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PharmaNet Development Group Reports Fourth Quarter and Full Year 2008 Preliminary Financial Results
Date:2/25/2009

PRINCETON, N.J., Feb. 25 /PRNewswire-FirstCall/ -- PharmaNet Development Group, Inc. (the "Company") (Nasdaq: PDGI), a leading provider of clinical development services, today reported preliminary net income for the fourth quarter ended December 31, 2008, of $1.6 million, or $0.08 per diluted share, compared to net income from continuing operations of $3.8 million, or $0.20 per diluted share, in the fourth quarter 2007.

All financial data provided in this press release is subject to recording a fourth quarter non-cash impairment charge related to goodwill and indefinite-lived assets which is the result of the decline in the Company's market capitalization during the fourth quarter 2008. The Company is working with its valuation consultant and is in the process of completing its annual goodwill, indefinite-lived and long-lived asset impairment assessments, in accordance with Statement of Financial Accounting Standards ("SFAS") No. 142, Goodwill and Other Intangible Assets, and SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets.

The anticipated fourth quarter 2008 impairment charge is not indicative of the Company's performance or its ability to continue to run its operations, and will not have any impact on the Company's future cash flows from operating activities. Until the final determination is made, the financial information contained in this press release, without taking into account the fourth quarter 2008 non-cash impairment charge, is not presented in accordance with US generally accepted accounting principles (GAAP). We will disclose the amount of the fourth quarter 2008 impairment charge and any related tax impact once we have completed the assessment process and file our annual report on Form 10-K with the Securities and Exchange Commission (the "SEC")on or before March 16, 2009.

Direct revenue in the fourth quarter 2008, decreased 7.9 percent to $85.0 million, compared to $92.3 million in the fourth quarter 2007, due primarily to lower early stage revenue partially offset by higher late stage revenue. Foreign currency exchange translation unfavorably impacted direct revenue in the fourth quarter 2008 by approximately $4.8 million primarily due to the strengthening of the US dollar relative to the Euro, Swiss Franc and Canadian Dollar.

Operating margin was 3.6 percent in the fourth quarter 2008, compared to 3.2 percent in the fourth quarter 2007. Foreign currency exchange translation favorably impacted operating margin by approximately $2.3 million in the fourth quarter 2008.

Direct revenue for the full year 2008, decreased 1.3 percent to $357.7 million, compared to $362.5 million in 2007, due primarily to lower late stage revenue partially offset by higher early stage revenue. Foreign currency exchange translation unfavorably impacted direct revenue by approximately $6.3 million during 2008. Approximately 39.4 percent of direct revenue was generated in the US and 60.6 percent in Canada, Europe and Asia.

Operating margin for the full year 2008, was negative 57.7 percent compared to 5.9 percent in 2007, primarily due to the previously disclosed $210.6 million non-cash impairment charge related to goodwill and indefinite-lived assets recorded in the third quarter 2008, which resulted from the decline in the Company's market capitalization. Foreign currency exchange translation favorably impacted operating margin by approximately $3.7 million during 2008.

Cash and cash equivalents were $63.8 million at December 31, 2008, compared to $63.3 million at September 30, 2008 and $77.5 million at December 31, 2007. Net cash provided by operating activities was $2.6 million in the fourth quarter 2008, compared to net cash provided by operating activities from continuing operations of $15.7 million in the fourth quarter 2007. Net cash used in operating activities was $10.4 million during 2008, compared to net cash provided by operating activities from continuing operations of $44.5 million during 2007.

The Company's backlog was $507.7 million at December 31, 2008, compared to $521.6 million at September 30, 2008, and $457.4 million at December 31, 2007. The Company's quarter-to-date book-to-bill ratio was 0.8x at December 31, 2008, compared to a book-to-bill ratio of 0.4x at September 30, 2008. The year-to-date book-to-bill ratio at December 31, 2008 was 1.1x.

Early stage segment

For the early stage segment, direct revenue decreased 21.9 percent to $31.0 million in the fourth quarter 2008, compared to $39.8 million in the fourth quarter 2007, primarily due to lower volume and pricing in the laboratories and the clinics. Foreign currency exchange translation unfavorably impacted early stage direct revenue by approximately $5.3 million in the fourth quarter 2008. Early stage segment operating margin decreased to 3.3 percent in the fourth quarter 2008, compared to 12.0 percent in the fourth quarter 2007, primarily due to lower volume throughput.

Backlog for the early stage segment was $54.1 million at December 31, 2008, compared to $55.3 million at September 30, 2008. New business authorizations were $38.6 million, cancellations were $3.5 million and the impact of foreign currency exchange on backlog was unfavorable by approximately $5.3 million in the fourth quarter 2008, compared to the prior quarter. Early stage quarter-to-date book-to-bill ratio was 1.0x at December 31, 2008, compared to a book-to-bill ratio of 0.5x at September 30, 2008. The early stage year-to-date book-to-bill ratio was 0.9x at December 31, 2008.

Late stage segment

For the late stage segment, direct revenue increased 2.7 percent to $53.9 million in the fourth quarter 2008, compared to $52.5 million in the fourth quarter 2007. Foreign currency exchange translation favorably impacted late stage direct revenue by approximately $0.6 million in the fourth quarter 2008.

Late stage segment operating margin was 18.7 percent in the fourth quarter 2008, compared to 11.5 percent in the fourth quarter 2007. Foreign currency exchange translation favorably impacted late stage operating margin by approximately by $2.3 million in the fourth quarter 2008.

Backlog for the late stage segment was $453.6 million, compared to $466.3 million at September 30, 2008. New business authorizations were $58.9 million, cancellations were $11.9 million and the impact of foreign currency exchange on backlog was unfavorable by approximately $5.8 million in the fourth quarter 2008, compared to the prior quarter. Late stage quarter-to-date book-to-bill ratio was 0.8x at December 31, 2008, compared to a book-to-bill ratio of 0.2x at September 30, 2008. Late stage year-to-date book-to-bill ratio was 1.3x at December 31, 2008.

Corporate financial summary

Corporate selling, general and administrative expenses were $8.1 million in the fourth quarter 2008, compared to $7.9 million in the fourth quarter 2007, primarily due to $1.8 million of increased professional fees for the strategic alternative process related to the exchange offer in the fourth quarter of 2008.

Fourth quarter 2008 non-cash share-based compensation expense was $0.2 million and other non-cash compensation was $1.7 million, compared to $0.2 million and $1.3 million, respectively, in the fourth quarter 2007.

Capital expenditures decreased to $0.5 million in the fourth quarter 2008 compared to $3.5 million in the fourth quarter 2007 primarily due to the timing of expenditures for capital projects. Depreciation expense was $3.5 million and amortization expense related to intangible assets was $0.7 million in the fourth quarter 2008, compared to depreciation expense of $3.7 million and amortization expense of $0.7 million in the fourth quarter 2007.

Net days sales outstanding were 47 days at December 31, 2008, compared to 46 days at September 30, 2008.

The Company recorded a tax benefit of $0.1 million in the fourth quarter 2008, compared to a tax benefit of $1.1 million in the fourth quarter 2007.

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.

Forward-Looking Statements

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.

    PharmaNet Development Group, Inc. and Subsidiaries
    Statements of Operations
    For the Three Months Ended December 31, 2008 and 2007
    In thousands, except per share data

                                            % of Direct           % of Direct
                                       2008   Revenue       2007     Revenue
                               (Preliminary)
    NET REVENUE:
    Direct revenue                  $84,964     100.0%     $92,285     100.0%
    Reimbursed out-of-pocket
     expenses                        29,888      35.2%      36,835      39.9%
    TOTAL NET
     REVENUE                        114,852     135.2%     129,120     139.9%
    COSTS AND EXPENSES:
    Direct costs                     52,527      61.8%      55,920      60.6%
    Reimbursable out-of-pocket
     expenses                        29,888      35.2%      36,835      39.9%
    Selling, general and
     administrative expenses         29,378      34.6%      33,442      36.2%
    TOTAL COSTS AND EXPENSES        111,793     131.6%     126,197     136.7%
    EARNINGS FROM CONTINUING
     OPERATIONS                       3,059       3.6%       2,923       3.2%
    OTHER INCOME (EXPENSE):
    Interest income                     198       0.2%         593       0.6%
    Interest expense                 (1,486)     (1.7%)     (1,385)     (1.5%)
    Foreign currency exchange
    transaction (loss) gain, net       (259)     (0.3%)      1,202       1.3%
    Other income (expense)              127       0.1%        (294)     (0.3%)
    TOTAL OTHER INCOME (EXPENSE),
     NET                             (1,420)     (1.7%)        116       0.1%
    EARNINGS FROM CONTINUING
     OPERATIONS BEFORE INCOME TAXES   1,639       1.9%       3,039       3.3%
    Income tax benefit                 (138)     (0.2%)     (1,126)     (1.2%)
    EARNINGS FROM CONTINUING
     OPERATIONS BEFORE MINORITY
     INTEREST IN JOINT VENTURE        1,777       2.1%       4,165       4.5%
    Minority interest in joint
     venture                            142       0.2%         364       0.4%
    NET EARNINGS FROM CONTINUING
     OPERATIONS                       1,635       1.9%       3,801       4.1%
    Earnings from discontinued
     operations, net of tax               -         -          209       0.2%
    NET EARNINGS                     $1,635       1.9%      $4,010       4.3%

    BASIC EARNINGS PER SHARE:
    Continuing operations             $0.08                  $0.20
    Discontinued operations              $-                  $0.01
    Net earnings                      $0.08                  $0.21
    DILUTED EARNINGS PER SHARE:
    Continuing operations             $0.08                  $0.20
    Discontinued operations              $-                  $0.01
    Net earnings                      $0.08                  $0.21
    WEIGHTED AVERAGE COMMON SHARES
     OUTSTANDING:
    Basic                            19,520                 18,926
    Diluted                          19,570                 19,222



    PharmaNet Development Group, Inc. and Subsidiaries
    Statements of Operations
    For the Twelve Months Ended December 31, 2008 and 2007
    In thousands, except per share data

                                            % of Direct           % of Direct
                                      2008     Revenue      2007     Revenue
                              (Preliminary)
    NET REVENUE:
    Direct revenue                 $357,746     100.0%    $362,471     100.0%
    Reimbursed out-of-pocket
     expenses                        93,707      26.2%     107,786      29.7%
    TOTAL NET REVENUE               451,453     126.2%     470,257     129.7%
    COSTS AND EXPENSES:                             -
    Direct costs                    231,488      64.7%     216,173      59.6%
    Reimbursable out-of-pocket
     expenses                        93,707      26.2%     107,786      29.7%
    Selling, general and
     administrative expenses        121,884      34.1%     114,411      31.6%
    Impairment of goodwill and
     indefinite-lived assets        210,649      58.9%           -         -
    Provision for settlement of
     litigation                           -         -       10,400       2.9%
    TOTAL COSTS AND EXPENSES        657,728     183.9%     448,770     123.8%
    (LOSS) EARNINGS FROM
     OPERATIONS                    (206,275)    (57.7%)     21,487       5.9%
    OTHER INCOME (EXPENSE):
    Interest income                   1,494       0.4%       2,128       0.6%
    Interest expense                 (6,069)     (1.7%)     (6,332)     (1.7%)
    Foreign currency exchange
     transaction loss, net             (848)     (0.2%)     (2,138)     (0.6%)
    Other income                        277       0.1%         178         -
    TOTAL OTHER EXPENSE, NET         (5,146)     (1.4%)     (6,164)     (1.7%)
    (LOSS) EARNINGS FROM
     CONTINUING OPERATIONS
     BEFORE INCOME TAXES           (211,421)    (59.1%)     15,323       4.2%
    Income tax expense                2,233       0.6%       2,340       0.6%
    (LOSS) EARNINGS FROM
     CONTINUING OPERATIONS
     BEFORE MINORITY
     INTEREST IN JOINT VENTURE     (213,654)    (59.7%)     12,983       3.6%
    Minority interest in joint
     venture                          1,728       0.5%         905       0.2%
    NET (LOSS) EARNINGS FROM
     CONTINUING OPERATIONS         (215,382)    (60.2%)     12,078       3.3%
    Earnings from discontinued
     operations, net of tax               -         -          838       0.2%
    NET (LOSS) EARNINGS           $(215,382)    (60.2%)    $12,916       3.6%

    BASIC (LOSS) EARNINGS PER
     SHARE:
    Continuing operations           $(11.11)                 $0.64
    Discontinued operations              $-                  $0.05
    Net (loss) earnings             $(11.11)                 $0.69
    DILUTED (LOSS) EARNINGS
     PER SHARE:
    Continuing operations           $(11.11)                 $0.63
    Discontinued operations              $-                  $0.05
    Net (loss) earnings             $(11.11)                 $0.68
    WEIGHTED AVERAGE COMMON
     SHARES OUTSTANDING:
    Basic                            19,380                 18,790
    Diluted                          19,380                 19,048



    PHARMANET DEVELOPMENT GROUP, INC. AND SUBSIDIARIES
    Summary of Operations of Early and Late Stage Development Segments -
     Preliminary
    For the Three and Twelve Months Ended December 31, 2008 and 2007
    In thousands


                        Three Months Ended         Twelve Months Ended
                                        %                             %
    EARLY STAGE                       varia-                        varia-
     DEVELOPMENT       2008     2007   tion        2008       2007   tion

    Direct revenue  $31,039  $39,758   (21.9%) $154,298   $137,818    12.0%

    Operating
     earnings         1,036    4,769   (78.3%)   16,343     22,260   (26.6%)

    Operating
     margin             3.3%    12.0%              10.6%      16.2%


                                        %                             %
    LATE STAGE                        varia-                        varia-
     DEVELOPMENT       2008     2007   tion        2008       2007   tion

    Direct revenue  $53,925  $52,527     2.7%  $203,448   $224,653    (9.4%)

    Operating
     earnings
     (loss)          10,088    6,059    66.5%  (198,094)    34,092  (681.1%)

    Operating
     margin            18.7%    11.5%             (97.4%)     15.2%



    PHARMANET DEVELOPMENT GROUP, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets
    December 31, 2008 and 2007
    In thousands, except per share data


                                                            2008      2007
                                                   (Preliminary)
                        ASSETS

    Current assets:
         Cash and cash equivalents                       $63,812   $77,548
         Investment in marketable securities                   -     2,650
         Accounts receivable, net                        125,357   132,550
         Income taxes receivable                           4,391     1,855
         Deferred income taxes                               201       298
         Prepaid expenses                                  9,537     6,589
         Other current assets                              6,687     5,274
         Assets from discontinued operations                   -     5,199
            Total current assets                         209,985   231,963
    Property and equipment, net                           56,338    67,506
    Goodwill                                              62,614   266,973
    Other intangible assets, net                          17,477    26,442
    Deferred income taxes                                 11,080    14,111
    Other assets, net                                      4,906     7,840
            Total assets                                $362,400  $614,835

         LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:
         Accounts payable                                 $9,070   $13,843
         Accrued liabilities                              33,013    47,978
         Client advances, current portion                 60,551    79,312
         Income taxes payable                              2,656         -
         Capital lease obligations and notes payable,
          current portion                                  2,589     3,562
         2.25% Convertible senior notes payable          143,750         -
         Deferred income taxes                                28        31
         Other current liabilities                             -       154
         Liabilities from discontinued operations              -     1,770
            Total current liabilities                    251,657   146,650

    Client advances                                        5,966     2,602
    Deferred income taxes                                  6,984     8,518
    Capital lease obligations and notes payable            2,868     5,634
    2.25% Convertible senior notes payable                     -   143,750
    Other non-current liabilities                         17,246    15,590
    Minority interest in joint venture                     1,581     2,722
    Commitments and contingencies

    Temporary equity:
         Sale of unregistered common stock, subject to
          rescission                                       1,092     2,058

    Stockholders' equity:
         Preferred stock. $0.10 par value, 5,000
          shares authorized, none issued                       -         -
         Common stock, $0.001 par value, 40,000 shares
          authorized, 19,585 shares and 19,017 shares
          issued and outstanding in 2008 and 2007,
          respectively                                        20        19
         Additional paid-in capital                      259,019   244,017
         Retained earnings                              (192,766)   22,616
         Accumulated other comprehensive income            8,733    20,659
            Total stockholders' equity                   $75,006  $287,311
            Total liabilities and stockholders'
             equity                                     $362,400  $614,835



    PHARMANET DEVELOPMENT GROUP, INC. AND SUBSIDIARIES
    Consolidated Statements of Cash Flows
    For the Twelve Months Ended December 31, 2008 and 2007
    In thousands

                                                               2008     2007
                                                      (Preliminary)
    Cash flows from operating activities:
      Net (loss) earnings                                 $(215,382) $12,916
      Earnings from discontinued operations                       -     (838)
      Adjustments to reconcile net (loss) earnings
       to net cash (used in) provided by operating
       activities:
        Depreciation and amortization                        17,461   15,477
        Amortization of deferred debt issuance costs          1,732    1,578
        Impairment of goodwill and indefinite-lived
         assets                                             210,649        -
        Provision for settlement of litigation                    -   10,400
        Loss on disposal of property and equipment              401      381
        Minority interest                                    (1,115)     905
        Provision for doubtful accounts                       1,977      587
        Share-based compensation expense                      6,095    5,119
        Changes in assets and liabilities:
          Accounts receivable                                 3,358  (15,927)
          Income taxes receivable                            (1,676)  (1,141)
          Prepaid expenses and other current assets          (6,148)  (1,085)
          Other assets                                          338     (749)
          Accounts payable                                   (7,783)  (3,555)
          Accrued liabilities                                (9,627)   9,986
          Client advances                                   (15,279)   9,812
          Income taxes payable                                2,628        -
          Other current liabilities                            (154)     154
          Deferred income taxes                              (1,334)  (2,453)
          Other non-current liabilities                       3,498    2,963
        Total adjustments                                   205,021   32,452
            Net cash (used in) provided by operating
             activities - continuing operations             (10,361)  44,530
            Net cash used in operating activities -
             discontinued operations                              -     (792)
            Net cash (used in) provided by operating
             activities                                     (10,361)  43,738
    Cash flows from investing activities:
      Purchase of property and equipment                     (6,775) (15,014)
      Proceeds from the disposal of property and
       equipment                                                  3       28
      Purchase of intangible assets                            (105)       -
      Net change in investment in marketable
       securities                                             2,650    7,378
            Net cash used in investing activities -
             continuing operations                           (4,227)  (7,608)
            Net cash provided by investing
             activities - discontinued operations                 -    1,182
            Net cash used in investing activities            (4,227)  (6,426)
    Cash flows from financing activities:
      Borrowings on line of credit                                -   10,000
      Payments on line of credit                                  -  (19,400)
      Payments on capital lease obligations and
       notes payable                                         (2,621)  (4,063)
      Net proceeds from stock issued under option
       plans, ESPP and restricted stock awards                2,849    2,358
      Proceeds from sale of unregistered common
       stock, subject to rescission                           1,092    2,058
            Net cash provided by (used in) financing
             activities                                       1,320   (9,047)
    Net effect of exchange rate changes on cash and
     cash equivalents                                          (468)   3,952
    Net (decrease) increase in cash and cash
     equivalents                                            (13,736)  32,217
    Cash and cash equivalents at beginning of period         77,548   45,331
    Cash and cash equivalents at end of period              $63,812  $77,548



    Contact:  Anne-Marie Hess
    Phone:    (609) 951-6842
    E-mail:   ahess@pharmanet.com


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SOURCE PharmaNet Development Group, Inc.
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(Date:4/29/2016)... ... April 29, 2016 , ... ... Association (CCA), is pleased to announce the launch of the GFCP Scoop ... recipes, and more. The purpose of the GFCP Scoop site is ...
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(Date:4/28/2016)... 28, 2016 Oramed Pharmaceuticals Inc. (NASDAQ: ... company focused on the development of oral drug delivery systems, ... PIONEERS 2016 conference, presented by Joseph Gunnar & ... New York . Nadav Kidron , CEO ... Presentation Details:   PIONEERS 2016, ...
(Date:4/28/2016)... 28, 2016  ValGenesis, Inc., the market ... (VLMS) today announced that a prominent world ... of chronic kidney failure has selected ValGenesis ... corporate validation process. The global medical device ... to manage their validation processes electronically. Upon ...
(Date:4/28/2016)... 28, 2016 New market ... is a report that provides an overview of ... pipelines by identifying new targets and MOAs to ... Profiles discussed in this H1 2016 Osteoarthritis Pipeline ... AbbVie Inc., Abiogen Pharma S.p.A., Ablynx NV, Achelios ...
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