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PHARMAKINETICS LABORATORIES, INC.
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<PAGE> Contact: James K. Leslie
President and
Chief Executive Officer
Taryn L. Kunkel
Vice President and
Chief Financial Officer
(410) 385-4500
FOR IMMEDIATE RELEASE
PHARMAKINETICS LABORATORIES, INC.
ANNOUNCES DIRECTOR NOMINEES AND
PROPOSED REVERSE STOCK SPLIT
Baltimore, Maryland, March 2, 1998 -- PharmaKinetics Laboratories, Inc.
(OTCBB:PKLB) announced today the nomination of Kamal K. Midha, Ph.D.,
D.Sc. for election to its Board of Directors at a special meeting of
shareholders to be held on April 6. At that meeting the Company's
shareholders will also be voting to approve a 1 for 5 reverse stock
split. Dr. Midha joins Leslie B. Daniels, John J. Thebault and David
Kauffmann as nominees of the Company's preferred stockholders.
Incumbent directors have also been nominated for re-election.
Dr. Midha is recognized as an international leader in pharmaceutical
research. He is the Adjunct Professor of Pharmacy and Director of Drug
Metabolism, Drug Disposition Group, University of Saskatchewan, Canada
and Chief Scientific Officer of PharmaQuest Limited, Bermuda - a newly
established firm involved in pharmaceutical research. He has written
over 280 original research papers and his work has been recognized by
Research Awards from numerous prestigious scientific groups including
the Kolthoff Gold Medal from the American Pharmaceutical Association,
the Research Achievement Award in Analysis and Pharmaceutical Quality
from the American Association of Pharmaceutical Scientists and received
Canada's highest honor, The Order of Canada, in 1995.
Also standing for election for the first time will be David Kauffmann,
of CAI Advisors & Co. Mr. Kauffmann has been a partner with CAI, based
in Paris, France, since 1989 and is an expert on the CRO industry. He
also sits on the Board of Aster.Cephac S.A. the French CRO which, along
with affiliates of CAI, recently participated in a $5 million
investment in PharmaKinetics. Leslie B. Daniels, a partner of CAI, and
John J. Thebault, President of Aster.Cephac S.A., were initially
appointed to the board in January 1998.
James K. Leslie, President and Chief Executive Officer, said, "We are
delighted that Kam Midha and David Kauffmann have agreed to stand for
election to our Board. Dr. Midha is recognized throughout the
pharmaceutical industry as an authority on issues of bioavailability,
bioequivalence, bioanalysis and psychopharmacology. He has provided
consulting services to many firms in the industry. Mr. Kauffmann has
knowledge and experience in the European CRO industry which will prove
useful as we expand our business. We look forward to their advice and
counsel."
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Dr. Midha said, "I am pleased to be nominated to join the
PharmaKinetics team as a Board member. I am impressed with the
progress the Company has been making and look forward to assisting it
achieve its objectives of being a leader within its market segment and
to meet its growth and profitability goals."
Regarding the reverse stock split Mr. Leslie said, "As a result of the
many positive events in the Company over the past few months, the price
of the common stock has increased to the point where we anticipate that
the Company will be eligible to apply for listing of our common shares
on the Nasdaq SmallCap market after the reverse split. This should
result in increased marketability and other benefits for our
shareholders. This is one more step in our plan to enhance the value
of our Company for our shareholders."
The Company has mailed proxy material to its stockholders regarding the
April 6 meeting.
PharmaKinetics Laboratories, Inc. is a contract research organization
serving the pharmaceutical and biotechnology industries.
This press release contains forward-looking statements that involve a
number of risks and uncertainties. Actual results may differ
materially as a result of risks faced by the Company. These risks
include, but are not limited to, general economic conditions,
conditions affecting the pharmaceutical industry in general and the
generic drug industry in particular, consolidation resulting in
increased competition within the Company's market, the effect of the
proposed reverse split and other market conditions on the market price
of the Company's stock, the ability of the Company to have its stock
listed on the Nasdaq SmallCap Market and other risks referred to in the
Company's periodic reports filed with the Securities and Exchange
Commission.
