PRINCETON, N.J. and SHANGHAI, June 7, 2012 /PRNewswire/ -- PharmaNet/i3, inVentiv Health's clinical segment, and a leading provider of clinical development services to pharmaceutical, biotechnology, generic drug and medical device companies, announced today that it has been named the recipient of the US Chinese Anti-Cancer Association (USCACA) Distinguished Partner Award for its support of oncology clinical trials and cancer research in China. USCACA is a non-profit organization that facilitates collaborations among cancer researchers and physicians in the US and China. The award was presented to PharmaNet/i3 at the USCACA's Annual Meeting held at the American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, June 2, 2012.
"To elevate Chinese clinical research to the leading global level requires close partnership not only among academia, industry sponsors, and regulatory agencies, but also with CROs. CROs like PharmaNet/i3 represent a critical force in implementing and executing high quality clinical research, and can provide unique contributions to facilitate multi-center and multi-disciplinary collaborations," commented Li Yan, MD, PhD, Managing Director of the USCACA and Head of Infectious Disease, Oncology, Respiratory & Immunology Clinical Development, Emerging Markets, Merck.
Wei Zhang, PhD, President of USCACA and Professor and Director, Cancer Genomics Core Laboratory, M.D. Anderson Cancer Center added, "We very much appreciate the PharmaNet/i3 team's strong support of our initiatives in China. It is an exceptional demonstration of social responsibility."
In September 2011, representatives from PharmaNet/i3 conducted a session at the USCACA-Chinese Society for Clinical Oncology (CSCO) joint workshop on early phase oncology clinical trials in China. The session was developed to engage medical professionals and investigators from top cancer hospitals and medical centers in China about the complexities and logistics of early phase oncology clinical trials. Representatives from the China State Food and Drug Agency (SFDA) were present at the workshop and it is anticipated that the evolving regulatory environment will continue to have a potential positive impact on oncology drug development in China.
"We are honored to have been awarded this distinction in the mission to bridge the anti-cancer effort in the US and China," said Dalvir Gill, PhD, President, Phase II – IV Development, PharmaNet/i3. "PharmaNet/i3's oncology project teams have conducted hundreds of regional and global clinical oncology clinical studies involving tens of thousands of patients over the past decade; it was a natural extension of our services to offer our oncology expertise to USCACA to improve cancer research and treatment in China. We are also pleased to receive this award because it affirms inVentiv Health's commitment to support this important growing market."
PharmaNet/i3, the inVentiv Health clinical segment, is recognized as a leading provider of global drug development services to pharmaceutical, biotechnology, generic drug, and medical device companies, including therapeutically specialized capabilities for Phase I-IV clinical development, bioanalytical services, and staffing from a single clinical professional to an entire functional team. For intelligent solutions needed to accelerate high quality drug development programs of all sizes around the world, PharmaNet/i3 works for you. For more information, visit www.pharmanet-i3.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.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause inVentiv Health's performance to differ materially. Such risks include, without limitation: the impact of our substantial level of indebtedness on our ability to generate sufficient cash to fulfill our obligations under our existing debt instruments or our ability to incur additional indebtedness; the impact of the consummation of any announced acquisitions, and any additional leverage we may incur in connection with the financing thereof, on the ratings of our debt securities; our ability to sufficiently increase our revenues and maintain or decrease expenses and cash capital expenditures to permit us to fund our operations; our ability to continue to comply with the covenants and terms of our credit facility and to access sufficient capital to fund our operations; the impact of any default by any of our credit providers or swap counterparties; our ability to accurately forecast costs to be incurred in providing services under fixed price contracts; our ability accurately forecast insurance claims within our self-insured programs; the potential impact of pricing pressures on pharmaceutical manufacturers from future healthcare reform initiatives or from changes in the reimbursement policies of third-party payers; our ability to grow our existing client relationships, obtain new clients and cross-sell our services; the potential impact of financial, economic, political and other risks, including interest rate and exchange rate risks, related to conducting business internationally; our ability to successfully operate new lines of business; our ability to manage our infrastructure and resources to support our growth; our ability to successfully identify new businesses to acquire, conclude acquisition negotiations and integrate the acquired businesses, including the acquisitions of i3 Global and PharmaNet Development Group, Inc., into our operations; any disruptions, impairments, or malfunctions affecting software as well as excessive costs or delays that may adversely impact our continued investment in and development of software; the potential impact of government regulation on us and on our client base; our ability to comply with all applicable laws as well as our ability to successfully implement from a timing and cost perspective any changes in applicable laws; our ability to recruit, motivate and retain qualified personnel, including sales representatives; the possibility that client agreements will be terminated or not renewed; consolidation in the pharmaceutical industry; changes in trends in the healthcare and pharmaceutical industries or in pharmaceutical outsourcing, including initiatives by our clients to perform services we offer internally; the potential liability associated with bringing new drugs to market, including potential liability from injury to clinical trial participants; and the actual impact of the adoption of certain accounting standards; our ability to maintain technological advantages in a variety of functional areas, including sales force automation, electronic claims surveillance and patient compliance. Readers of this press release are referred to documents which may be filed from time to time by inVentiv Health Inc. with the Securities and Exchange Commission for further discussion of these and other factors.
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