PDI,
Inc.
CONTACT: INVESTOR
CONTACTS:
Jeffrey
E. Smith,
Lippert/Heilshorn & Associates, Inc.
Chief
Financial
Officer Kim
Sutton Golodetz (kgolodetz@lhai.com)
(201)
258-8451 (212)
838-3777
jesmith@pdi-inc.com
Bruce Voss (bvoss@lhai.com)
www.pdi-inc.com
(310) 691-7100
PDI
Signs Promotion Agreement with Major Pharmaceutical Company
SADDLE RIVER, N.J. (April 11, 2008) –
PDI, Inc. (NASDAQ: PDII), a provider of commercialization services to the
biopharmaceutical industry, today announced the signing of a four-year agreement
with Novartis Pharmaceuticals Corporation, whereby PDI will deploy a field force
to promote a Novartis branded product in the United States.
“This is
the type of opportunity we envisioned when we established our new Product
Commercialization business unit. We entered into this agreement with
Novartis following considerable due diligence, including extensive market
research and demand forecasting,” said Michael Marquard, PDI’s chief executive
officer. “We are looking forward to leveraging our sales and
marketing expertise to support this important opportunity.”
PDI
currently intends to deploy approximately 100 full-time equivalent sales
representatives who will call upon physicians nationwide. PDI expects
this initiative will be dilutive to earnings in 2008, but accretive to earnings
beginning in 2009.
Novartis
will continue to be responsible for manufacturing, regulatory, medical, clinical
development, pricing, managed care contracting, and distribution for the
product. The agreement is subject to early termination under certain
circumstances.
About
PDI
PDI is a
leading provider of contract sales teams to pharmaceutical companies, offering a
range of sales support services designed to achieve their strategic and
financial product objectives. In addition, PDI also provides
marketing research, physician interaction and medical education
programs. PDI’s services offer clients a range of promotional and
educational options
for the commercialization of their products throughout their lifecycles, from
development through maturity.
In
addition to Product Commercialization, PDI operates in two segments, Sales
Services and Marketing Services. Our Sales Services include Performance
Sales Teams™, which are dedicated teams for specific customers; Select Access™,
our targeted sales solution that leverages an existing infrastructure; and PDI
ON DEMAND, innovative sales services that provide rapid, customized sales force
solutions tailored to meet local, regional and seasonal needs. Our
Marketing Services include marketing research and consulting services through
TVG in Dresher, PA, and medical communications services through Pharmakon in
Schaumburg, IL. In addition, PDI is a high-quality provider of continuing
medical education through Vital Issues in Medicine (VIM®), located in Dresher,
PA. PDI's experience extends across multiple therapeutic categories
and includes office- and hospital-based initiatives.
PDI's
commitment is to deliver innovative solutions, unparalleled execution and
superior results for its customers. Recognized as an industry pioneer, PDI
remains committed to continuous innovation and to retaining the industry's
highest-quality employees. For more information, please visit the
Company's website at www.pdi-inc.com.
Forward-Looking
Statements
This
press release contains forward-looking statements regarding future events and
financial performance. These statements are based on current expectations and
assumptions involving judgments about, among other things, future economic,
competitive and market conditions and future business decisions, all of which
are difficult or impossible to predict accurately and many of which are beyond
PDI’s control. These statements also involve known and unknown risks,
uncertainties and other factors that may cause PDI’s actual results to be
materially different from those expressed or implied by any forward-looking
statement. Such factors include, but are not limited to: changes in
outsourcing trends or a reduction in promotional, marketing and sales
expenditures in the pharmaceutical, biotechnology and life sciences industries;
the loss of one or more significant clients or a material reduction in service
revenues from such clients; the ability to fund and successfully implement PDI’s
long-term strategic plan; the ability to successfully develop product
commercialization opportunities; the ability to successfully identify, complete
and integrate any future acquisitions and the effects of any such acquisitions
on PDI’s ongoing business; the ability to meet performance goals in
incentive-based and revenue sharing arrangements with clients; competition in
our industry; the ability to attract and retain qualified sales representatives
and other key employees and management personnel; product liability claims
against PDI; changes in laws and healthcare regulations applicable to PDI’s
industry or PDI’s, or its clients’, failure to comply with such laws and
regulations; volatility of PDI’s stock price and fluctuations in its quarterly
revenues and earnings; potential liabilities associated with insurance claims;
failure of, or significant interruption to, the operation of its information
technology and communications systems; and the risk factors detailed from time
to time in PDI's periodic filings with the Securities and Exchange Commission,
including without limitation, PDI's Annual Report on Form 10-K for the year
ended December 31, 2007, and PDI's subsequently filed quarterly reports on Form
10-Q and current reports on Form 8-K. Because of these and other risks,
uncertainties and assumptions, undue reliance should not be placed on these
forward-looking statements. In addition, these statements speak only as of the
date of this press release and, except as may be required by law, PDI undertakes
no obligation to revise or update publicly any forward-looking statements for
any reason.
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