The development of a marketable drug is one of the more expensive endeavors a corporation can undertake. If you have a good idea, but need some help along the way, there is an outfit in Princeton that can back your play.

PharmaNet Development Group (NASDAQ: PDGI) is a drug development company, providing a comprehensive range of services to the pharmaceutical, biotechnology, generic drug and medical device industries. The company offers clinical-development solutions, including early and late stage consulting services, Phase I clinical studies, bioanalytical analyses, and Phase II-III-IV clinical development programs. Services include test subject recruitment, data management and assistance with the FDA approval process. The firm operates from thirty-five facilities around the world.

PharmaNet pleased investors earlier in the month, when it reported Q3 EPS of 52 cents (ex-items) and revenues of $99.8 million. Analysts had been expecting 31 cents and $88 million. The CEO noted that the company recorded the highest direct revenues in its history and continued to increase backlog. Management also guided FY07 EPS to $1.22-1.29 ($1.17 consensus) and FY07 revenues to $361-365 million ($348.2M consensus). UBS and Jeffries subsequently declared the stock a "buy" and boosted their targets to the $44-45 range.