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Pharmakinetics

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BUSINESS
October 12, 1991
This Baltimore-based tester of generic drugs, which is now operating in Chapter 11 bankruptcy, posted an $8.3 million loss for the quarter that ended June 30 as revenues dropped to half of last year's levels.The loss for its fourth fiscal quarter brought PharmaKinetics' losses for fiscal 1991 to $10.4 million. That compares with a $3.8 million loss in fiscal 1990.The loss in the fourth quarter stemmed from $6.7 million in expenses linked to the company's Chapter 11 filing in November 1990, PharmaKinetics said in a prepared statement.
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BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | March 27, 1998
Baltimore's downtown business district near West Fayette Street is peppered with businesses struggling to survive. And until a few years ago, PharmaKinetics Laboratories Inc. certainly fit that profile.But today the company, which contracts with pharmaceutical companies to test their generic drugs and other products, is in the midst of a turnaround and on its way to stability and profitability.That's caught the eye of stock analysts, who see favorable prospects for the 22-year-old public company.
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BUSINESS
By Kim Clark | October 5, 1990
PharmaKinetics Laboratories Inc., struggling to avoid bankruptcy, said yesterday it had found a buyer for its North American operations.The company, which has been losing money for months, said it hoped that the move would be enough to salvage the 23-year-old Baltimore-based biotechnology company.If the proposed sale of PharmaKinetics' 150-worker domestic operations to Applied Bioscience International Inc. goes through, PharmaKinetics will be left with its West German subsidiary, International Bio Research, and potential licensing fee income on products awaiting approval from the Food and Drug Administration.
BUSINESS
June 25, 1997
PharmaKinetics Laboratories Inc., which provides toxicology testing and other research services to the pharmaceutical industry, yesterday won a $1.4 million deal to manage a clinical trial for a generic-drug maker.The Baltimore-based company, which posted a $779,000 profit on sales of $10.9 million in fiscal 1996, ended June 30, said it could not disclose which company signed the deal.Cindy Schurick, director for sales support, said the deal was the result of a strategy the company embarked on two years ago to drum up business managing small clinical trials.
BUSINESS
By Timothy J. Mullaney | November 15, 1990
PharmaKinetics Laboratories Inc. of Baltimore announced yesterday that it intends to file for protection from creditors under Chapter 11 of the federal bankruptcy code, probably today.V. Brewster Jones, PharmaKinetics' president and chief executive officer, said in a statement that the 125-employee drug-testing and consulting company expects to keep operating while it puts together a reorganization plan that could allow it to stay in business.The Chapter 11 filing prevents creditors from seizing the company's assets while it works on the plan.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Sun Staff Writer | July 28, 1995
PharmaKinetics Laboratories Inc. of Baltimore said yesterday that President and Chief Executive V. Brewster Jones has resigned and was replaced by former Executive Vice President James K. Leslie.PharmaKinetics' business is testing clients' proposed medications on human subjects. It serves mostly generic drug companies that want to put their versions of popular drugs on the market after the patent protection expires for the brand-name version.Mr. Jones took over PharmaKinetics in 1990 after company executives were caught up in a scandal involving a client who submitted false data on drug tests to the Food and Drug Administration.
BUSINESS
By David Conn | September 12, 1991
PharmaKinetics Laboratories Inc., the troubled Baltimore pharmaceutical services company, announced yesterday that Max L. Mendelsohn has been named vice president for business development and client services.Mr. Mendelsohn, who joined PharmaKinetics in January, was president of Barre-National Inc., a subsidiary of A. L. Laboratories Inc. of Fort Lee, N.J. He is taking over for Cindy Schurick, who is taking a part-time position "for personal reasons," PharmaKinetics said.The company also announced that Ruth Randolph-Boulter, an account manager, has been promoted to director of sales.
BUSINESS
By Ted Shelsby | November 7, 1990
PharmaKinetics Laboratories Inc., a Baltimore-based company that tests pharmaceutical products before they are released for widespread use, announced yesterday a major reorganization of its top management.V. Brewster Jones, president of the company's U.S. operations, which are in Baltimore, has been promoted to president and chief executive officer and appointed a director.He replaces Steven A. Woodman, who has resigned as president, CEO and director to assume a business-development role for the company.
BUSINESS
June 25, 1997
PharmaKinetics Laboratories Inc., which provides toxicology testing and other research services to the pharmaceutical industry, yesterday won a $1.4 million deal to manage a clinical trial for a generic-drug maker.The Baltimore-based company, which posted a $779,000 profit on sales of $10.9 million in fiscal 1996, ended June 30, said it could not disclose which company signed the deal.Cindy Schurick, director for sales support, said the deal was the result of a strategy the company embarked on two years ago to drum up business managing small clinical trials.
BUSINESS
By Ted Shelsby | December 11, 1990
PharmaKinetics Laboratories Inc. was awarded some relief yesterday from the financial pressures that forced it into bankruptcy, as the U.S. Bankruptcy Court in Baltimore allowed the company to make use of accounts receivable in the normal course of business.Joel I. Sher, a bankruptcy lawyer retained by the pharmaceutical-testing and consulting company, said the receivables -- money owed to PharmaKinetics for work completed -- had earlier been termed by the court as cash collateral and therefore not available for the company's use.If all of the receivables are collected, Mr. Sher said, it will total $8 million to $10 million.
NEWS
August 30, 1996
In Aug. 21 editions of The Sun, the daily change of Pharmakinetics Laboratories stock was reported incorrectly. In fact, the stock rose 15.625 cents.The Sun regrets the error.Pub Date: 8/30/96
BUSINESS
February 13, 1996
PharmaKinetics Laboratories Inc.Ticker ..... Yesterday'sSymbol ..... Cls. .. Chg.PKLB ....... 7/16 .. Unch.Period endedDecember 31 ... 2nd qtr. .. Year ago .... Chg.Revenue ....... $2,107 ...... $2,471 .. -14.7%Net Income ...... $175 ........ $316 .. -44.6%Primary EPS .... $0.01 ....... $0.03 .. -66.7%............... 6 mos. ... Year ago ...... Chg.Revenue ....... $4,828 ..... $5,072 ..... -4.8%Net Income ...... $253 ....... $488 .... -48.1%Primary EPS .... $0.02 ...... $0.04 .... -50.0%Figures in thousands (except per share data)
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Sun Staff Writer | July 28, 1995
PharmaKinetics Laboratories Inc. of Baltimore said yesterday that President and Chief Executive V. Brewster Jones has resigned and was replaced by former Executive Vice President James K. Leslie.PharmaKinetics' business is testing clients' proposed medications on human subjects. It serves mostly generic drug companies that want to put their versions of popular drugs on the market after the patent protection expires for the brand-name version.Mr. Jones took over PharmaKinetics in 1990 after company executives were caught up in a scandal involving a client who submitted false data on drug tests to the Food and Drug Administration.
FEATURES
By Laura Lippman and Laura Lippman,Sun Staff Writer | July 2, 1994
Quick quiz. In two weeks, you are to be married. Do you:A) Have a nasty quarrel with your beloved over the guest list?B) Have a nervous breakdown?C) Check into a local pharmaceutical company to test a new asthma medication?For Klara Hoblitz of Baltimore and Daniel Sperry of Bowie, "C" was the unexpected, but ultimately satisfying choice. The young couple, scheduled to march up the aisle today, find themselves a bit richer and happier after spending 10 days together as test subjects in a drug study at PharmaKinetics in downtown Baltimore.
BUSINESS
By Patricia Meisol and Patricia Meisol,Staff Writer | December 31, 1993
PharmaKinetics Laboratories Inc., a Baltimore-based generic-drug development company, said yesterday that it has been warned by the Food and Drug Administration that it is in violation of guidelines governing drug testing.The FDA said in a Dec. 28 letter to the company that PharmaKinetics had failed to follow established rules for drug tests involving people. Specifically, the federal agency criticized the company for failing to document the medical reasons for including in tests in 1990 and 1991 people who did not meet the company's own criteria for such volunteers.
BUSINESS
By Liz Bowie and Liz Bowie,Staff Writer | April 13, 1993
Here's the challenge for V. Brewster Jones: Take a company that's been plagued by scandal, has $11.5 million of debt and whose revenues have been cut in half and rejuvenate it.In 1990, the task looked nearly impossible. But the chief executive has PharmaKinetics Laboratories Inc. at least breathing again, even if it still isn't healthy.Earlier this month, the U.S. bankruptcy court approved the company's plan to fully pay off its creditors and emerge from a Chapter 11 reorganization.Revenues have increased by 40 percent over last year.
BUSINESS
By Liz Bowie and Liz Bowie,Staff Writer | March 19, 1992
PharmaKinetics Laboratories Inc., said yesterday that it plans to sell off its German subsidiary as part of a restructuring to help it emerge from Chapter 11 bankruptcy protection.Under the terms of the sale, PharmaKinetics would receive $1.95 million in cash and $1.4 million in common shares of TSI Corp., a Worcester, Mass., company that will purchase the PharmaKinetics subsidiary, International Bio Research. TSI and International Bio Research both test drugs and cosmetics on animals before human trials.
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