PharmaNet Development Group, Inc. Announces Its Corporate Name and Executive Appointments; NASDAQ Stock Symbol to Change to PDG
August 28 2006 - 6:30AM
Business Wire
PharmaNet Development Group, Inc. (NASDAQ: PDGI) today announced
its corporate name after receiving approval from its shareholders
at the annual meeting. The Company's name was previously SFBC
International (NASDAQ: SFCC). The Company also received approval
from NASDAQ for its shares to trade under the new stock symbol:
PDGI. The name change and new stock symbol are effective
immediately. The Company also announced the appointment of John P.
Hamill to Executive Vice President and Chief Financial Officer,
David Natan to Executive Vice President, Reporting and Analysis
(Chief Accounting Officer), and Thomas J. Newman, M.D. to Executive
Vice President, Late Stage Development. Dr. Newman will retain his
responsibilities as chief operating officer of the Company's
late-stage business. In addition, Anne-Marie Hess was appointed
Executive Director, Investor Relations and Corporate
Communications. "The PharmaNet Development Group name builds on the
reputation and prominent market positions of PharmaNet, Anapharm
and our other subsidiaries as a leading drug development
organization committed to patient safety and providing excellent
service and integrated global drug development capabilities to our
clients," said Jeffrey P. McMullen, president and chief executive
officer of PharmaNet Development Group. "The name change comes at a
dynamic period for the company and our clients," Mr. McMullen
continued. "We have realigned corporate functions and established
the right corporate executive management team to focus on building
a long-term, sustainable business that will enhance client and
shareholder value." The Company's early-stage clinical development
business will continue to operate under its existing brands,
including Anapharm, and the late-stage clinical development
business will continue to operate under its existing brand,
PharmaNet. In support of the name change, shareholder and client
information can now be accessed at www.pharmanet.com. The Company
also reported that the shareholders re-elected the board of
directors for a one-year term until the 2007 Annual Meeting,
approved the amendment to the 2004 Employee Stock Purchase Plan and
ratified the appointment of Grant Thornton LLP to serve as the
Company's independent registered public accounting firm for the
year ending December 31, 2006. The Company has filed a Certificate
of Amendment to its Certificate of Incorporation with the Secretary
of State of the State of Delaware. Holders of stock certificates
bearing the name "SFBC International, Inc." may continue to hold
them and will not be required to exchange them for new certificates
or take any other action. About PharmaNet Development Group, Inc.
PharmaNet Development Group, Inc. is an international drug
development services company offering a comprehensive range of
clinical development, clinical and bioanalytical laboratory, and
consulting services to the branded pharmaceutical, biotechnology,
generic drug and medical device industries. PharmaNet Development
Group, Inc. has more than 30 offices, facilities and laboratories
with more than 2,000 employees strategically located throughout the
world. For more information, visit the Company's Web site 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"). 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. 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,
industry trends and information; our ability to implement a
sale/leaseback arrangement for the construction of our Quebec City
headquarters for Anapharm; the Company's ability to leverage the
strong reputation of PharmaNet, whether adverse publicity relating
to the Company's discontinued Miami operations causes clients to
select competitors, not only for early stage branded clinical
trials but also for other aspects of the Company's business; its
ability to resolve open issues relating to its Miami property
including whether it can successfully appeal and/or enjoin the
Miami-Dade County Unsafe Structures Board ruling and any related
fines or expenses if we are unsuccessful; the associated costs and
expenses with discontinuing the Company's operations in Miami and
Ft. Myers, including the potential costs of the demolition of the
Miami facility; the Company's ability to determine its impairment
charges and costs of discontinued operations; whether the Company
will achieve its estimated value for its Miami property; whether
the Company will be able to obtain more favorable zoning for its
Miami property; its assessment of the review by the United States
Senate Finance Committee; developments with respect to the SEC's
inquiry and securities class action lawsuits and derivative
lawsuits; the Company's assessment of its prior FDA inspections;
the Company's ability to successfully achieve and manage the
technical requirements of specialized clinical trial services,
while complying with applicable rules and regulations; regulatory
changes; changes affecting the clinical research industry; a
reduction of outsourcing by pharmaceutical and biotechnology
companies; the Company's ability to compete internationally in
attracting clients in order to develop additional business; the
Company's evaluation of its backlog and the potential cancellation
of contracts; its ability to retain and recruit new employees; its
clients' ability to provide the drugs and medical devices used in
its clinical trials; the Company's future stock price; its
assessment of its effective tax rate; the Company's financial
guidance; its ability to obtain additional waivers or amendments of
its Credit Facility; our future effective tax rate; our ability to
amend our credit facility; our anticipated 2006 capital
expenditures; our 2006 costs of compliance of Section 404 of the
Sarbanes-Oxley Act; our ability to remediate our material
weaknesses; and the impact of foreign currency transaction costs
and the effectiveness of any hedging strategies that we implement;
and the national and international economic climate as it affects
drug development 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, 2005, and its most recent
Quarterly Report on Form 10-Q, which were originally filed as SFBC
International (NASDAQ: SFCC). 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.
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