PharmaNet Development pays down all convertible senior notes due 2024

By Devika Patel

Knoxville, Tenn., Sept. 9 - PharmaNet Development Group Inc. said it has completely paid down its convertible senior notes due 2024.

"The combination of our financial restructuring, business process improvements and solid operating performance has resulted in a healthy backlog of new business and renewed optimism," president and chief executive officer Jeffrey P. McMullen said in a press release.

"With our financial challenges behind us, clients can be assured PharmaNet Development Group is in a strong position for long-term growth."

PharmaNet is a Princeton, N.J., drug-development services company.

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