Bear Growth Capital Partners Invests in Clintrak Pharmaceutical Services.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 10, 2003

Bear Growth Capital Partners (BGCP), a private equity affiliate of Bear, Stearns & Co. Inc., announced today that it has sponsored a recapitalization of Clintrak Pharmaceutical Services LLC, a leading provider of clinical trial labeling, packaging, and logistical services to the pharmaceutical and biopharmaceutical industries.

Commenting on the deal, Paul Lattanzio, a senior managing director of Bear Growth Capital Partners, said, "This investment--the first for Bear Growth Capital Partners--is consistent with our strategy to selectively identify companies that operate successful niche businesses and are led by exceptional management teams. Clintrak is an established market leader in the expanding clinical trial services industry and its management team has done an excellent job of positioning the company to capitalize on future growth opportunities. We think this is a terrific opportunity." As a result of this transaction, both Mr. Lattanzio and Joe Scharfenberger, a vice president at BGCP, will join Clintrak's Board of Directors.

Brian Jusas, Chief Executive Officer of Clintrak, commented, "We are extremely pleased to enter into this transaction with Bear Growth Capital Partners as we believe that they are the right partner to help our company reach its full potential. Bear Stearns has a very strong reputation and deep relationships within the healthcare industry. Their investment in Clintrak will further strengthen our company's position in the marketplace and help us accelerate our development into becoming a global provider of clinical trial services."

Clintrak's Vice Chairman, Scott McCarty, added, "Bear Growth Capital Partners will provide us with the strategic and financial resources to pursue new business opportunities that we need to truly become a global leader in our market. This infusion of fresh capital will allow us to expand our product and service offerings and really take the company to the next level in terms of providing our customers with a complete solution to their clinical trial supplies needs." The company's management team also includes industry-veteran Timothy Brewer.

Clintrak Pharmaceutical Services is a privately-held company comprised of two business segments, Clintrak Clinical Labeling Services, Inc. and AccuLogix, Inc. ("AccuLogix"). Clintrak Clinical Labeling Services, Inc. is a leading supplier of clinical trial labeling services, employing proprietary technology to create label products that are among the most respected and versatile in the market. AccuLogix was recently formed in an effort to provide state-of-the-art clinical trial packaging and logistical support to the same customer base. The company has over 80 employees and occupies facilities in Ronkonkoma, NY and Bristol, PA.

Bear Growth Capital Partners is an affiliate of Bear Stearns Merchant Banking, the private equity arm of Bear Stearns & Co. BGCP focuses on making investments in middle market companies valued between $10 and $100 million. BGCP will invest in compelling growth capital opportunities, traditional buyouts, recapitalizations, co-investments, and control and minority ownership positions alongside superior management teams and other private equity sponsors. More information about BGCP can be found at http://www.bsmb.com.

Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately $34.4 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers financing, securities lending, clearing and technology solutions to hedge funds, broker-dealers and investment advisors. Headquartered in New York City, the company has approximately 10,500 employees worldwide. For additional information about Bear Stearns, please visit the firm's Web site at http://www.bearstearns.com.