatology and nephrology, today announced financial results for the year ended December 31, 2006. In November 2005, Averion International Corp.'s predecessor company, IT&E International Group Inc., merged with Millennix, Inc., and on July 31, 2006 completed a series of transactions under the Agreement and Plan of Merger announced on July 6, 2006 with Averion Inc. Shortly after, the Company was renamed Averion International Corp. following approval by the SEC and NASDAQ.

For the year ended December 31, 2006, Averion reported total revenue of $27.3 million, compared with $18.4 million for the year ended December 31, 2005, an increase of 48%. Averion reported a net operating loss of $5.1 million for the year ended December 31, 2006, compared with $1.1 million for the year ended December 31, 2005. The net loss applicable to common stockholders was $9.2 million, or $0.07 per weighted average number of basic and fully diluted common shares outstanding for the year ended December 31, 2006. This compares with a net loss applicable to common stockholders of $11.0 million, or $0.41 per weighted average number of basic and fully diluted common shares outstanding for the year ended December 31, 2005. The increase in total revenues, net operating loss, and net loss applicable to common stockholders were due primarily to the series of transactions mentioned above.

Averion's backlog related to its clinical research segment was $35.6 million as of December 31, 2006. Cash and cash equivalents totaled approximately $8.1 million as of December 31, 2006, an increase of $1.7 million from reported amounts of cash and cash equivalents as of December 31, 2005.

"At Averion, we have a strong reputation for quality, established infrastructure, valuable relationships and importantly one of the industry's strongest records for U.S. Food and Drug Administration (FDA) approvals. Our clients have confidence in our ability to deliver," said Philip Lavin, PhD, Averion International Chief Executive Officer. "We are building on this foundation by capitalizing on additional synergistic opportunities afforded by our recent transactions, as well as on market trends that are supporting our industry's rapid growth.

"We are off to a solid start in the current year having executed approximately $13.1 million in newly signed contracts during the quarter ended March 31, 2007, which is the highest in our Company history. We also recently implemented prudent cost saving measures to help us achieve our goal of reaching profitability in the second half of this year," added Dr. Lavin.

Post-merger Company Highlights

Corporate Restructuring

* In July 2006, the Company completed a series of transactions resulting in the merger of publicly traded IT&E International Group, Inc. (previously merged with Millennix, Inc.) and Averion Inc.

* In September 2006, the Company adopted the Averion International Corp. name and began trading under the OTC BB ticker symbol AVRO.

* In February 2007, Averion completed cost reduction initiatives that are expected to reduce operating costs by $2.5 million annually and to improve the Company's financial position and operating results.

Corporate Achievements

* In December 2006, Averion partnered with Correlate to provide a software solution for decreased cycle times, accurate document tracking and approval, and increased productivity.

* In January 2007, Averion received notification from the FDA regarding the 50th FDA approval (for a lumbar spine disc implant) the Company has supported.

* In January 2007, Averion entered a joint marketing and contract services agreement with India-based CRO Apothecaries Ltd. to expand core oncology competencies and expand its global presence.

* In February 2007, Averion opened four European offices to assist in expanding access to a larger population of patients and to well-trained staffs to run competitively priced global clinical trials.

Key Executive Hires

* In January 2007, Averion named Christopher G. Codeanne as Chief Financial Officer. Mr. Codeanne brings CRO and public company experience.

* In March 2007, Averion appointed Glenn E. Deegan as Vice President and General Counsel.

* Averion has strengthened its oncology CRO offering by appointing Dr. Gene Resnick as Chief Medical Officer, and adding multiple professionals including clinicians to support expanded European operations.

About Averion International Corp.

Averion International Corp. is a full service clinical research organization (CRO) that provides clinical research and staffing services to the pharmaceutical, biotechnology and medical device/diagnostic industries. The Company has a therapeutic focus in oncology, dermatology, nephrology and medical devices. Averion's clinical research core competencies are in FDA and product registration support, site selection, project management, medical and site monitoring, data management, biometrics, pharmacovigilance, medical writing, and full clinical trial management services throughout the clinical trials lifecycle. The Company has supported FDA approvals for products in many therapeutic areas including: oncology, medical devices, dermatology, nephrology and cardiology.

Averion provides staffing services for clients' clinical and validation staffing needs throughout the product development lifecycle.

Averion is headquartered in Southborough, Mass. and has additional U.S. office locations in New York, Pennsylvania, California, as well as European offices in Germany, United Kingdom, Austria and Poland. For more information, please visit our website at www.averionintl.com.

Forward-Looking Statements 

Statements contained in this press release that are not historical information are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied. Those risks and uncertainties include, but are not limited to: our ability to attract, retain or integrate key personnel, including scientific and technical personnel; the termination, modification or delay of contracts which would, among other things, adversely impact our recognition of revenue included in backlog; risks associated with our pursuit of strategic acquisitions or investment in new markets; our ability to acquire and integrate new businesses; our dependence on certain industries and clients; our ability to adequately protect sensitive patient information and confidential information of clients; our ability to keep pace with rapid technological changes; fluctuation in our operating results; our ability to recruit suitable volunteers for the clinical trials of our clients; our exposure to exchange rate fluctuations and international economic, political and other risks; our ability to develop and market new services in the U.S., Europe and internationally; the highly competitive nature of our market; our exposure to changes in outsourcing trends in the pharmaceutical and biotechnology industries; the impact of government regulation on our business; whether we can achieve and maintain effective internal controls; and other risks. Certain of these risks and uncertainties, in addition to other risks, are more fully described in the company's annual report on Form 10-KSB for the period ending December 31, 2006 and in the company's other periodic reports filed with the Securities and Exchange Commission. These forward-looking statements are made only as of the date of this press release, and the company assumes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise.