BURLINGTON, Mass., Jan. 30, 2013 /PRNewswire/ -- inVentiv Health, Inc., offering best-in-class clinical, commercial, and consulting services to the healthcare industry, today announced that its existing clinical research organization (CRO), PharmaNet/i3, will be renamed inVentiv Health Clinical. This renaming reflects the closer alignment between the Clinical segment and inVentiv's commercial and consulting services.
"As a top global CRO, renaming ourselves inVentiv Health Clinical demonstrates a company-wide commitment to our clinical clients, who will benefit from seamless, global access to a more robust range of services," said Paul Meister, Chief Executive Officer at inVentiv Health. "Clients can now access broad inVentiv talent with expertise across the product life cycle to deliver tailored solutions from product development through commercialization."
Industry veteran Raymond Hill was appointed in December to lead inVentiv Health Clinical. Prior to joining inVentiv, Hill was CEO at Pharmaceutical Product Development, Inc., where he successfully oversaw the process of taking the company private. Before that, Hill was President at IMS Consulting Group, where he oversaw an aggressive strategy of organic and inorganic growth building the business to $500M in six years. Hill is a graduate of Cornell University and holds a master's degree from Duke University.
"By connecting clinical research and staffing capabilities to consulting and commercial services, inVentiv can offer fully integrated solutions to pharmaceutical, biotechnology, generic drug and medical device companies in a way that cannot be matched by any other CRO in the industry," said Hill. "One example is our ability to assist clients in Late Stage trials by tapping both digital and adherence experts from other inVentiv companies. Through this approach we can help our clients simplify complex health economics and outcomes research trials."
inVentiv Health Clinical is a leading clinical research organization offering Early Stage (Phase I), Phase II-III, Late Stage (Phase IV) clinical development and clinical staffing services to healthcare companies worldwide. These services can be deployed on any scale from highly complex multinational clinical trials to earlier stage studies involving specialized patient populations to Late Stage post-approval studies, or from placing a single individual at a company to outsourcing a full clinical department.
"Healthcare companies are continuing to increase their reliance on CROs," said Hill. "With 7,000 employees in more than 36 countries across the world, inVentiv Health Clinical has the breadth of experience in geographies and the necessary therapeutic expertise to meet the challenges that our clients are facing."
About inVentiv Health Clinical
inVentiv Health Clinical, formerly PharmaNet/i3, is a leading provider of global drug development services to pharmaceutical, biotechnology, generic drug, and medical device companies, offering therapeutically specialized capabilities for Phase I-IV clinical development, bioanalytical services, and strategic resourcing from a single clinical professional to an entire functional team. With 7,000 passionate employees in more than 36 countries, inVentiv Health Clinical works to accelerate high quality drug development programs of all sizes around the world. http://www.inventivhealthclinical.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 offers convergent services that deliver extraordinary outcomes to clients whose goal is improving human life. In 40 countries around the world, inVentiv's 13,000 employees help clients rapidly transform promising ideas into commercial reality. inVentiv clients include more than 550 pharmaceutical, biotech and life sciences companies, as well as companies that now see health as part of their mission. 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 http://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 our performance to differ materially. These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in any forward-looking statement. Such factors 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 and future acquisitions; the impact of any change in our ratings and the ratings of our debt securities on our relationships with customers, vendors and other third parties; the impact of any additional leverage we may incur on our ratings and 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 senior secured credit facilities and to access sufficient capital under our credit agreement or from other sources of debt or equity financing to fund our operations; the impact of any default by any of our credit providers; our ability to accurately forecast costs to be incurred in providing services under fixed price contracts; our ability to 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 into our operation, and achieve the resulting synergies; the resolution of purchase price adjustment disputes in connection with our recent acquisitions and related impacts; 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; any potential impairment of goodwill or intangible assets; 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 impact of customer project delays and cancellations; our ability to convert backlog into revenue; the potential liability associated with injury to clinical trial participants; the actual impact of the adoption of certain accounting standards; and our ability to maintain technological advantages in a variety of functional areas, including sales force automation, electronic claims surveillance and patient compliance. Holders of our debt instruments are referred to reports provided to investors from time to time and the offering memoranda provided in connection with the issuance of our notes for further discussion of these risks and other factors.
SOURCE inVentiv Health, Inc.