PharmaKinetics Laboratories Inc. of Baltimore said yesterday that President and Chief Executive V. Brewster Jones has resigned and was replaced by former Executive Vice President James K. Leslie.
PharmaKinetics' business is testing clients' proposed medications on human subjects. It serves mostly generic drug companies that want to put their versions of popular drugs on the market after the patent protection expires for the brand-name version.
Mr. Jones took over PharmaKinetics in 1990 after company executives were caught up in a scandal involving a client who submitted false data on drug tests to the Food and Drug Administration.
PharmaKinetics' former chief scientific officer and executive vice president pleaded guilty to charges that he failed to tell the FDA that the company's biggest client, Bolar Pharmaceutical Co. Inc., submitted the false data.
PharmaKinetics lost half its business, and its $10 a share stock now trades at 50 cents.
But it has paid off more than half of the $11.5 million in debt Mr. Jones inherited, and is once again modestly profitable.
The company earned $552,000 in the nine months that ended in March.