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PharmaNet Extends Expiration Time in its Tender Offer and Consent Solicitation
Date:6/29/2011

PRINCETON, N.J., June 29, 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 expiration date of the Offer to 5:00 p.m., New York City time, on July 6, 2011, unless extended or earlier terminated (the "Expiration Time") from midnight, New York City time, on June 28, 2011.

Pursuant to the Offer, withdrawal rights expired at 5:00 p.m., New York City time, on June 9, 2011. Notes tendered and consents delivered pursuant to the Offer may no longer be withdrawn.

The Offer is subject to a number of conditions that are set forth in the Offer to Purchase and Consent Solicitation Statement dated May 26, 2011 (the "Offer to Purchase"), including, without limitation, the consummation of the Transaction (as defined in the Offer to Purchase), as more fully described in the Offer to Purchase.

As of 5:00 p.m., New York City time, on June 28, 2011, PharmaNet received tenders of Notes subject to the Offer totaling approximately $171,000,000, or approximately 92%, of the outstanding principal amount of the Notes.

The Company has engaged Jefferies & Company, Inc. and UBS Securities LLC as Dealer Managers and Solicitation Agents for the Offer. Persons with questions regarding the Offer should contact Jefferies at (888) 708-5831 (toll free) or (203) 708-5831 (collect) or UBS Investment Bank at or (888) 719-4210 (toll free) or (203) 719-4210 (collect). Requests for copies of the Offer to Purchase or other tender offer materials may be directed to D.F. King & Co., Inc., the Information Agent, at (800) 967-4607 (toll free).

This press release is for information purposes only and does not constitute an offer to purchase the Notes, a solicitation of an offer to purchase the Notes or a solicitation
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SOURCE PharmaNet Development Group, Inc.
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