RESEARCH TRIANGLE PARK, N.C. and PRINCETON, N.J. - October 16, 2001 - Quintiles Transnational Corp. (Nasdaq: QTRN) and Care Capital LLC today announced a joint private investment of $10 million in D-Pharm, Ltd., a biopharmaceutical company based in Israel that is expanding its development capabilities in the United States.
"We're excited to build on our partnership with Care Capital to help foster the growth of this innovative company and to underscore our global business development activity," said Quintiles Transnational Chairman Dennis Gillings, Ph.D. "D-Pharm has created promising new technologies for developing medicines to treat neurological disorders, cancer and autoimmune diseases."
D-Pharm develops drugs based on improved, patent-protected derivatives of existing drugs and on newly discovered compounds. D-Pharm's pipeline currently includes drug candidates in various stages of development up to Phase II clinical studies. The company partners with other companies for development and commercialization.
Jan Leschly, Chairman of Care Capital said: "This investment is an important opportunity to support the scientific and technological breakthroughs that are shaping the life sciences. Together with Quintiles and our other investment partners, we look forward to continuing to play a meaningful role in improving healthcare."
In June 2001, Quintiles and Care Capital formed a strategic alliance to provide life science companies with a broad range of operating, technical, scientific and investment support. Under the terms of this alliance, Care Capital utilizes Quintiles' product development and marketing services to assist companies in which Care Capital invests. In turn, Quintiles co-invests in these companies by working through a limited partnership established between Quintiles' corporate ventures group, PharmaBio Development, and Care Capital.
About Quintiles Transnational and PharmaBio Development
Quintiles Transnational Corp. is the world's leading provider of information, technology and services to bring new medicines to patients faster and improve healthcare. Headquartered near Research Triangle Park, North Carolina, Quintiles Transnational is a member of the S&P 500 and Fortune 1000. For more information visit the company's web site at www.quintiles.com. PharmaBio Development is the corporate ventures group of Quintiles Transnational Corp. that is dedicated to innovative partnering solutions for pharmaceutical and biotech companies.
About Care Capital
Care Capital is an investment firm focusing on opportunities in life sciences, particularly companies involved in pharmaceuticals, biotechnology and emerging science and information technology serving the life sciences industry. Care Capital invests from committed funds and through a co-investment arrangement with Morgan Stanley Private Equity, Rho Capital Partners and Quintiles. For more information visit Care Capital's web site at www.carecapital.com.
Information in this press release contains "forward-looking statements" regarding Quintiles that involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the risk that the market for our products and services will not grow as we expect, the risk that PharmaBio transactions will not generate revenues or profit at the rate or levels we anticipate, our ability to efficiently distribute backlog among therapeutic business units and match demand to resources, actual operating performance, the ability to maintain large client contracts or to enter into new contracts, changes in trends in the pharmaceutical industry, and the ability to operate successfully in new lines of business. Additional factors that could cause actual results to differ materially are discussed in the company's recent filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K, its Form 8-Ks, and its other periodic reports, including Form 10-Qs.