PharmaNet Development Group, Inc. Expands Latin America Operations with Opening of Brazil Office
19 February 2009 - 12:45AM
PR Newswire (US)
PRINCETON, N.J., Feb. 18 /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, today announced the opening of a new office in Sao
Paulo, Brazil to further enhance its Latin American presence.
PharmaNet has been providing clinical trial support in Latin
America since 2002 with a network of field-based staff in Brazil,
Mexico and Peru and an office in Argentina which opened in 2003.
The new office in Sao Paulo, Brazil underscores the Company's
commitment to serve the needs of its clients in this region. Brazil
is a highly desired location for clinical research due to its
qualified investigators, large patient population, high standard of
care and rigorous regulatory standards which are aligned with US
and EU regulations. "The number of clinical trials in Latin America
has experienced significant growth over the past ten years," said
Fernanda Duran, executive director, Latin American operations. "Our
clients are more actively requesting Latin American sites in order
to meet aggressive timelines for patient recruitment, thus bringing
their new drugs to market sooner. I am thrilled about opening this
office in Brazil which will enhance our infrastructure in the
region." "We are excited to continue our expansion into Latin
America, a region which offers excellent resources for conducting
clinical trials," said Jeffrey P. McMullen, president and chief
executive officer. "In addition to our Buenos Aires office, we have
superior field-based staff in the area and the new office will
provide them with the facilities to continue to demonstrate their
high-quality work for our clients." PharmaNet's increased presence
and capacity in the Latin American region also reflect the
importance of Brazil's contribution to the global clinical research
market. Clinical trials have been taking place in the region since
the early 1990s and FDA audits have indicated that the quality of
trials in Brazil, Argentina and Mexico are sound. Investigators in
the region are familiar with the various aspects of clinical trials
and have the necessary technical expertise and experience.
PharmaNet expects the news of a second office in the region to be
well received by its clients and the Company looks forward to
increasing the number of clinical trials currently taking place in
Brazil. The new office will enable the Company to meet the current
and future needs of its clients, expedite the execution of clinical
studies and continue the growth of strategic relationships with
investigators and sites in Brazil. About PharmaNet Development
Group, Inc. PharmaNet Development Group, Inc., 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 early and late stage
consulting, 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. For more information, please visit our website at
http://www.pharmanet.com/. 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 definitive agreement, including the parties'
ability to satisfy the conditions set forth in the merger
agreement, and the possibility of any termination of the definitive
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 Securities
and Exchange Commission, 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 Securities and Exchange
Commission. Contact: Anne-Marie Hess Phone: (609) 951-6842 E-mail:
DATASOURCE: PharmaNet Development Group, Inc. CONTACT: CONTACT:
Anne-Marie Hess of PharmaNet Development Group, Inc.,
+1-609-951-6842, Web Site: http://www.pharmanet.com/
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