PRINCETON, N.J., Sept. 14, 2011 /PRNewswire/ -- PharmaNet Development Group, Inc., an inVentiv Health Company, and a leading provider of clinical development services to pharmaceutical, biotechnology, generic drug and medical device companies, announced today that its subsidiary, PharmaNet Canada, Inc. (PharmaNet) and The Research Institute of McGill University Health Centre (RI MUHC) have signed a Letter of Intent to jointly form, manage, and operate the first in-hospital translational medicine unit for the conduct of Phase I - IIa clinical studies in Canada. The state-of-the-art facility will be located at the Montreal General Hospital and is expected to commence operation in 2012.
"We are thrilled to announce this joint venture with RI MUHC, a world-renowned research facility," commented Riaz Bandali, President, Early Stage Development, PharmaNet. "The partnership will provide access to PharmaNet's clinical research expertise and the RI MUHC's world class clinical investigators for the conduct of in-hospital Phase I and IIa studies in patient populations and will transform how pivotal, proof of concept studies are conducted. This new approach aligns PharmaNet's and RI MUHC's objectives of optimally developing innovative therapeutics for patients in need."
Mr. Bandali added, "Through the joint venture, pharmaceutical and biopharmaceutical companies can be assured that their therapeutic compounds will be evaluated in the safety of a hospital environment, while gaining access to a state-of-the-art facility, specialized scientific knowledge, access to a broad range of patients and unsurpassed medical and clinical development expertise."
"We are extremely pleased to collaborate with PharmaNet on this ground-breaking venture. This novel approach will allow us to conduct proof-of-concept studies that will be truly world-class," commented Dr. Vassilios Papadopoulos, Director, The Research Institute of McGill University Health Centre.
Dr. Papadopoulos added, "By combining PharmaNet's clinical research expertise and RI MUHC's medical and scientific leadership in the understanding of diseases such as cancer, respiratory illness or cardiovascular failure, we can positively impact the outcomes of patients facing the most complex medical challenges."
PharmaNet Development Group, Inc., an inVentiv Health Company and a recognized leader of global drug development services to the pharmaceutical, biotechnology, generic drug, and medical device industries, provides comprehensive capabilities in Phase I-IV clinical development, bioanalytical and bioequivalence services, regulatory, staffing, and therapeutic solutions. For the applied knowledge and intelligent solutions needed to accelerate drug development programs of all sizes around the world, PharmaNet works for you. For more information, please visit www.PharmaNet.com.
About inVentiv Health
inVentiv Health, Inc. is a leading global provider of best-in-class clinical, commercial and consulting services to companies seeking to accelerate performance. inVentiv's client roster includes more than 550 pharmaceutical, biotech and life sciences companies. With 13,000 employees in 40 countries, inVentiv rapidly transforms promising ideas into commercial reality. inVentiv Health Inc. is privately owned by inVentiv Group Holdings Inc., an organization sponsored by affiliates of Thomas H. Lee Partners, L.P., Liberty Lane Partners and members of the inVentiv management team. For more information, visit www.inventivhealth.com.
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Name: Anne-Marie Hess
Phone: +1 609 951-6842
SOURCE PharmaNet Development Group, Inc.