In a move that brings together two of the most highly respected specialized research organizations in the United States, CRI Worldwide, LLC (CRI) today announced that it has completed the acquisition of Lifetree Clinical Research, LC (Lifetree). The combination enriches the early stage clinical research landscape for clients, enabling them to tap into CRI's leadership in Psychiatry and patient population studies as well as Lifetree's widely recognized expertise in Pain Management and Human Abuse Liability and its deep expertise in performing complex studies.

The acquisition greatly expands CRI's Clinical Pharmacology capacity to more than 120 beds, making CRI one of the largest providers of patient population Phase I services in the United States. The combined organization will provide sponsors with access to more than 6 million people along with a broad range of psychiatry and neurology research products and services at three research sites located in New Jersey, Pennsylvania, and Utah. Above all, clients are more easily able to draw on the expertise of two organizations that share a common culture and vision focused on patient commitment, high quality services, scientific innovation, and ground-breaking research capabilities.

"As they seek to improve returns on research investments, drug companies and contract research organizations increasingly need clinical research sites that can offer highly specialized services and access to patient populations," said Jeffrey Kinell, President and Chief Executive Officer of the combined organization. "I am confident that the clinical and operational strength of the CRI and Lifetree teams will provide our clients with the knowledge that their clinical trials will be completed on-time at the highest levels of quality and efficiency." Kinell continued, "One key element of the combination is that Lifetree's founders Alice Jackson, RN and Lynn Webster, MD, will remain with the company and continue to lead operations in Utah, while becoming part of the combined organization's senior management and clinical operations teams."

"As clients seek more value for their research spending, the focus and commitment of the combined CRI and Lifetree teams offers a level of service that cannot be matched. There is a pedigree of excellence at both CRI and Lifetree and the opportunity to offer more resources to our clients is exciting. The combination with CRI is the next step in our growth strategy and fulfills a long time goal for Lifetree to expand our early phase work, pain and abuse liability expertise to include psychiatry and neurology services. CRI will provide Lifetree with both the operational and financial resources to continue to do what we do best and to expand the capabilities of the Lifetree Center of Neuroscience Research" said Alice Jackson, President, Lifetree Clinical Research.

Edgemont Capital Partners, a leading healthcare investment banking firm, acted as exclusive financial advisor to Lifetree Clinical Research.

CONTACT:

At Edgemont Capital Partners

Luke J. Mitchell, Vice President
Phone: 212-867-8935 Fax: 212-214-0918

David K. Blume, Managing Director
Phone: 212-867-8935 Fax: 212-214-0911