PharmaNet Development Group, Inc. Amends Credit Agreement
October 12 2006 - 6:01PM
Business Wire
PharmaNet Development Group, Inc. (NASDAQ: PDGI), a leading
provider of drug development services, today announced that it has
amended its credit financing agreement. As amended, the credit
agreement provides the Company with a $45 million revolving credit
facility and adjusts certain provisions of the credit facility. UBS
AG, Stamford Branch, remains the administrative agent. �We are very
pleased that the credit facility amendment has been completed,�
commented John P. Hamill, executive vice president and chief
financial officer. �The amendment provides the company with
additional operational flexibility.� Further details are being
filed on a Form 8-K with the SEC. A copy of the amendment 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 US Securities and Exchange Commission. PharmaNet Development
Group, Inc. (NASDAQ: PDGI), a leading provider of drug development
services, today announced that it has amended its credit financing
agreement. As amended, the credit agreement provides the Company
with a $45 million revolving credit facility and adjusts certain
provisions of the credit facility. UBS AG, Stamford Branch, remains
the administrative agent. "We are very pleased that the credit
facility amendment has been completed," commented John P. Hamill,
executive vice president and chief financial officer. "The
amendment provides the company with additional operational
flexibility." Further details are being filed on a Form 8-K with
the SEC. A copy of the amendment 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 US Securities and Exchange Commission.
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