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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 28, 2000
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PHARMAKINETICS LABORATORIES, INC.
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(Exact name of registrant as specified in its charter)
Maryland 0-11580 52-1067519
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(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
302 West Fayette Street
Baltimore, Maryland 21201
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 385-4500
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ITEM 5. OTHER EVENTS.
On January 28, 2000, PharmaKinetics Laboratories, Inc. issued a
press release regarding a change in management. The press release attached as
Exhibit 99.1 contains the text.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Press Release dated January 28, 2000.
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SIGNATURES
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.
PHARMAKINETICS LABORATORIES, INC.
Date: February 4, 2000 By: /s/ James M. Wilkinson, II, Ph.D.
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James M. Wilkinson, II, Ph.D.
President and
Chief Executive Office
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Exhibit 99.1
Contact: Taryn L. Kunkel
Vice President and
Chief Financial Officer
(410) 385-4500 ext. 718
FOR IMMEDIATE RELEASE
PHARMAKINETICS LABORATORIES, INC. -
ANNOUNCES APPOINTMENT OF SCIENTIST AS
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Baltimore, Maryland, January 28, 2000 -- PharmaKinetics Laboratories, Inc.
(OTCBB: PKLB) today announced that Dr. James M. Wilkinson, II, Vice President of
Analytical Laboratory Services, succeeds Mr. James K. Leslie as the Company's
President and Chief Executive Officer. Mr. Leslie had been with the Company for
more than four years and departed to pursue other interests.
Dr. Wilkinson joined the Company in July 1996, with 10 years of experience in
the contract research organization industry, and has focused extensively on
regulatory compliance and technological advances for the Company's analytical
laboratory. Dr. Wilkinson stated that it is his number one priority to ensure
the Company's on-going regulatory compliance and to restore the Company to
profitability.
Cynthia A. Schurick has been appointed Vice President of Business Development
and will be responsible for the Company's marketing, sales and client service
functions. Ms. Schurick has been with the Company for 18 years, serving in both
operational and client service capacities. Most recently she directed company-
wide sales support activities. She will focus on strengthening existing client
relationships and expanding the overall business base.
Taryn L. Kunkel will continue to serve as Vice President of Finance and Chief
Financial Officer. Ms. Kunkel has been with the Company for 10 years, primarily
focused on the financial side of the business. She will assume an expanded role
under Dr. Wilkinson and will be responsible for all financial and administrative
aspects of the business.
Mr. Leslie B. Daniels, a member of the Company's Board of Directors, said "I am
pleased to announce these changes to the organization. The Company's Board of
Directors believes Dr. Wilkinson's scientific and regulatory experience,
combined with the efforts of Ms. Schurick and Ms. Kunkel, will enable the
Company to enjoy growth along with the CRO industry."
PharmaKinetics Laboratories, Inc. is a contract research organization serving
the pharmaceutical industry.
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This press release contains forward-looking statements based on current
expectations, which entail various risks and uncertainties that could cause
actual results to differ materially from those expressed in such forward-looking
statements. Such risks and uncertainties include the dependence of the Company
on the product development cycles of its clients, dependence of the Company on
certain customers, the effect of the warning letter received from the FDA in
July 1999, dependence of the Company on its key personnel and their ability to
continuously develop new methodologies for clinical and analytical applications,
and dependence of the Company on the availability of volunteer study
participants. Other more general factors that could cause or contribute to such
differences include, but are not limited to, general economic conditions,
conditions affecting the pharmaceutical industry and consolidation resulting in
increased competition within the Company's market. Additional risks are detailed
in the Company's periodic filings with the Securities and Exchange Commission,
including those risks identified in the section captioned, "Management
Discussion and Analysis of Financial Condition and Results of Operations" in the
Company's annual report on Form 10-K for the year ended June 30, 1999, which
discussion is incorporated in this press release by reference.
