Sfbc (NASDAQ:SFCC)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Sfbc Charts. Click Here for more Sfbc Charts.](/p.php?pid=staticchart&s=N%5ESFCC&p=8&t=15)
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.