SFBC Exits Florida
It should comes as no surprise that SFBC is getting out of Florida after its Miami phase I unit performed so poorly last quarter. Current SFBC officials—the former heads of PharmaNet—needed to stop the bleeding before the whole company was in jeopardy. Its later phase business is still holding its own.
SFBC International decided May 17 to end its early phase business in Florida after county officials wouldn't extend a review of some planned renovations to its troubled Miami phase I unit. The phase I unit has been the subject of numerous stories detailing serious issues with structural safety and questionable recruitment of undocumented workers as trial participants.
SFBC, which earlier this year moved its headquarters to PharmaNet’s HQ in Princeton, N.J., said that its Florida operations, including Ft. Myers, were expected to account for 10% of 2006 revenue. The company also withdrew its financial guidance for 2006.
SFBC officials said they will continue to offer early phase clinical development along with late phase. Now they should get around to a complete transformation by renaming the company PharmaNet.