A New Choice in Clinical Resourcing and Talent Management
PRINCETON, N.J., March 4 /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, is very pleased to announce its new clinical development human resourcing business. PharmaNet Resource Solutions offers extensive industry experience in both clinical operations and contract staffing management. Susan M. Seroskie, R.N., heads the unit as vice president, PharmaNet Resource Solutions.
"We offer a strong management team and experienced clinical research professionals that provide clients practical, customized resource strategies to ensure their requirements are delivered on-time and with the appropriate level of experience," commented Susan Seroskie.
PharmaNet Resource Solutions offers several contract resourcing services including on-demand staffing, strategic alliances, functional service staffing and quality control services. The team is committed to relationship development and service excellence and will serve as a dedicated champion of both its clients and talent.
"We are very pleased to have Susan as part of the PharmaNet team," commented Sean Larkin, senior executive vice president, the Americas. "With proven expertise and experience building global flexible staffing groups and managing clinical development personnel, Susan is the right leader for the new resource solutions business."
"With an enhanced personnel selection process and scaleable approach, we can ensure that talented professionals with the right credentials are available for functional outsourcing business models," added Mr. Larkin.
"Susan brings great energy and know-how to the organization," commented Jeffrey P. McMullen, president and chief executive officer. "Our solutions-based staffing business provides another entry point with large pharmaceutical clients by offering them a new alternative with PharmaNet quality built-in."
Ms. Seroskie has over fourteen years experience in clinical development. Most recently, Ms. Seroskie was senior vice president, Managed Services at The Clinical Resource Network. In this role, Ms. Seroskie provided quality oversight and strategic operational direction for the division. Previously, she worked for Omnicare Clinical Research where she served as vice president, clinical operations, Americas. Throughout her nearly eleven year tenure with Omnicare Clinical Research, Ms. Seroskie held several clinical development positions of increasing responsibility. Ms. Seroskie also worked for seven years as a registered nurse in a critical care setting.
About PharmaNet Development Group, Inc.
PharmaNet Development Group, Inc., ("PharmaNet") 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 clinical-development solutions including early and late stage consulting services, 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.
PharmaNet has announced that it has entered into an Agreement and Plan of Merger, dated as of February 3, 2009, with affiliates of JLL Partners, Inc., pursuant to which such affiliates of JLL Partners, Inc. have commenced a tender offer to purchase all of the outstanding shares of PharmaNet. For more information, please visit our website at www.pharmanet.com.
Important Information About the Tender Offer
This announcement and the description contained herein are for informational purposes only and are not an offer to purchase or a solicitation of an offer to sell securities of PharmaNet. PDGI Acquisition Corp., a Delaware corporation ("Purchaser"), JLL PharmaNet Holdings, LLC, a Delaware limited liability company and Purchaser's sole stockholder, JLL Partners Fund V, L.P., a Delaware limited partnership, and JLL Partners Fund VI, L.P., a Delaware limited partnership have filed with the SEC a tender offer statement on Schedule TO, as amended, containing an offer to purchase, forms of letters of transmittal and other documents relating to the offer. PharmaNet has filed with the SEC a solicitation/recommendation statement on Schedule 14D-9, as amended, with respect to the offer. If required, PharmaNet will file a proxy statement or information statement with the SEC in connection with the merger, the second step of the transaction, at a later date. Such documents, if available, were mailed to stockholders of record and were also distributed to beneficial owners of common stock of PharmaNet. The solicitation of offers to buy common stock of PharmaNet is only being made pursuant to the offer to purchase, the letter of transmittal and related documents. Stockholders are advised to read the offer to purchase and the letter of transmittal, the solicitation/recommendation statement, the proxy statement, the information statement and all related documents if and when available, as they contain or will contain important information about the tender offer and proposed merger. In addition, copies of the solicitation/recommendation statement, the proxy statement and other filings containing information about PharmaNet Development Group, Inc., the tender offer and the merger may be obtained, if and when available, without charge, from the SEC's website at www.sec.gov or by contacting the Information Agent for the offer, Innisfree M&A Incorporated, the Information Agent, toll-free at (888) 750-5834.
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 merger agreement, including the parties' ability to satisfy the conditions set forth in the merger agreement, and the possibility of any termination of the merger 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 SEC, 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 SEC.
CONTACT: Anne-Marie Hess Phone: (609) 951-6842 E-mail: firstname.lastname@example.org
|SOURCE PharmaNet Development Group, Inc.|
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