Business Services Industry
PDI, Inc. Announces Significant New Contract Sales Engagement with Top-10 Pharmaceutical Company
Business Wire, March 29, 2007
SADDLE RIVER, N.J. -- PDI, Inc. (Nasdaq: PDII), a provider of commercialization services to the biopharmaceutical industry, today announced that it has signed an agreement with a top-10 pharmaceutical company for a new contract sales engagement for a cardiology drug. The initiative will utilize PDI's exclusive Select Access team to reach primary care physicians and cardiologists. The contract, which will begin on April 2, 2007, is expected to generate approximately $13 million in revenue for PDI over its one-year term.
Mr. Michael Marquard, PDI's CEO, commented, "The selection of PDI for this contract underscores our strategy to provide innovative on-demand solutions to meet the industry's growing need for flexible sales service offerings. We are very pleased to have been selected for this program and are excited about the opportunity to build our relationship with this important customer."
Select Access is a unique selling model in which multiple, non-competitive clients can access a fully operational sales force with established physician relationships, in high potential zip codes, while providing each client with primary position calls approximately 80% of the time. Since the sales team, and its cost, are leveraged across multiple clients, Select Access is effective for established, seasonal, specialty prescription and over-the-counter products.
Nancy Connelly, Senior Vice President and General Manager of Select Access, commented, "We believe that our track record of building and managing high-quality, results-oriented flex-time teams was particularly important in the selection of PDI. Select Access, the only leveraged sales team in the industry, is a powerful asset that can help our clients maximize their return on investment."
About PDI
PDI provides commercialization services for established and emerging biopharmaceutical companies. The Company is dedicated to maximizing the return on investment for its customers by providing strategic flexibility; sales, marketing and commercialization expertise; and a philosophy of performance.
PDI operates in two areas, Sales Services and Marketing Services. Our Sales Services include our Performance Sales Teams[TM], which are dedicated teams for specific clients; and Select Access[TM], our targeted sales solution that leverages an existing infrastructure. 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 ACCME-accredited continuing medical education through Vital Issues in Medicine (VIM[R]), 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 involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to 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. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, the termination of or material reduction in the size of any of our customer contracts, the loss by our or our customers' intellectual property rights, our ability or inability to secure new business to offset the recent loss of customer contracts and the terms of any replacement business we secure, changes in our operating expenses, FDA, legal or accounting developments, competitive pressures, failure to meet performance benchmarks in significant contracts, changes in customer and market requirements and standards, the impact of any stock repurchase programs, the adequacy of the reserves PDI has taken, the financial viability of certain companies whose debt and equity securities we hold, the outcome of certain litigation, PDI's ability to implement its current and future business plans, 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, 2006, and PDI's subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. PDI undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
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