Sfbc (NASDAQ:SFCC)
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From Jul 2019 to Jul 2024
SFBC International, Inc. (NASDAQ: SFCC), a provider of
drug development services to branded pharmaceutical, biotechnology,
generic drug and medical device companies, today announced that the
Circuit Court of the 11th Judicial Circuit for Miami-Dade County
Florida, Appellate Division ("the Court") has granted the Company's
motion to stay the demolition order for its Miami facility pending the
outcome of the appellate proceedings.
Prior to this decision, the Company filed both a petition to
reverse the Miami-Dade County Unsafe Structures Board's order and a
motion to stay the order until the outcome of the appellate
proceedings. The Court did not set a definitive date for the hearings
to commence, but the stay will remain in effect until the appeal is
resolved.
"This ruling by the Court is a positive development towards our
goal of shutting down this facility in an orderly manner," commented
Jeffrey P. McMullen, president and chief executive officer. "While we
will not commence any new trials at this facility, we will use this
additional time to facilitate the orderly completion of clients' study
files and the sale or transfer of physical assets. Upon achieving our
primary objective to shut down this facility, we will move forward
with our plan to sell the property at the appropriate time."
In addition, the Company today announced that it recently entered
into an amended agreement related to its Senior Secured Credit
Facility ("Credit Agreement") with its lenders. The lenders agreed to
amend and waive certain sections of the Credit Agreement related to
all covenants in the Credit Facility that the Company currently does
not meet, effective until August 15, 2006. These terms are being filed
on a Form 8-K with the SEC today. A copy of the Third Amendment will
be filed as an exhibit to the Company's upcoming Form 10-Q filing for
the quarter ending June 30, 2006.
"We are working towards establishing a new credit agreement with
our banks," stated David Natan, chief financial officer. "At present,
we believe the Company has sufficient liquidity to support its
operating activities and to address the potential costs associated
with the closing of its Florida operations."
About SFBC International, Inc.
SFBC International 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. SFBC 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
www.sfbci.com or 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, our
ability to leverage the strong reputation of PharmaNet, whether
adverse publicity relating to SFBC's Miami operations causes clients
to select competitors, not only for early stage branded clinical
trials but also for other aspects of SFBC's business; SFBC's 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, whether SFBC will
prevail in the pending land lease litigation; continued adverse
publicity related to actions of the United States Senate Finance
Committee; developments with respect to the SEC's inquiry and
securities class action lawsuits and derivative lawsuits; SFBC's
assessment of its current FDA inspections; SFBC'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; SFBC's ability to compete
internationally in attracting clients in order to develop additional
business; cancellation of contracts; SFBC's ability to retain and
recruit new employees; SFBC's clients' ability to provide the drugs
and medical devices used in its clinical trials; SFBC's future stock
price; SFBC's financial guidance; and the national and international
economic climate as it affects drug development operations. Further
information can be found in SFBC's risk factors contained in its Form
10-K filed with the SEC in 2006 and other filings with the Securities
and Exchange Commission.