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PharmaNet Development Group Provides Financial Update and Announces Geographic Expansion

PRINCETON, N.J., Sept. 9 /PRNewswire/ -- PharmaNet Development Group, Inc., a leading provider of clinical development services to innovative pharmaceutical, biotechnology, generic drug and medical device companies, today announced that it has completely paid down its Convertible Senior Notes that were due 2024 and obtained a credit line that can be used for general corporate purposes.

"The combination of our financial restructuring, business process improvements and solid operating performance has resulted in a healthy backlog of new business and renewed optimism," commented Jeffrey P. McMullen, president and chief executive officer. "With our financial challenges behind us, clients can be assured PharmaNet Development Group is in a strong position for long term growth."

In addition, the Company has continued to expand its global reach in the Asia Pacific region. The recently opened office in Manila, Philippines further enhances PharmaNet Development Group's presence in the region consisting of two offices in India, two offices in China, offices in South Korea, Singapore and Taiwan, and field based staff in Australia, Malaysia and Thailand. The Company is planning an expansion of its Singapore office in 2010 and continues to invest in personnel and other strategic assets.

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 2,300 employees and 40 facilities throughout the world, PharmaNet is a recognized leader in outsourced clinical development. For more information, please visit our website at

    Contact: Anne-Marie Hess
    Phone: (609) 951-6842

SOURCE PharmaNet Development Group, Inc.
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