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SEC Closes Investigation of PharmaNet Development Group and Recommends No Action

PRINCETON, N.J., Oct. 5 /PRNewswire/ -- PharmaNet Development Group, Inc., a leading provider of clinical development services to innovative pharmaceutical, biotechnology, generic drug and medical device companies, today announced that the United States Securities and Exchange Commission (SEC) has notified the Company that it has completed a two and half year investigation of the Company related to revenue recognition, earnings, company operations and related party transactions and does not intend to recommend any enforcement action by the Commission. The investigation, which is now closed, was originally initiated as an informal investigation in 2006 and became formal in March 2007.

"We are very pleased that the SEC has concluded its investigation of the Company and is recommending that no action be taken by the Commission," commented Jeffrey P. McMullen, president and CEO, PharmaNet Development Group, Inc. "This very favorable outcome now allows us to put this matter behind us."

About PharmaNet Development Group, Inc.

PharmaNet Development Group, Inc., a global drug development services company, provides a comprehensive range of services to the pharmaceutical, biotechnology, generic drug and medical device industries. The Company offers early and late stage consulting, Phase I clinical studies and bioanalytical analyses, and Phase II, III and IV clinical development programs. With approximately 2,300 employees and 40 facilities throughout the world, PharmaNet is a recognized leader in outsourced clinical development. For more information, please visit our website at www.pharmanet.com. 

    Contact: Anne-Marie Hess
    Phone: (609) 951-6842
    E-mail: ahess@pharmanet.com

SOURCE PharmaNet Development Group, Inc.