PAREXEL NAMES FINANCIAL EXECUTIVE CHRISTOPHER J. LINDOP TO BOARD OF DIRECTORS
BOSTON, MA, October 19, 2006 — PAREXEL International Corporation (NASDAQ: PRXL), a leading global bio/pharmaceutical services organization, today announced that Christopher J. Lindop has been elected to its Board of Directors and will serve on the Board’s Audit Committee. Mr. Lindop is the Chief Financial Officer of Inverness Medical Innovations, Inc., a major global developer, manufacturer and marketer of advanced consumer and professional medical diagnostic products, located in Waltham, Massachusetts.
As a result of this appointment, PAREXEL has notified NASDAQ that the Company believes it is now in compliance with NASD Marketplace Rule 4350 (d)(2)(A) regarding audit committee composition requirements.
Before joining Inverness Medical Innovations, Mr. Lindop served as an audit partner with the accounting firm of Ernst & Young LLP. Previously, he was an audit partner with Arthur Andersen LLP. Through his work at both accounting firms, Mr. Lindop has served a variety of public companies in the life science and technology sectors.
“Chris has an extensive financial and auditing background and will be an asset to our Board and Audit Committee,” said Josef von Rickenbach, PAREXEL’s Chairman and Chief Executive Officer. “He has almost 30 years of experience in the finance profession, including international finance, having begun his career in the United Kingdom before moving to the United States. We look forward to his contributions, which we believe will help the Company to improve its performance and continue to deliver value to our clients and shareholders.”
Mr. Lindop graduated from the University of Strathclyde, Scotland and qualified as both a Chartered Accountant and as a Certified Public Accountant.
Mr. Lindop is a member of the Board of Overseers of the Boston Symphony, and he is also a member of the Board of Governors of the Concord Museum in Concord, Massachusetts.
PAREXEL International Corporation is a leading global bio/pharmaceutical services organization, providing a broad range of knowledge-based contract research, medical marketing and consulting 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, Clinical Trial Management Systems (CTMS), Interactive Voice Response Systems (IVRS) and integration services. Headquartered near Boston, Massachusetts, PAREXEL operates in 51 locations throughout 40 countries around the world, and has approximately 5,600 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,” “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 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 amendment or interpretation of Financial Accounting Standards Board Statement No. 123 (revised 2004), Share-Based Payment (“Statement 123R”), which could change the Company’s current assessment of the effects of the adoption of Statement 123R on the acceleration of equity grants, the assumptions inherent in equity pricing models under Statement 123R and the final results of the closing of the Company’s books for future financial periods; 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-K for the period ended June 30, 2006 as filed with the SEC on September 8, 2006, which “Risk Factors” discussion is incorporated by reference in this press release. The forward-looking statements included in this press release represent the Company’s estimates as of the date of this 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 their respective business and are hereby acknowledged.