PRINCETON, N.J., Feb. 18 /PRNewswire-FirstCall/ -- PharmaNet Development Group, Inc. (the "Company") (Nasdaq: PDGI), a leading provider of clinical development services to innovative pharmaceutical, biotechnology, generic drug and medical device companies, today announced the opening of a new office in Sao Paulo, Brazil to further enhance its Latin American presence.
PharmaNet has been providing clinical trial support in Latin America since 2002 with a network of field-based staff in Brazil, Mexico and Peru and an office in Argentina which opened in 2003. The new office in Sao Paulo, Brazil underscores the Company's commitment to serve the needs of its clients in this region. Brazil is a highly desired location for clinical research due to its qualified investigators, large patient population, high standard of care and rigorous regulatory standards which are aligned with US and EU regulations.
"The number of clinical trials in Latin America has experienced significant growth over the past ten years," said Fernanda Duran, executive director, Latin American operations. "Our clients are more actively requesting Latin American sites in order to meet aggressive timelines for patient recruitment, thus bringing their new drugs to market sooner. I am thrilled about opening this office in Brazil which will enhance our infrastructure in the region."
"We are excited to continue our expansion into Latin America, a region which offers excellent resources for conducting clinical trials," said Jeffrey P. McMullen, president and chief executive officer. "In addition to our Buenos Aires office, we have superior field-based staff in the area and the new office will provide them with the facilities to continue to demonstrate their high-quality work for our clients."
PharmaNet's increased presence and capacity in the Latin American region also reflect the importance of Brazil's contribution to the global clinical research market. Clinical trials have been taking place in the region since the early 1990s and FDA audits have indicated that the quality of trials in Brazil, Argentina and Mexico are sound. Investigators in the region are familiar with the various aspects of clinical trials and have the necessary technical expertise and experience.
PharmaNet expects the news of a second office in the region to be well received by its clients and the Company looks forward to increasing the number of clinical trials currently taking place in Brazil. The new office will enable the Company to meet the current and future needs of its clients, expedite the execution of clinical studies and continue the growth of strategic relationships with investigators and sites in Brazil.
About PharmaNet Development Group, Inc.
PharmaNet Development Group, Inc., a global drug development services company, provides a comprehensive range of services to the pharmaceutical, biotechnology, generic drug and medical device industries. The Company offers early and late stage consulting, Phase I clinical studies and bioanalytical analyses, and Phase II, III and IV clinical development programs. With approximately 2,400 employees and 42 facilities throughout the world, PharmaNet is a recognized leader in outsourced clinical development. For more information, please visit our website at www.pharmanet.com.
Certain statements made in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") and are subject to a variety of risks and uncertainties. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Such forward-looking statements include PharmaNet Development Group, Inc.'s decision to enter into an agreement to be acquired by JLL, the ability of PharmaNet Development Group, Inc. and JLL to complete the transaction contemplated by the definitive agreement, including the parties' ability to satisfy the conditions set forth in the merger agreement, and the possibility of any termination of the definitive agreement. The forward-looking statements contained in this press release are based on our current expectations, and those made at other times will be based on our expectations when the statements are made. Some or all of the results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include, but are not limited to, the expected timetable for completing the proposed transaction, the risk and uncertainty in connection with a strategic alternative process, not having sufficient funds to pay the principal due upon conversion of the outstanding notes or to repurchase our outstanding notes, which we may be required to do beginning in August 2009, the impact of the current economic environment, the impact of our indebtedness on our financial condition or results of operations and the terms of our outstanding indebtedness limiting our activities, the impact of the investigation by the Securities and Exchange Commission, our limited insurance coverage in connection with the settled securities class action lawsuit, limited additional coverage for the recently settled derivative actions and associated future legal fees, the potential liability related to the recently filed securities class action lawsuit, the impact of ongoing tax audits, our ability to generate new client contracts and maintain our existing clients' contracts, our evaluation of our backlog and the potential cancellation of contracts, the possibility we under-price our contracts or overrun cost estimates and the effect on our financial results by failure to receive approval for change orders and by delays in documenting change orders, our ability to implement our business strategy, international economic, political and other risks that could negatively affect our results of operations or financial position, changes in outsourcing trends and regulatory requirements affecting the branded pharmaceutical, biotechnology, generic drug and medical device industries, the reduction of expenditures by branded pharmaceutical, biotechnology, generic drug or medical device companies, actions or inspections by regulatory authorities and the impact on our clients' decisions to not award future contracts to us or to cancel existing contracts, the impact of healthcare reform, the fact that one or a limited number of clients may account for a large percentage of our revenues, the incurrence of significant taxes to repatriate funds, the fluctuation of our operating results from period to period, our assessment of our goodwill valuation, the impact of foreign currency fluctuations, tax law changes in Canada or in other foreign jurisdictions, investigations by governmental authorities regarding our inter-company transfer pricing policies or changes to their laws in a manner that could increase our effective tax rate or otherwise harm our business, our lack of the resources needed to compete effectively with larger competitors, our ability to continue to develop new assay methods for our analytical applications, or if our current assay methods are incorrect, our ability to compete with other entities offering bioanalytical laboratory services, our potential liability when conducting clinical trials, our handling and disposal of medical wastes, failure to comply with applicable governmental regulations, the loss of services of our key personnel and our ability to attract qualified staff, the continued effectiveness and availability of our information technology infrastructure, losses related to our self-insurance of our employees' healthcare costs in the United States, our ability to attract suitable investigators and volunteers for our clinical trials, the material weaknesses relating to our internal controls, and risks and uncertainties associated with discontinued operations.
Further information can be found in the Company's risk factors contained in its Annual Report on Form 10-K for the year ended December 31, 2007 and most recent filings. The Company does not undertake to update the disclosures made herein, and you are urged to read our filings with the Securities and Exchange Commission.
Contact: Anne-Marie Hess Phone: (609) 951-6842 E-mail: email@example.com
|SOURCE PharmaNet Development Group, Inc.|
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