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Acquisition Advisory / Medical Technology

North American Science Associates, Inc.

January 7, 2005

P&M Corporate Finance served as exclusive financial advisor to North American Science Associates, Inc. (“NAMSA”) in the acquisition of a majority interest in CeeTox, Inc. Namsa, a global leader in the preclinical testing of medical devices, provides a wide range of safety testing services to device manufacturers, raw material suppliers, pharmaceutical companies, sterilizers and other related industries. CeeTox provides in vitro models to generate predictive evaluations of the toxicological properties of chemical and biological substances, which are aimed at decreasing late stage compound attrition in the drug development process. PMCF worked with NAMSA to develop specific acquisition criteria, identify and contact target companies, and ultimately evaluate, manage, structure, and negotiate the acquisition of CeeTox.

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