Synarc reports record financial performance and strengthens its Management Team

San Francisco, CA. – June 27, 2005 - Synarc, Inc. announced record performance in the first half of 2005. The company, which provides innovative medical imaging and molecular marker services to pharmaceutical and biotechnology companies for clinical drug trials, closed its fiscal year 2004 with record revenues and currently has a backlog of over $100 million dollars. To enhance Synarc’s ability to respond to the growing demand for its services, Synarc has moved its headquarters from Boston to San Francisco and has recruited a number of new individuals to its management team.

Gary Velasquez has been appointed President and Chief Executive Officer. Gary brings more than 20 years of experience in healthcare services, including President and CEO of Business Transformation and Innovation Services at Health Net, Inc., a large publicly traded healthcare services company, where Gary oversaw more than ten operating subsidiaries and directed Health Net’s Information Systems division. 

Lidia Fonseca has joined as Senior Vice President of Systems and Technology.  Lidia comes to Synarc from Philips Medical Systems, where she held various roles including Vice President of Supply Chain Management for the Nuclear Medicine business, General Manager, Global eBusiness, and Global Chief Information Officer. As CIO, she was responsible for over 1,100 staff members and managed an annual operating budget of $350 million.

David Buhler has been appointed Senior Vice President of Finance. David brings over two decades of financial management experience in high growth environments at both Fortune-200 and venture-funded companies, principally in healthcare services, including Chief Administration Officer and Chief Financial Officer of Managed Health Network at Health Net, Inc.

“Gary joined Synarc in February as President, and under his leadership the Company has already made many substantial operational, structural and financial improvements. In Gary, Lidia and David we have found individuals who not only bring the experience and leadership skills we are looking for, but also embody the passion, energy and values that define us” said Peter Steiger, Synarc’s current CEO, who will stay on as Executive Vice President and President of Osteoporosis Services.

“The past six years at Synarc have been exhilarating” said Gary Velasquez. “Under Peter’s leadership Synarc has extended its services across the globe and into multiple therapeutic areas. Backlog and revenues have grown six-fold, the company has been profitable since 2002, and Synarc has helped several clients bring new therapies into clinical use. I am proud to join the team that has made this possible.  Lidia, David and I look forward to helping Synarc solidify its operational infrastructure in order to prepare the company for its next growth phase.”

Synarc, Inc. is the world's largest dedicated provider of centralized imaging and molecular marker services for clinical trials. Synarc’s advanced capabilities enable pharmaceutical industry clients to accelerate clinical trials and decrease the time, uncertainty and cost of drug development. The company has eight offices in the U.S., Europe and Asia (San Francisco, Portland, Boston, Copenhagen, Lyon, Paris, Hamburg and Beijing).

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For Information Contact:

U.S.
Joy Valderrama
Marketing & Sales Support Specialist
+1.415.817.8919
joy.valderrama@synarc.com

Europe
Jean-Claude Provost
Vice President, Cardiology and Neurology
+33 1 49 66 24 04