PHILADELPHIA, May 20 eResearchTechnology, Inc.(eRT), (Nasdaq: ERES), a leading provider of centralized ECG and eClinicaltechnology, ePRO and other services to the pharmaceutical, biotechnology,medical device and related industries, announced today that Richard Baron hasinformed the company that he will resign as Executive Vice President and ChiefFinancial Officer effective June 17, 2008 and will become Chief FinancialOfficer of Avid Radiopharmaceuticals, Inc., a privately-held company based inPhiladelphia. Effective on June 17, 2008, Steven M. Eisenstein, eRT's VicePresident and Controller, who has been Controller of eRT for seven years, willbecome the interim Chief Financial Officer and principal financial andaccounting officer, while Michael J. McKelvey, eRT's President and ChiefExecutive Officer, will assume the non-financial responsibilities currentlyperformed by Mr. Baron, including investor relations and certain operatingfunctions. Mr. Baron will be assisting in the transition and a search for apermanent chief financial officer will commence.
"Rick has made very significant contributions to the company's overallsuccess through his leadership of finance and other areas of the company,"said Dr. McKelvey. "The company is a better one having been associated withRick, and we will miss him. While it is never easy to part company with avalued colleague, we are fortunate that Rick has developed a strong financialteam under his direction to be able to transition to a new CFO. We wish himtremendous success in his new position."
"It has been a privilege to work at eRT and I am very proud of the highlycapable team that we have created," said Mr. Baron. "I am looking forward tothe challenges and rewards of working with a clinical stage company and I amfully committed to assisting eRT's senior management and Board of Directors toensure a smooth transition."
Based in Philadelphia, PA, eResearchTechnology, Inc. (http://www.eRT.com)is a provider of technology and services to the pharmaceutical, biotechnologyand medical device industries on a global basis. The Company is a marketleader in providing centralized core-diagnostic electrocardiographic (ECG)technology and services to evaluate cardiac safety in clinical development.The Company is also a leader in providing technology and services tostreamline the clinical trials process by enabling its customers to automatethe collection, analysis, and distribution of clinical data in all phases ofclinical development.
Statements included in this release may constitute forward-lookingstatements within the meaning of the Private Securities Litigation Reform Actof 1995. Such statements, including, but not limited to, 2008 financialguidance, involve a number of risks and uncertainties such as the Company'sability to obtain new contracts and accurately estimate net revenues due touncertain regulatory guidance, variability in size, scope and duration ofprojects, and internal issues at the sponsoring client, integration ofacquisitions, competitive factors, technological development, and marketdemand. As a result, actual results may differ materially from any financialoutlooks stated herein. Further information on potential factors that couldaffect the Company's financial results can be found in the Company's Reportson Form 10-K and 10-Q filed with the Securities and Exchange Commission. TheCompany undertakes no obligation to publicly update any forward-lookingstatement, whether as a result of new information, future events, orotherwise.
SOURCE eResearchTechnology, Inc.