Pharmanet Development Grp (MM) (NASDAQ:PDGI)
Historical Stock Chart
From Jul 2019 to Jul 2024
PharmaNet Development Group, Inc. (NASDAQ: PDGI), a leading provider of
drug development services, today announced the sale-leaseback of its
future Quebec City facility (new facility) that is currently under
construction.
The new facility has been sold to a Canadian investor for approximately
$11.2 million Canadian dollars. The proceeds from the sale effectively
reimburse the Company for substantially all of the cash outlays it has
made on the new facility.
The new facility will house the headquarters of the Company’s
Anapharm subsidiary, including all of the bioanalytical and clinical
operations and administrative offices currently in the Company’s
two existing facilities located in Quebec City. The building and
leasehold improvements are expected to be completed in the first quarter
of 2007. The orderly transfer of operations to the new facility is
expected to be completed in the second quarter 2007.
The leaseback shall commence June 1, 2007.
“The completion of the sale-leaseback
agreement was an important element of our financial strategy,”
commented John P. Hamill, executive vice president and chief financial
officer. “The proceeds will further strengthen
our cash position.”
“The new facility, which will meet the
specific requirements of the business, will enhance operational
efficiency while providing space for potential future expansions,”
added Marc LeBel, executive vice president bioanalytical laboratories
and president and chief executive officer, Anapharm.
Further details are being filed on a Form 8-K with the SEC.
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
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"). 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; 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
comply with the timeline agreed upon in the settlement reached with the
Miami-Dade County Unsafe Structures Board and any related fines or
expenses if we are unsuccessful complying with such timeline; 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;
developments with respect to the SEC's inquiry and securities class
action lawsuits and derivative lawsuits; 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; our future effective tax rate; our ability to amend
our credit facility within our anticipated timeline; 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; 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 US Securities and
Exchange Commission.
PharmaNet Development Group, Inc. (NASDAQ: PDGI), a leading
provider of drug development services, today announced the
sale-leaseback of its future Quebec City facility (new facility) that
is currently under construction.
The new facility has been sold to a Canadian investor for
approximately $11.2 million Canadian dollars. The proceeds from the
sale effectively reimburse the Company for substantially all of the
cash outlays it has made on the new facility.
The new facility will house the headquarters of the Company's
Anapharm subsidiary, including all of the bioanalytical and clinical
operations and administrative offices currently in the Company's two
existing facilities located in Quebec City. The building and leasehold
improvements are expected to be completed in the first quarter of
2007. The orderly transfer of operations to the new facility is
expected to be completed in the second quarter 2007.
The leaseback shall commence June 1, 2007.
"The completion of the sale-leaseback agreement was an important
element of our financial strategy," commented John P. Hamill,
executive vice president and chief financial officer. "The proceeds
will further strengthen our cash position."
"The new facility, which will meet the specific requirements of
the business, will enhance operational efficiency while providing
space for potential future expansions," added Marc LeBel, executive
vice president bioanalytical laboratories and president and chief
executive officer, Anapharm.
Further details are being filed on a Form 8-K with the SEC.
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 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"). 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; 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 comply
with the timeline agreed upon in the settlement reached with the
Miami-Dade County Unsafe Structures Board and any related fines or
expenses if we are unsuccessful complying with such timeline; 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; developments with respect to the SEC's inquiry and
securities class action lawsuits and derivative lawsuits; 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; our future effective tax rate; our ability to amend our
credit facility within our anticipated timeline; 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; 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 US Securities and Exchange Commission.