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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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Current Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (date of earliest event reported): June 28, 1999
INNOVATIVE CLINICAL SOLUTIONS, LTD
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(Exact name of registrant as specified in its charter)
DELAWARE 0-27568 65-0617076
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State or other jurisdiction of Commission File Number IRS Employer
incorporation Identification No.
10 DORRANCE STREET, SUITE 400
PROVIDENCE, RI 02903
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(Address of principal executive offices)
(401) 831-6755
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(Registrant's telephone number,
including area code)
PHYMATRIX CORP.
777 SOUTH FLAGLER DRIVE, SUITE 1000E
WEST PALM BEACH, FL 33401
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(Former name and former address)
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ITEM 5. OTHER EVENTS.
On June 28, 1999, the Company filed a Certificate of Ownership and
Merger with the State of Delaware changing its name from "PhyMatrix Corp." to
"Innovative Clinical Solutions, Ltd." On June 23, 1999, the Company issued the
following press release:
"PHYMATRIX CORP. CHANGES ITS NAME TO
INNOVATIVE CLINICAL SOLUTIONS, LTD.
-Stock Symbol Changed To ICSL-
Providence, Rhode Island - June 23, 1999 - PhyMatrix Corp. (Nasdaq:
PHMX) announced the official change of the Company name to Innovative
Clinical Solutions, Ltd. (Nasdaq: ICSL), effective Monday, June 28,
1999.
The name change reflects the repositioning of the Company along three
primary business lines; ICSL Clinical Studies, which includes clinical
research, ICSL Healthcare Research, which includes outcomes research
services, disease management programs and post- marketing support
programs and ICSL Network Management, which includes provider network
services including support of the Company's speciality and
multi-speciality physician networks and IPAs. The key objective of the
repositioning is to provide strategic integration between these
business lines, thereby providing a conduit for the efficient transfer
of product and disease specific information that links the needs of the
pharmaceutical and managed care companies.
ICSL's new structure better positions the Company to establish vital
links between clinical research and medical management to meet the
changing paradigms of the healthcare industry. The Company's objective
is to positively impact the drug development timeline to provide
patients and physicians with increased access to next- generation
treatment solutions. Uniting these entities via its proprietary
information technology and work processes, ICSL's goal is to assist
both pharmaceutical and biotechnology companies to accelerate the
availability of marketable drug therapies, while assisting providers
improve medical management strategies for optimum economics and
clinical outcomes.
Effective Monday, June 28, 1999, the stock symbol for the Company will
change from PHMX to ICSL on the Nasdaq Stock Market. The name change
does not require current stockholders to surrender stock certificates.
All new certificates issued will bear the Innovative Clinical
Solutions, Ltd. name.
Michael Heffernan, President and Co-CEO of ICSL commented, "The name
Innovative Clinical Solutions more accurately describes the Company
structure and mission to accelerate healthcare solutions by uniquely
integrating clinical research and healthcare management. We recognize
the critical importance and have developed the proper infrastructure
that supports our strategy of leveraging core competencies in order to
service the needs of pharmaceutical and management care companies."
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PhyMatrix Corp., headquartered in Providence, Rhode Island, provides
services that support the needs of the pharmaceutical and managed care
industries. The Company integrates its pharmaceutical services division
with its provider network management division to create innovative
solutions for its customers. The Company's services include clinical
and economic research and disease management, as well as providing
managed care functions for specialty and multi-specialty provider
networks. The Company's components include Clinical Studies, Ltd., a
wholly-owned subsidiary which operates dedicated, multi-therapeutic
phase I-IV research facilities, and its provider network management
division which manages over 9,000 physicians in networks located across
the country. By integrating these divisions, the Company is able to
provide a broad range of pre- and post-FDA approval services designed
to expedite new pharmaceutical product approval and market acceptance."
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INNOVATIVE CLINICAL SOLUTIONS, LTD.
By: /s/ Michael T. Heffernan
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Michael T. Heffernan
President and Co-Chief Executive Officer
Dated: July 9, 1999
