StarInvest company New Life Scientific acquires Pharma Trials for $1.5 million in stock

By E. Janene Geiss

Philadelphia, Jan. 10 - StarInvest Group, Inc. announced Tuesday that its portfolio company New Life Scientific completed an acquisition of Pharma Trials International in exchange for $1.5 million of New Life Scientific common stock.

The acquisition, which was announced in May 2005, followed the approval of Pharma Trial's shareholders, completion of an audit and other closing conditions and approvals, according to a company news release.

"Based on this new acquisition and the revenues it will generate, StarInvest is expecting this portfolio company to substantially appreciate. This will, of course, be beneficial to both shareholders and StarInvest, which owns a stake in New Life Scientific," Ike Sutton, chief executive officer of StarInvest, said in the release.

"The pharmaceutical industry continues to expand, but drug trials remain an expensive hurdle when bringing new products to market. Pharma Trials is able to conduct these trials in emerging markets, where costs are substantially lower but where standards are comparable to those in the United States. Leading pharma companies will see this benefit, resulting in significant contracts for Pharma Trials," Sutton added.

Pharma Trials, based in Hillsborough, N.J., offers clinical and market research and regulatory support to pharmaceutical, biotech, medical device and other Contract Research Organizations. The company's main clinical research facility is located in Kiev, Ukraine.

New Life Scientific develops and commercializes novel biotech and pharmaceutical products, vaccines and genetic treatment modalities. The company said it utilizes its strategic geographical positioning in Europe to seek undiscovered, emerging and undervalued biotechnologies in the countries of Eastern Europe.

StarInvest is a publicly traded business development company based in New York City. The company invests in emerging companies that are positioned for strong industry growth or have business models with strong cash flow potential.

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