announced that its subsidiary, PharmaNet Canada, Inc. (PharmaNet) and The Research Institute of McGill University Health Center (RI MUHC) have signed a Letter of Intent to jointly form, manage, and operate the first in-hospital translational medicine unit for the conduct of Phase I - IIa clinical studies in Canada. 

The state-of-the-art facility will be located at the Montreal General Hospital and is expected to commence operation in 2012.  "We are thrilled to announce this joint venture with RI MUHC, a world-renowned research facility," commented Riaz Bandali, President, Early Stage Development, PharmaNet. "The partnership will provide access to PharmaNet's clinical research expertise and the RI MUHC's clinical investigators for the conduct of in-hospital Phase I and IIa studies in patient populations and (aims to) transform how pivotal, proof of concept studies are conducted."  Mr. Bandali added,