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Press Release: July 23, 2004

Lorraine D. Ellis, President and CEO of Research Dynamics Consulting Group, Ltd. receives Entrepreneur of the Year honors

ROCHESTER, NY (July 23, 2004) – Lorraine D. Ellis, president and chief executive officer of Research Dynamics Consulting Group, Ltd., was recently recognized with the Realizing Business Potential Award through the 2004 Ernst & Young Upstate New York Entrepreneur of the Year Awards Program.

Ms. Ellis founded the company to provide more efficient clinical trial services to the pharmaceutical, biotechnology and medical device industries and reduce the inefficiencies and increasing costs of conducting clinical trials. Through the leadership of Ms. Ellis and the use of technology, the company has streamlined the clinical trial process by maximizing the efficiency of clinical trial conduct. As a result, Research Dynamics has emerged as a market leader in the Contract Research Organization industry for championing a more cost-effective and efficient clinical trial conduct model.

Research Dynamics combines technology with proven industry experience to provide their customers with efficient expert services. This award recognizes their implementation of a web based system that provides real time project information sharing and data input among the headquarter staff, the field monitors, and customers.

“I am deeply and genuinely honored to receive such a prestigious award,” said Ms. Ellis. “However, the entrepreneur may have the dream, but it is the entire team that believes in that dream and helps make it happen. This award is as much a reflection of the dedication and hard work of our entire organization as it is a recognition of my leadership.”

The Ernst & Young Entrepreneur of the Year Awards Program recognizes and honors business leaders from throughout Upstate New York who have demonstrated the creativity, vision, and entrepreneurial spirit that have led to successful business ventures throughout the state.

The Realizing Business Potential Award, sponsored by the Microsoft Corporation and awarded for the first time in 2004, not only honors Ms. Ellis for her achievements as an accomplished entrepreneur, but also recognizes the integral role technology has played in the company and Ms. Ellis’s vision of bringing efficiency to clinical trial management through the use of technology, including web based information systems. The award includes a grant of $8,000 from Microsoft to further support technological advancements at Research Dynamics.

Ms. Ellis will join other Upstate New York Entrepreneur of the Year awardees to compete for national recognition with business leaders from across the country when Ernst & Young hosts its national awards competition in November 2004 in Palm Springs, California.

Research Dynamics is a privately owned Contract Research Organization based in Pittsford , New York . Since 1993, the organization has specialized in the management of Phase I-IV clinical trials for the pharmaceutical, biotechnology, and medical device industries. The company is also a leader in providing training to a wide range of clinical professionals. A “Rochester Top 100” company for the past two years, Research Dynamics employs 30 people at its Rochester headquarters and another 50 regionally based monitors throughout the country.