PharmaNet Development

Sarah Cannon Names New CFO

Friday, March 19, 2010 07:05 AM

Strategic research organization Sarah Cannon Research Institute (SCRI) appointed Dean Ferrigno as chief financial officer (CFO), replacing Phil Cestaro, who is now president, SCRI Services. SCRI Services specializes in clinical trial administration with a focus on oncology drug development programs. Cestaro, who joined the company in 2006, will continue to be SCRI’s chief information officer in addition to the new position.

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PharmaNet Revenues Drop

Thursday, October 30, 2008 10:43 AM

PharmaNet Development is the latest contract research organization (CRO) to release disappointing quarterly earnings as a result of contract cancellations, slow sales and negative foreign exchange rates. Princeton, N.J.-based PharmaNet reported a decrease in direct revenue to $89.2 million, down $10 million, or 10.6%, from the same period last year. Almost $1.5 million of that drop was a result of foreign currency exchange translation.

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CenterWatch Commentary: PharmaNet Down in Rough Seas

Tuesday, September 16, 2008 11:00 AM

The contract research business has always been a bit choppy. Projects from drug sponsors often get delayed or canceled. It’s the nature of contract work. But quarterly results should not be as erratic as what PharmaNet Development Group announced late last week.

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PharmaNet Stock Plunges 60% After Cancellations

Friday, September 12, 2008 11:04 AM

PharmaNet Development Group’s shares plunged more than 60% to less than $10 a share in early morning trading after the contract research organization (CRO) cut its financial guidance for the year. The company expects a loss—instead of the previously predicted profit—following cancellations and postponements of projects by biotech and pharmaceutical companies.

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PharmaNet Turns It Around Again

Friday, August 1, 2008 09:40 AM

A few days before PharmaNet Development Group’s surprise positive second quarter earnings report on July 30, we were wondering if the contract research organization (CRO) could pull off another comeback—one much smaller than its turnaround of the former SFBC.

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PharmaNet Comes Back Again, Shares up 30%

Thursday, July 31, 2008 10:58 AM

PharmaNet Development Group is making its latest comeback—in a big way. The contract research organization (CRO) blew away analysts’ expectations when it reported second quarter earnings after the closing bell Wednesday. Its shares were up more than 30% to $23.62 in late morning trading Thursday.

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