CARY, N.C., June 20, 2012 /PRNewswire/ -- Cetero Research announced the completion of a major milestone in its reorganization efforts. Following the company filing for reorganization under Chapter 11 and the U.S. District Bankruptcy Court's approval of the sale of Cetero to its investor group, led by Freeport Financial, the sale of the company was finalized on June 20, 2012.
Over recent months, Cetero has engaged with lenders and stakeholders to plan a growth-filled future for the company. As a first step in this process, the board of directors has named three executive appointments to lead operational, financial and new business initiatives.
James Carlson, Pharm.D, has been named Chief Executive Officer, based on his extensive background in the Phase I research space and reputation for entrepreneurial leadership. Dr. Carlson is a life science industry veteran with more than 30 years of experience in early phase research. He co-founded and served as CEO of a legacy operation of Cetero Research, based in Fargo, ND, from 1983 to 2006, where he oversaw the conduct of more than 450 studies per year across a wide range of therapeutic indications and study types. A 250,000 square-foot clinical pharmacology unit with specialization in cardiac safety and healthy participants for bioavailability, bioequivalence, preclinical and clinical dermatology studies, this facility is the largest Phase I unit in the world. As part of the new ownership structure, the company's headquarters will move from Cary, NC, to Fargo, ND, and the company has been renamed PRACS Institute.
Mark Ubert, CPA, MBA, has been named Chief Financial Officer. Mr. Ubert joined Cetero in 2009 as corporate controller, bringing extensive experience in financial leadership, corporate treasury, mergers and acquisitions, accounting and operational perfor
|SOURCE PRACS Institute|
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