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PharmaNet Extends Consent Payment Deadline for Notes Tendered in Its Tender Offer and Consent Solicitation
Date:6/10/2011

PRINCETON, N.J., June 10, 2011 /PRNewswire/ -- PharmaNet Development Group, Inc. (the "Company" or "PharmaNet") announced today that, in connection with its cash tender offer and consent solicitation (the "Offer") for any and all of its outstanding 10 7/8% Senior Secured Notes due 2017 (the "Notes"), it has elected to extend the consent payment deadline for the Offer to 5:00 p.m., New York City time, on June 10, 2011, unless extended or earlier terminated (the "Consent Payment Deadline") which was previously set at 5:00 p.m., New York City time, on June 9, 2011.  In addition, the Company is extending the expiration date of the Offer to midnight, New York City time, on June 24, 2011, unless extended or earlier terminated (the "Expiration Time") from midnight, New York City time, on June 23, 2011.

Holders who validly tender their notes and provide their consent to the proposed amendments to the indenture governing the Notes on or prior to the Consent Payment Deadline are eligible to receive the total consideration equal to $1,247.75 per $1,000 principal amount of Notes tendered (the "Total Consideration"), plus any accrued and unpaid interest on the Notes from the most recent interest payment date for the Notes up to, but not including, the payment date for such Notes. Included in the $1,247.75 of the Total Consideration is a consent payment of $50.00 per $1,000 principal amount of Notes (the "Consent Payment").

Holders who validly tender their Notes after the Consent Payment Deadline, but on or prior to the Expiration Time, shall receive the tender offer consideration equal to $1,197.75 per $1,000 principal amount of Notes tendered, which is an amount equal to the Total Consideration, less the Consent Payment, plus any accrued and unpaid interest on the Notes from the most recent interest payment date for the Notes up to, but not including, the payment date for such Notes.

Pursuant to the Offer, withdrawal rights expired at 5:00 p.m., N
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SOURCE PharmaNet Development Group, Inc.
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