* Announces Nine New Sales Team Agreements * Terrell Herring Named President and COO
SOMERSET, N.J., Sept. 19, 2008 (GLOBE NEWSWIRE) -- inVentiv Health, Inc. (Nasdaq:VTIV) today provided a status update on several of its sales teams contracts and announced that Terrell Herring has been promoted to President of inVentiv Health.
Since early August inVentiv has secured nine new sales team agreements including two on-boarding teams and seven traditional teams. Among the two on-boarding teams, which are both with top 10 pharmaceutical companies, one has a signed contract and the other is in the final stages of completing the contract. Among the seven traditional teams, three have signed contracts and are currently deploying representatives. The remaining four have signed letters of agreement and expect to be deploying representatives in the fourth quarter or early 2009. The clients for these teams include one large, one mid-sized, and five small pharmaceutical companies.
In addition, inVentiv is pleased to announce that its two sales teams that have been looking to fill products in the P2 position will be transitioned to traditional teams in the fourth quarter. This includes an expansion of one of the teams.
While ramping up to support these new teams, inVentiv also will wind down the sales team that promotes Micardis on behalf of Boehringer Ingelheim (BI). inVentiv was recently notified by BI that, as part of a broader streamlining initiative, they will reduce the size of the inVentiv sales team in the fourth quarter and conclude the contract at end of the year as part of the normal course of business.
"We have a long-standing relationship with Boehringer Ingelheim and a strong track record of delivering successful sales programs on their behalf. Although we are disappointed that they will not extend their sales team contract to 2009, we are pleased to continue working with them on other projects and we remain confident that our relationship with them will expand in the future," said Blane Walter, Chief Executive Officer of inVentiv Health Inc.
"It is typical for our business to wind down some sales teams while concurrently ramping up others. As a result of the nine new sales teams we are adding in the fourth quarter, we expect the vast majority of the representatives on the BI team will be redeployed by the beginning of 2009. These new wins are a testament to the quality of inVentiv's offerings and our strong infrastructure that delivers high quality services to all of our Commercial clients," Walter added.
In a separate business move, inVentiv today announced that Terrell Herring has been named President of inVentiv Health. Mr. Herring was formerly Chief Operating Officer of inVentiv Health and CEO of inVentiv Commercial and inVentiv Patient Outcomes. He retains the COO title in his new role.
As President and COO, Mr. Herring will oversee the four major divisions of inVentiv Health: inVentiv Clinical, inVentiv Commercial, inVentiv Communications and inVentiv Patient Outcomes. He also will be responsible for generating innovative solutions to better meet the needs of clients and for continuing to strengthen inVentiv's operational backbone to support inVentiv's ability to deliver integrated services.
"As inVentiv moves forward in its quest to be the top provider of solutions to the healthcare industry globally, the strength of our management team is critical," said Mr. Walter. "Terry has provided exceptional leadership to inVentiv during the past nine years and, since taking over the COO role last year, has done an outstanding job of building a strong operational support team that aligns our resources and enables us to serve our clients in an efficient and effective manner. I am very pleased that Terry will expand his role by becoming inVentiv's President and I look forward to working with him and the rest of my management team to take the company to the next level."
Mr. Herring joined inVentiv in 1999 and brings more than 20 years of experience in the pharmaceutical industry. His prior positions at inVentiv included National Business Director; Vice President and General Manager, U. S. Sales; President and COO, inVentiv Pharma Services; and President and COO, inVentiv Commercial. He was appointed to the Board of Directors of inVentiv Health in 2006. Prior to inVentiv, Mr. Herring was the Senior National Sales Director at Noven Pharmaceuticals and held various sales management, marketing, training and development, and operations positions at both Ciba-Geigy and Solvay Pharmaceuticals.
About inVentiv Health
inVentiv Health, Inc. (Nasdaq:VTIV) is an insights-driven global healthcare leader that provides dynamic solutions to deliver customer and patient success. inVentiv delivers its customized clinical, sales, marketing, communications and outcomes solutions through its four core business segments: inVentiv Clinical, inVentiv Communications, inVentiv Commercial, and inVentiv Patient Outcomes. inVentiv Health's client roster is comprised of more than 350 leading pharmaceutical, biotech, life sciences and healthcare payer companies, including all top 20 global pharmaceutical manufacturers. For more information, visit www.inventivhealth.com.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks that may cause inVentiv Health's performance to differ materially. Such risks include, without limitation: changes in trends in the pharmaceutical industry or in pharmaceutical outsourcing; our ability to compete successfully with other services in the market; our ability to maintain large client contracts or to enter into new contracts; uncertainties related to future incentive payments; and, our ability to operate successfully in new lines of business. Readers of this press release are referred to documents filed from time to time by inVentiv Health Inc. with the Securities and Exchange Commission for further discussion of these and other factors.