PRINCETON, N.J., Sept. 14, 2011 /PRNewswire/ -- PharmaNet Development Group, Inc., an inVentiv Health Company, and a leading provider of clinical development services to pharmaceutical, biotechnology, generic drug and medical device companies, announced today that its subsidiary, PharmaNet Canada, Inc. (PharmaNet) and The Research Institute of McGill University Health Centre (RI MUHC) have signed a Letter of Intent to jointly form, manage, and operate the first in-hospital translational medicine unit for the conduct of Phase I - IIa clinical studies in Canada. The state-of-the-art facility will be located at the Montreal General Hospital and is expected to commence operation in 2012.
"We are thrilled to announce this joint venture with RI MUHC, a world-renowned research facility," commented Riaz Bandali, President, Early Stage Development, PharmaNet. "The partnership will provide access to PharmaNet's clinical research expertise and the RI MUHC's world class clinical investigators for the conduct of in-hospital Phase I and IIa studies in patient populations and will transform how pivotal, proof of concept studies are conducted. This new approach aligns PharmaNet's and RI MUHC's objectives of optimally developing innovative therapeutics for patients in need."
Mr. Bandali added, "Through the joint venture, pharmaceutical and biopharmaceutical companies can be assured that their therapeutic compounds will be evaluated in the safety of a hospital environment, while gaining access to a state-of-the-art facility, specialized scientific knowledge, access to a broad range of patients and unsurpassed medical and clinical development expertise."
"We are extremely pleased to collaborate with PharmaNet on this ground-breaking venture. This novel approach will allow us to conduct proof-of-concept studies that will be truly world-class," commented Dr. Vassilios Papadopoulos, Director, The Research Institute of McGill University Health Centre.
Dr. Papadopoulos added, "By combining PharmaNet's clinical research expertise and RI MUHC's medical and scientific leadership in the understanding of diseases such as cancer, respiratory illness or cardiovascular failure, we can positively impact the outcomes of patients facing the most complex medical challenges."
PharmaNet Development Group, Inc., an inVentiv Health Company and a recognized leader of global drug development services to the pharmaceutical, biotechnology, generic drug, and medical device industries, provides comprehensive capabilities in Phase I-IV clinical development, bioanalytical and bioequivalence services, regulatory, staffing, and therapeutic solutions. For the applied knowledge and intelligent solutions needed to accelerate drug development programs of all sizes around the world, PharmaNet works for you. For more information, please visit www.PharmaNet.com.
About inVentiv Health
inVentiv Health, Inc. is a leading global provider of best-in-class clinical, commercial and consulting services to companies seeking to accelerate performance. inVentiv's client roster includes more than 550 pharmaceutical, biotech and life sciences companies. With 13,000 employees in 40 countries, inVentiv rapidly transforms promising ideas into commercial reality. inVentiv Health Inc. is privately owned by inVentiv Group Holdings Inc., an organization sponsored by affiliates of Thomas H. Lee Partners, L.P., Liberty Lane Partners and members of the inVentiv management team. For more information, visit www.inventivhealth.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause inVentiv Health's performance to differ materially. Such risks include, without limitation: the impact of our substantial level of indebtedness on our ability to generate sufficient cash to fulfill our obligations under our existing debt instruments or our ability to incur additional indebtedness; the impact of the consummation of any announced acquisitions, and any additional leverage we may incur in connection with the financing thereof, on the ratings of our debt securities; our ability to sufficiently increase our revenues and maintain or decrease expenses and cash capital expenditures to permit us to fund our operations; our ability to continue to comply with the covenants and terms of our credit facility and to access sufficient capital to fund our operations; the impact of any default by any of our credit providers or swap counterparties; our ability to accurately forecast costs to be incurred in providing services under fixed price contracts; our ability accurately forecast insurance claims within our self-insured programs; the potential impact of pricing pressures on pharmaceutical manufacturers from future healthcare reform initiatives or from changes in the reimbursement policies of third-party payers; our ability to grow our existing client relationships, obtain new clients and cross-sell our services; the potential impact of financial, economic, political and other risks, including interest rate and exchange rate risks, related to conducting business internationally; our ability to successfully operate new lines of business; our ability to manage our infrastructure and resources to support our growth; our ability to successfully identify new businesses to acquire, conclude acquisition negotiations and integrate the acquired businesses, including the acquisitions of i3 Global and PharmaNet Development Group, Inc., into our operations; any disruptions, impairments, or malfunctions affecting software as well as excessive costs or delays that may adversely impact our continued investment in and development of software; the potential impact of government regulation on us and on our client base; our ability to comply with all applicable laws as well as our ability to successfully implement from a timing and cost perspective any changes in applicable laws; our ability to recruit, motivate and retain qualified personnel, including sales representatives; the possibility that client agreements will be terminated or not renewed; consolidation in the pharmaceutical industry; changes in trends in the healthcare and pharmaceutical industries or in pharmaceutical outsourcing, including initiatives by our clients to perform services we offer internally; the potential liability associated with bringing new drugs to market, including potential liability from injury to clinical trial participants; and the actual impact of the adoption of certain accounting standards; our ability to maintain technological advantages in a variety of functional areas, including sales force automation, electronic claims surveillance and patient compliance. Readers of this press release are referred to documents filed from time to time by inVentiv Health Inc. with the Securities and Exchange Commission for further discussion of these and other factors.
Name: Anne-Marie Hess
Phone: +1 609 951-6842
|SOURCE PharmaNet Development Group, Inc.|
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