Sfbc (NASDAQ:SFCC)
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SFBC International, Inc. (NASDAQ: SFCC), a provider of
drug development services to branded pharmaceutical, biotechnology,
generic drug and medical device companies, today provided details on
the composition of its Board of Directors. Due to recent resignations,
changes were made to the Board of Directors, which Nasdaq recently
confirmed are compliant with Nasdaq Marketplace Rules.
SFBC International stated that it is currently in compliance with
Nasdaq Marketplace Rules 4350 (c)(1) and 4350(d)(2), but it was not in
compliance for a limited period of time as a result of the resignation
of Dr. Leonard Weinstein on December 15, 2005. Under Rule 4350(c),
SFBC had until the earlier of its next annual shareholders' meeting or
December 15, 2006 to appoint an additional independent director and
thereby regain compliance. On January 13, 2006, Nasdaq provided SFBC
with notice of the prior non-compliance with Marketplace Rules
4350(c)(1) and 4350(d)(2). This release is being issued in accordance
with Marketplace Rule 4803(a). The company regained compliance with
the appointment of Mr. David Lucking to the Audit Committee on
December 21, 2005, and upon the resignations of Dr. Lisa Krinsky and
Mr. Arnold Hantman, which were effective on December 31, 2005.
Nasdaq Marketplace Rules 4350 (c)(1) and 4350(d)(2) require that a
majority of the Board be comprised of independent directors and that
the Audit Committee be comprised of three independent directors,
including at least one member who has financial sophistication. As of
December 31, 2005, a majority of the Company's Board of Directors was
comprised of independent directors as required by Nasdaq Marketplace
Rule 4350(c)(1). In addition, as required by Nasdaq Marketplace Rule
4350(d)(2), the Audit Committee is currently comprised of three
independent directors, and Mr. Jack Levine, Chairman, and Mr. Arnold
Goleib each satisfy the Audit Committee Financial Expert requirement
of Securities and Exchange Commission Rules, which satisfies the
Nasdaq financial sophistication requirement.
About SFBC International, Inc.
SFBC International, Inc. provides early and late stage clinical
drug development services to branded pharmaceutical, biotechnology,
generic drug and medical device companies around the world. SFBC has
more than 30 offices located in North America, Europe (including
Central and Eastern Europe), South America, Asia, and Australia. In
early clinical development services, SFBC specializes primarily in the
areas of Phase I and early Phase II clinical trials and bioanalytical
laboratory services, including early clinical pharmacology. SFBC also
provides late stage clinical development services globally that focus
on Phase II through IV clinical trials. SFBC also offers a range of
complementary services, including data management and biostatistics,
central laboratory services, medical and scientific affairs,
regulatory affairs and submissions, and clinical IT solutions.
Additional information is available on SFBC's website at
www.sfbci.com.