Wilmington-based contract research organization, PPD has backed out of its lease in the new North Carolina Research Campus in Kannapolis.

“Progress in developing, constructing and recruiting tenants to the North Carolina Research Campus has been much slower than we expected,” said Sue Ann Pentecost, PPD corporate communications manager in an e-mail. “We understand that this is the result of the economic conditions and the global financial crisis.”

PPD announced its plans to occupy a 40,000 square foot office space on the 350-acre property in April 2008.

 “Construction of the building we intended to lease has not commenced. As a result, we elected to terminate our lease,” Pentecost said.

PPD hoped to employ up to 300 new staff. The company had already hired 20 new clinical research employees to work out of a temporary space.

“Most employees working on campus are continuing as PPD regional employees or will be based from other PPD offices,” Pentecost said.