PAREXEL does not foresee any restructuring charges or layoffs related to this event. PAREXEL plans to report financial results for the second quarter on January 26, 2009.
Josef von Rickenbach, Chairman and Chief Executive Officer of PAREXEL stated, "We have worked with this client for the past eighteen months, and have been running a large global Phase III clinical trial without incident since September 2007. The client appeared to be adequately funded, had been paying their bills, and indicated to PAREXEL that it had secured venture-backed financing to cover its commitments. However, their financing syndicate unraveled as a result of the global financial crisis, and they were unable to close a planned financing round under their committed capital agreements."
Mr. von Rickenbach continued, "We have conducted a thorough review of the projects/clients in PAREXEL's backlog and receivables, and based upon this review, we believe we do not have any material exposures of a similar nature with other small biopharma clients. Had it not been for the short-term disruption from this client, we believe that the results of the second quarter would have met or exceeded expectations. On the new business front, we are pleased with the level of wins we achieved in the second quarter, and expect to report a net book-to-bill ratio of approximately 1.2. The demand for our services remains strong, and we continue to be positive with regard to the future prospects for the business."
About the Company
PAREXEL International Corporation is a leading global biopharmaceutical services organization, providing a broad range of knowledge-based contract research, medical communications and consulting services to the worldwide pharmaceutical, biotechnology and medical device industries. Committed to providing solutions that expedite time-to-market and peak-market penetration, PAREX
|SOURCE PAREXEL International Corporation|
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