SEC completes investigation of PharmaNet Development, no action recommended

PharmaNet Development Group, Inc., a leading provider of clinical development services to innovative pharmaceutical, biotechnology, generic drug and medical device companies, today announced that the United States Securities and Exchange Commission (SEC) has notified the Company that it has completed a two and half year investigation of the Company related to revenue recognition, earnings, company operations and related party transactions and does not intend to recommend any enforcement action by the Commission. The investigation, which is now closed, was originally initiated as an informal investigation in 2006 and became formal in March 2007.

"We are very pleased that the SEC has concluded its investigation of the Company and is recommending that no action be taken by the Commission," commented Jeffrey P. McMullen, president and CEO, PharmaNet Development Group, Inc. "This very favorable outcome now allows us to put this matter behind us."