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TSI CORPORATION TO ACQUIRE CLINICAL RESEARCH GROUP

 TSI CORPORATION TO ACQUIRE CLINICAL RESEARCH GROUP
 WORCESTER, Mass., June 19 /PRNewswire/ -- TSI Corporation


(NASDAQ: TSIN) announced today an agreement to acquire Health and Sciences Research Incorporated (NASDAQ: HSRI), an established supplier of clinical testing services to major pharmaceutical and biotechnology companies. Under the agreement, which is scheduled to close on June 29, TSI will acquire HSRI in exchange for $6 million in cash, $3 million of which will be financed through a drawdown of TSI's bank line of credit.
 "With the HSRI acquisition, TSI will be strategically positioned to become a major player in the pre- and post-market testing of biopharmaceuticals," commented Jim Sherblom, TSI's chairman and chief executive officer. "We will now be one of three companies worldwide able to offer fully integrated pharmaceutical product development services, from initial animal testing through Phase III and IV clinical trials.
 "HSRI brings to TSI an established clinical research organization with significant growth potential," Sherblom continued. "Their strong management group, established client relationships and position in the rapidly growing pharmaceutical testing area in general and cardiovascular drugs in particular fit well with TSI."
 HSRI, founded in 1985, currently performs, manages and monitors clinical research on a contract basis for a number of leading pharmaceutical companies.
 TSI is a life sciences company offering in vitro and in vivo preclinical and toxicology testing services, human clinical testing services, and diagnostic intermediate products. TSI is also developing advanced toxicology tests and disease models based on genetic engineering and transgenic techniques to improve the efficiency of the pharmaceutical/chemical development process.
 -0- 6/19/92
 /CONTACT: Munro W. Pitt, senior vice president of TSI Corp., 508-755-0550; or Peter Feinstein, president of Feinstein Partners, 617-577-8110, for TSI Corp./
 (TSIN HSRI) CO: TSI Corporation; Health and Sciences Research Inc. ST: Massachusetts IN: MTC SU: PER


CN -- NE003 -- 1768 06/19/92 07:59 EDT
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Publication:PR Newswire
Date:Jun 19, 1992
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