| Ticker: CCLR | 20600 Chagrin Boulevard | |
| Exchange: NASDAQ-National Market | Cleveland, Ohio 44122 | |
| Industry: Service | (216) 491-9930 |
| Type of Shares: | Common Shares | Filing Date: | 3/11/96 | |
| U.S. Shares: | 3,000,000 | Offer Date: | 6/10/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $11.00 - $13.00 | |
| Primary Shares: | 3,000,000 | Offer Price: | $13.50 | |
| Secondary Shares: | 0 | Gross Spread: | $0.94 | |
| Offering Amount: | $36,000,000 | Selling: | $0.55 | |
| Expenses: | $770,000 | Reallowance: | $0.10 | |
| Shares Out After: | 5,898,539 |
| Manager | Tier | Phone |
| Vector Securities International, Inc. | Lead Manager | (708) 940-1970 |
| Furman Selz Incorporated | Co-manager | (212) 309-8200 |
| McDonald & Company Securities, Inc. | Co-manager | (216) 443-2300 |
| Auditor: Ernst & Young | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $10.45 | $5.30 | $1.92 | Assets: | $13.39 |
| Net Income: | -$0.75 | $0.06 | -$0.13 | Liabilities: | $10.00 |
| EPS: | -$0.24 | $0.02 | -$0.04 | Equity: | $3.39 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company manages a network comprised of over 400 affiliated clinical research sites ("Affiliated Sites") providing access to over 3,000 principal investigators in the United States, Canada and the United Kingdom. In addition, through its recent acquisition of an Affiliated Site, GFI Pharmaceutical Services, Inc. ("GFI"), the Company operates three research facilities, conducts Phase I through Phase IV clinical research and provides clinical reference laboratory and Institutional Review Board ("IRB") services. Since commencing operations in 1991, the Company has provided site selection and trial management services for 183 clinical trials in a variety of therapeutic areas involving over 10,000 patients and 79 sponsors (primarily pharmaceutical and biotechnology companies and, in selected cases, contract research organizations ("CROs") -- collectively, "Sponsors"). The Company provides these Sponsors with an innovative, time-efficient method of site selection and clinical trial management. The Company leverages its Affiliated Site network in order to provide rapid access to qualified investigators and patients. The Company believes that such access is key to enabling Sponsors to reduce the length of the product development process. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay debt incurred by the recent acquisition of GFI Pharmaceutical Services, Inc.,and borrowings under the company's line of credit,to provide working capital to support the expansion of the company's business and to fund potential acquisitions. |
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