Pharmanet Development Grp (MM) (NASDAQ:PDGI)
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PharmaNet Development Group, Inc. (NASDAQ: PDGI), a leading provider of
drug development services, today announced that it has obtained from its
lenders a waiver to certain covenants and terms of its Senior Secured
Credit Facility (“credit agreement”)
effective from September 30, 2006 through October 15, 2006.
“The negotiation of the amendment to the
credit agreement has received the highest priority since my appointment
in August,” commented John P. Hamill,
executive vice president and chief financial officer. "We expect to
complete the amendment process on or before October 15, 2006.”
Further details are being filed on a Form 8-K with the SEC. A copy of
the waiver will be filed as an exhibit to the Company’s
upcoming Form 10-Q filing for the quarter ending September 30, 2006
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; our ability to implement a sale/leaseback
arrangement for the construction of our Quebec City headquarters for
Anapharm; 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; its ability to obtain additional waivers or
amendments of its Credit Facility; 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 Securities and Exchange
Commission.
PharmaNet Development Group, Inc. (NASDAQ: PDGI), a leading
provider of drug development services, today announced that it has
obtained from its lenders a waiver to certain covenants and terms of
its Senior Secured Credit Facility ("credit agreement") effective from
September 30, 2006 through October 15, 2006.
"The negotiation of the amendment to the credit agreement has
received the highest priority since my appointment in August,"
commented John P. Hamill, executive vice president and chief financial
officer. "We expect to complete the amendment process on or before
October 15, 2006."
Further details are being filed on a Form 8-K with the SEC. A copy
of the waiver will be filed as an exhibit to the Company's upcoming
Form 10-Q filing for the quarter ending September 30, 2006
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; our ability to implement a
sale/leaseback arrangement for the construction of our Quebec City
headquarters for Anapharm; 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; its ability to obtain additional waivers or amendments of
its Credit Facility; 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 Securities and Exchange Commission.