PAREXEL INTERNATIONAL NAMES RICHARD L. LOVE
WALTHAM, MA, September 16, 2002 — PAREXEL International Corporation (Nasdaq: PRXL) today announced that Richard L. Love was elected to its Board of Directors. Mr. Love is currently serving as the Interim Executive Director of the San Antonio Technology Accelerator Initiative (SATAI), whose mission is to enhance the formation and growth of high tech and biotech industries. Prior to joining SATAI, Mr. Love was the President, Chief Executive Officer, and a Director of ILEX Oncology Inc., a biopharmaceutical company focused on bringing pharmaceutical treatments for cancer patients to market. He continues to serve as a Director for ILEX, and also as a Director for Signase, Inc., a drug discovery and development company.
Josef H. von Rickenbach, PAREXEL’s Chairman and Chief Executive Officer stated, “Dick Love brings to the Board over twenty-two years of hands-on business leadership experience with a variety of biopharmaceutical companies. His considerable knowledge of the industry, especially in the biotech area, will be a great asset to PAREXEL.”
Prior to his tenure at ILEX, Mr. Love served as Chief Operating Officer of Cancer Therapy & Research Center, and before that, as President, CEO and Director of Triton Biosciences, Inc. He also has thirteen years of management experience in the petrochemical industry having worked for Shell Oil Company. Mr. Love received B.S. and M.S. degrees in Chemical Engineering from Virginia Polytechnic Institute.
PAREXEL is one of the largest pharmaceutical outsourcing organizations in the world, providing a broad range of knowledge-based contract research, medical marketing and consulting services to the worldwide pharmaceutical, biotechnology and medical device industries. With a commitment to providing solutions that expedite time-to-market and peak market penetration, PAREXEL has developed significant expertise in clinical trials management, data management, biostatistical analysis, medical marketing, clinical pharmacology, regulatory and medical consulting, industry training and publishing and other drug development consulting services. Its information technology subsidiary, Perceptive Informatics, Inc., provides a variety of technology products and services, including web-based portal solutions and voice and data systems, which are designed to accelerate and enhance the clinical development and launch processes. The Company’s integrated services, therapeutic area depth and sophisticated information technology, along with its experience in global drug development and product launch services, represent key competitive strengths. Headquartered near Boston, MA, PAREXEL operates in 56 locations throughout 37 countries around the world, and has approximately 4,930 employees.
This release contains "forward-looking" statements regarding future results and events, including statements regarding expected financial results, future growth and customer demand that involve a number of risks and uncertainties. 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” and similar expressions are intended to identify forward-looking statements. 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 restructurings; the cancellation, revision, or delay of contracts, including those contracts in backlog; the Company's dependence on certain industries and clients; the Company's ability to win new business, manage growth, 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; government regulation of certain industries and clients; competition and consolidation within the pharmaceutical 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 and political risks. Such factors and others are discussed more fully in the section entitled "Risk Factors" of the Company's Form 10-Q for the period ended March 31, 2002, as filed with the Securities and Exchange Commission, which “Risk Factors” discussion is incorporated by reference in this press release. The Company disclaims any duty to update any of the forward-looking statements contained in this press release.