SFBC International Announces Closing of Public Equity Offering

    Business Editors/Health Editors

    MIAMI--(BUSINESS WIRE)--March 15, 2005--SFBC International, Inc. (NASDAQ: SFCC), a provider of drug development services to branded pharmaceutical, biotechnology, generic drug and medical device companies, today announced that it has closed on its public offering of 3,500,000 shares of its common stock at $38.00 per share.
    SFBC sold 3,078,000 of the shares and selling stockholders, consisting of executive officers and directors of SFBC, sold 422,000 shares. In addition, SFBC has granted the underwriters an option to purchase up to an additional 525,000 shares of common stock to cover over-allotments.
    The net proceeds to SFBC from the offering after expenses are approximately $108.5 million, of which SFBC has used $70 million to repay a portion of its outstanding term loan under its credit facility. Additionally, SFBC intends to use the balance of the proceeds for possible acquisitions and general corporate purposes, including funding the continued growth and development of its business and working capital requirements.
    The offering was made pursuant to a previously-announced registration statement that became effective on March 9, 2005. UBS Investment Bank acted as the sole book-running manager in the offering and Jefferies & Company acted as co-manager.
    This press release is neither an offer to sell nor a solicitation to buy any of these securities. The offering is being made solely by means of a prospectus, copies of which may be obtained by contacting UBS Investment Bank, Prospectus Department, 299 Park Avenue, New York, NY 10171.

    About SFBC International, Inc.

    SFBC International, Inc. provides early and late stage clinical drug development services to branded pharmaceutical, biotechnology, generic drug and medical device companies around the world. SFBC has more than 30 offices located in North America, Europe, South America, India, and Australia. In early clinical development services, SFBC specializes primarily in the areas of Phase I and early Phase II clinical trials and bioanalytical laboratory services, including early clinical pharmacology. SFBC also provides late stage clinical development services globally that focus on Phase II through IV clinical trials. SFBC also offers a range of complementary services, including data management and biostatistics, clinical laboratory services, medical and scientific affairs, regulatory affairs and submissions, and clinical IT solutions. Additional information is available on SFBC's website at www.sfbci.com.
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those relating to SFBC's intended use of the balance of the proceeds from the offering. Forward-looking statements are subject to the risk and uncertainties detailed in SFBC's filings with the Securities and Exchange Commission.

--30--CM/mi*

CONTACT: SFBC International, Miami Ana Lopez, 305-895-0304 or Financial Dynamics Evan Smith or Erica Pettit 212-850-5606 or 212-850-5614

KEYWORD: FLORIDA INDUSTRY KEYWORD: MEDICAL PHARMACEUTICAL MEDICAL DEVICES BIOTECHNOLOGY SOURCE: SFBC International, Inc.

Copyright Business Wire 2005