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
http://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 http://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. CONTACT: Anne-Marie Hess
Phone: (609) 951-6842 E-mail: DATASOURCE: PharmaNet Development
Group, Inc. CONTACT: Anne-Marie Hess, +1-609-951-6842, Web Site:
http://www.pharmanet.com/
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