BOSTON, June 24, 2013 -- PAREXEL International Corporation (NASDAQ: PRXL), a leading global biopharmaceutical services provider, today announced the launch of PAREXEL Functional Services within the Company's Clinical Research Services business segment.
PAREXEL created the unit to provide solutions for customers interested in outsourcing particular functions rather than full development programs in the clinical development process. The new operating unit will provide clinical operations, data management, biostatistics, and medical writing, among others. These services may be offered through a range of engagement models including insourcing/staffing, full functional outsourcing, as well as customized solutions. Functional sourcing may form the basis of a strategic partnership or may be part of a hybrid partnership model that includes both functional and programmatic outsourcing.
"Clients increasingly need flexibility when choosing an outsourcing model that aligns with their path to drug development," said Mark A. Goldberg, M.D., President and Chief Operating Officer, PAREXEL. "By creating this operating unit, we are taking a more proactive and focused approach to compete in the growing global Functional Services market. Of particular importance, we'll be able to strengthen our relationships with clients of all sizes by providing a broader mix of full programmatic and functional outsourcing."
"Biopharmaceutical companies are challenged today with streamlining the drug-development process to deliver the safest, highest quality products in the most efficient and cost-effective manner," said Diego Glancszpigel, Corporate Vice President, Clinical Research Services and new head of the Functional Service operating unit. "PAREXEL's depth and breadth of scientific expertise, along with our extensive global reach and low-cost locations, will be leveraged across functions to add value to each engagement."
The new operating unit will be staffed by a dedicated leadership team and supporting resources, taking full advantage of global resources and expertise from across PAREXEL's existing operations. PAREXEL Functional Services is one of several operating units PAREXEL has created to capitalize on market opportunities and evolving client needs.
About PAREXEL International
PAREXEL International Corporation is a leading global bio/pharmaceutical services organization, providing a broad range of knowledge-based contract research, consulting, and medical communications services to the worldwide pharmaceutical, biotechnology and medical device industries. Committed to providing solutions that expedite time-to-market and peak-market penetration, PAREXEL has developed significant expertise across the development and commercialization continuum, from drug development and regulatory consulting to clinical pharmacology, clinical trials management, medical education and reimbursement. Perceptive Informatics, Inc., a subsidiary of PAREXEL, provides advanced technology solutions, including medical imaging, to facilitate the clinical development process. Headquartered near Boston, Massachusetts, PAREXEL operates in 78 locations throughout 52 countries around the world, and has approximately 14,400 employees. For more information about PAREXEL International visit www.PAREXEL.com.
This release contains "forward-looking" statements regarding future results and events. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," "appears," "estimates," "projects," "will," "would," "could," "should," "targets," and similar expressions are also intended to identify forward-looking statements. The forward-looking statements in this release involve a number of risks and uncertainties. The Company's actual future results may differ significantly from the results discussed in the forward-looking statements contained in this release. Important factors that might cause such a difference include, but are not limited to, risks associated with: actual operating performance; actual expense savings and other operating improvements resulting from recent and anticipated restructurings; the loss, modification, or delay of contracts which would, among other things, adversely impact the Company's recognition of revenue included in backlog; the Company's dependence on certain industries and clients; the Company's ability to win new business, manage growth and costs, and attract and retain employees; the Company's ability to complete additional acquisitions and to integrate newly acquired businesses or enter into new lines of business; the impact on the Company's business of government regulation of the drug, medical device and biotechnology industry; consolidation within the pharmaceutical industry and competition within the biopharmaceutical services industry; the potential for significant liability to clients and third parties; the potential adverse impact of health care reform; and the effects of exchange rate fluctuations and other international economic, political, and other risks. Such factors and others are discussed more fully in the section entitled "Risk Factors" of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2013 as filed with the SEC on May 6, 2013, which "Risk Factors" discussion is incorporated by reference in this press release. The Company specifically disclaims any obligation to update these forward-looking statements in the future. These forward-looking statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this press release.
PAREXEL is a registered trademark of PAREXEL International Corporation, and Perceptive Informatics is a trademark of Perceptive Informatics, Inc. All other names or marks may be registered trademarks or trademarks of PAREXEL International Corporation, Perceptive Informatics, Inc. or their respective owners and are hereby acknowledged.