To: changedmyname who wrote (80601 ) 6/25/1999 9:05:00 AM From: flyboy Read Replies (1) | Respond to of 119973
PHMX...name change Monday BIG news today...Friday June 25, 8:00 am Eastern Time Company Press Release SOURCE: PhyMatrix Corp. PhyMatrix and Pharmacia & Upjohn Enter Into Strategic Partnership PROVIDENCE, R.I., June 25 /PRNewswire/ -- PhyMatrix Corp. (Nasdaq: PHMX - news) today announced they have entered into a service agreement with Pharmacia & Upjohn (NYSE: PNU - news) which will include clinical and outcomes research and disease management projects. PhyMatrix, through its wholly-owned subsidiary, Clinical Studies, Ltd. (CSL), will conduct phase I-IV clinical research for Pharmacia & Upjohn across multiple therapeutic areas. CSL will utilize its 36 fully-staffed clinical research locations, 72-bed phase I unit and Oncology Research Network to provide physician investigators, clinical staffing and study participants for clinical research programs aimed at reducing drug development timelines. Pharmacia & Upjohn and PhyMatrix also intend to collaborate on marketing programs that promote cost effective medical care delivered within PhyMatrix provider networks. CSL's research infrastructure is integrated with its Network Management business, which manages IPAs and physician specialty networks that include over 9,000 physicians and 8 million lives. By leveraging the strengths of CSL and Network Management, PhyMatrix collaborates with pharmaceutical sponsors to develop programs for disease management, as well as physician, patient and payor education. PhyMatrix's Network Management division conducts outcomes research programs and patient registries for both pre- and post-approval purposes. Michael Heffernan, President & Co-CEO of PhyMatrix, stated, ''This agreement creates a unique partnership that capitalizes on the strengths and needs of both organizations with the goal of improving patient care and increasing the efficiency of healthcare delivery.'' Eric Moskow, MD, Executive Vice President of Strategic Planning at PhyMatrix, stated, ''The roll-out of the partnership and the integration with our healthcare delivery system partners will promote the use of cost-effective pharmaceutical compounds throughout the system, and this will bring immediate value to our managed care customers.'' Effective Monday, June 28, 1999, PhyMatrix will change its name to Innovative Clinical Solutions, Ltd., and trade under ticker symbol ICSL. PhyMatrix, headquartered in Providence, Rhode Island, provides services that support the needs of the pharmaceutical and managed care industries. The Company integrates its pharmaceutical services division with its provider network management division to create innovative clinical solutions for its customers. The Company provides clinical and economic research and disease management, as well as managed care functions for specialty and multi- specialty provider networks. The Company's businesses include CSL, a wholly- owned subsidiary which operates dedicated, multi-therapeutic phase I-IV research facilities, and its provider network management division which manages over 9,000 physicians in networks located across the country. By integrating these divisions, the Company is able to provide a broad range of pre- and post-FDA approval services designed to expedite new pharmaceutical product approval and market acceptance. This press release contains forward-looking statements regarding future events and the future performance of PhyMatrix Corp. that involve risks and uncertainties that could cause actual results to differ materially. These risks are described in further detail in the Company's reports filed with the Securities and Exchange Commission.