Exhibit 99  Risk Factors

Forward-Looking Statements

From time to time, the
Company may make or publish forward-looking statements relating to such matters as
anticipated financial performance, business prospects, technological developments, new
products, and similar matters. Such statements are necessarily estimates reflecting the
Companys best judgment based on current information. The Private Securities
Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Such
statements are usually identified by the use of words or phases such as
believes, anticipates, expects, estimates,
intends, planned, outlook, and goal.
Because forward-looking statements involve risks and uncertainties, the Companys
actual results could differ materially. In order to comply with the terms of the safe
harbor, the Company notes that a variety of factors could cause the Companys actual
results and experience to differ materially from the anticipated results or other
expectations expressed in the Companys forward-looking statements.

While it is impossible
to identify all such factors, the risks and uncertainties that may affect the operations,
performance and results of the Companys business include the following:

| | 1. | The Companys revenues are highly dependent on research and development
          expenditures and compliance testing expenditures by the pharmaceutical and
          biotechnology industries. Decreases in such expenditures, including those
          resulting from a general economic decline in these industries, would decrease
          the demand for the services and products provided by the Company and could have
          a material adverse effect on the Company.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | The Companys product, Culex® Automated Blood Sampler device, is a
          significant product. Non-acceptance or major difficulties with the device could
          have a material adverse effect on the Companys gross profit.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | The Company has benefited from the growing tendency of companies to engage
          independent organizations to conduct development and testing projects. Any
          reduction in the outsourcing of research, development or testing activities, or
          any reduction in public funding of science and technology would decrease the
          demand for the services and products provided by the Company and could have a
          material adverse effect on the Companys business, operations and financial
          condition.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | During 2003, Pfizer and Pharmacia, the Companys two largest clients in
          2002 and 2001, merged. Treated as a single entity during 2003, 2002 and 2001,
          Pfizer would have accounted for approximately 16.0%, 28.3% and 30.6%,
          respectively, of the Companys total revenue and 17.2% and 22.0% of total
          trade accounts receivable at September 30, 2003 and 2002, respectively. Although
          this merger negatively affected the Companys preclinical research business
          as Pharmacia was absorbed and restructured, other relationships were not
          affected. The Company deals with at least 20 different research groups within
          the new Pfizer, each focused on a particular development function, each having
          little intercourse with any other. This is typical among the Companys
          large, multinational clients. The Company treats most of these as separate,
          virtually unrelated, entities. There can be no assurance that the Companys
          business will not continue to be dependent on continued relationships with
          Pfizer or other clients, or that annual results will not be dependent on the
          performance of a few large projects. In addition, there can be no assurance that
          significant clients in any one period will continue to be significant clients in
          other periods.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | The Companys business is labor intensive and involves delivery of highly
          specialized professional services. The Companys future growth and success
          depends in large part upon its ability to attract, train, manage and retain
          highly skilled professional, scientific and technical operating staff. There is
          significant competition from the Companys competitors as well as from the
          in-house research departments of pharmaceutical and biotechnology companies and
          other enterprises for employees with the skills required to perform the services
          offered by the Company. Although the Company has confidentiality agreements with
          its scientific and technical operating personnel, the Company does not have in
          place covenants not to compete that would directly preclude its employees from
          being employed by a competitor. There can be no assurance that the Company will
          be able to attract, train, manage and retain a sufficient number of highly
          skilled employees in the future or that it will continue to be successful in
          training, retaining and managing its current employees. The loss of a
          significant number of employees or the Companys inability to hire
          sufficient numbers of qualified employees could have a material adverse effect
          on the Companys ability to obtain and perform contracts to provide its
          services.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | The Company relies to a significant extent on a number of key executives,
          including Peter T. Kissinger, Ph.D., its Chief Executive Officer and Chairman of
          the Board. The Company maintains key man life insurance on Dr. Kissinger in the
          amount of $1.0 million. The loss of the services of any of the Companys
          key executives could have a material adverse effect on the Company.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7. | The Companys revenues are dependent, in part, upon continued compliance
          with governmental requirements applicable to facilities and techniques used in
          the manufacture of products for clinical use and the provision of services. The
          Companys facilities are subject to scheduled periodic regulatory
          inspections to ensure compliance with FDA requirements. Failure on the part of
          the Company to comply with applicable requirements could result in the
          termination of ongoing research, the discontinuance of selected operations of
          the Company, the disqualification of data for submission to regulatory
          authorities and fines and penalties being assessed against the Company.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8. | Risk of accidental contamination or injury from hazardous materials cannot be
          completely eliminated. In the event of such an accident, the Company could be
          held liable for any damages that result. Such damages could have a material
          adverse effect on the Companys business and results of operations.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9. | With respect to its products, the Company competes with several large equipment
          manufacturers and, with respect to its services, the Company primarily competes
          against in-house research departments of pharmaceutical and biotechnology
          companies and other full-service CROs. Many of the Companys competitors
          possess substantially greater capital, technical and other resources than the
          Company. The Companys failure to compete effectively in any one or more of
          these areas could have a material adverse effect on the Companys business,
          operations and financial condition.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10. | Generally, the Companys research contracts are terminable by the client
          upon 30 days written notice at any time. In fiscal year 2003, 67% of revenues
          were from contract research. Most service contracts have cancellation charges.
          Those charges vary, depending on the type of service provided and the investment
          in materials and the facilities and people committed. Cancellation fees after
          contract signing but before study commencement can vary from $5,000 to $30,000,
          depending on the total contracted costs of the study and how much notice is
          given before the study is scheduled to begin. In virtually all recorded studies
          cancelled while in progress, the Company has recovered all prepaid costs,
          normally 25% to 50% of total project costs. Additional charges are often also
          applied. Contracts may be terminated for a variety of reasons, including the
          clients decision to forego a particular study, failure of products to
          satisfy safety requirements, and/or unexpected or undesired product testing
          results. The loss of business from a significant client or the cancellation of a
          major contract or series of commitments could have a material adverse effect on
          the Companys revenues.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 11. | The Companys business is dependent, in part, on its ability to obtain
          patents in various jurisdictions on its current and future technologies and
          products, to defend its patents and protect its trade secrets and to operate
          without infringing on the proprietary rights of others. There can be no
          assurance that the Companys patents will not be challenged by third
          parties or that, if challenged, those patents will be held valid. In addition,
          there can be no assurance that any technologies or products developed by the
          Company will not be challenged by third parties owning patent rights and, if
          challenged, will be held not to infringe on those patent rights. The expense
          involved in any patent litigation can be significant. The Company also relies on
          unpatented proprietary technology, and there can be no assurance that others
          will not independently develop or obtain similar products or technologies.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 12. | In certain circumstances, the Company seeks to manage its liability risk through
          contractual provisions with clients requiring the Company to be indemnified by
          the client or covered by the clients product liability insurance policies.
          Although most of the Companys clients are large, well-capitalized
          companies, the financial performance of these indemnities is not secured.
          Therefore, the Company bears the risk that the indemnifying party may not have
          the financial ability to fulfill its indemnification obligations or the
          liability would exceed the amount of applicable insurance. Furthermore, the
          Company could be held liable for errors and omissions in connection with the
          services it performs. There can be no assurance that the Companys
          insurance coverage will be adequate, or that insurance coverage will continue to
          be available on terms acceptable to the Company, or that the Company can obtain
          indemnification arrangements or otherwise be able to limit its liability risk.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 2 -

| | 13. | The Companys clinical research services business involves the introduction
          of experimental pharmaceutical compounds into consenting human volunteers during
          studies of such compounds. This activity may expose the Company to liability
          based upon adverse reactions of these volunteers to the compounds being tested.
          The Company seeks to manage its liability risk through contractual provisions
          with human clinical trial volunteers requiring the volunteers to hold the
          Company harmless by maintaining insurance against these claims and requesting
          indemnification by the study sponsor. The Company bears the risk that any
          liability arising from its human clinical trial activity would exceed the amount
          of applicable insurance. There can be no assurance that the Companys
          insurance coverage will be adequate, or that insurance coverage will continue to
          be available on terms acceptable to the Company, or that the Company can obtain hold-harmless agreements with volunteers or otherwise be able to limit its
          liability risk.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 14. | The Companys growth strategy includes making selective strategic
          acquisitions of assets or business entities engaged in similar or complementary
          lines of business, including the acquisition of certain assets of Pharmakinetics
          Laboratories, Inc. completed in June 2003 and LC Resources, Inc. completed in
          December, 2002. If the Company issues its common shares in these acquisitions,
          the voting power of existing shareholders of the Company will be diluted.
          Moreover, depending on the level of earnings of the target company and the
          number of shares of the Company issued in the transactions, the Companys
          earnings per share may also be diluted. The Company and other companies in the
          industry have encountered the following difficulties in implementing strategic
          acquisitions: (i) identification, negotiation, completion and integration of
          these acquisitions require significant commitments of capital and management
          time and attention; (ii) expected benefits from the acquisition may not be fully
          realized, or realized within the expected time frame, or at all, due to lower
          than expected revenues following the merger; (iii) there may be greater than
          expected costs or difficulties related to completing the acquisition and,
          following the acquisition, to the integration of the businesses. Failure to
          successfully implement or integrate one or more strategic acquisitions may have
          a material adverse effect on the business and financial condition of the
          Company.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 15. | Since October 1, 2002 the Company has applied the Financial Accounting Standards
          Boards SFAS 142, Goodwill and Other Intangible Assets, which
          establishes new accounting and reporting requirements for goodwill and other
          intangible assets. SFAS 142 requires that all intangible assets acquired that
          are obtained through contractual or legal right, or are capable of being
          separately sold, transferred, licensed, rented or exchanged must be recognized
          as an asset apart from goodwill. Goodwill and intangibles with indefinite lives
          are no longer amortized, but are subject to an annual assessment for impairment
          by applying a fair value based test. Through September 30, 2003 the Company has
          completed the required fair value based impairment tests on its acquired
          goodwill, and the tests have indicated that the fair value of the goodwill is
          equivalent to or greater than the recorded value as of such dates; therefore, no
          adjustment has been made to the carrying value of the goodwill in the
          Companys financial statements. However, there is a risk that in the future
          the fair value based impairment testing will result in a conclusion that the
          goodwill of an asset is not equivalent to or greater than the recorded value,
          and the Company will be required to write down the value, which could materially
          reduce or eliminate earnings in a quarter.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 16. | The current regulatory environment for business continues to evolve toward more
          stringent oversight. This has placed a legal, audit, and accounting burden on
          small public companies that may be disproportionate to shareholder risk.
          Although the Company is meeting and plans to continue meeting regulatory
          expectations, it cannot be assured that this changing burden will not continue
          to further reduce earnings.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17. | The US Department of Health and Human Services has issued regulations under the
          Health Insurance Portability and Accountability Act of 1996 (HIPAA).
          These regulations demand greater patient privacy and confidentiality. Some state
          governments are considering more stringent regulations. These regulations might
          require the company to increase its investment in security or limit the services
          it offers. The Company could be found legally liable if it fails to meet
          existing or proposed regulation on privacy and security of health information.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 3 -

| | 18. | The Companys business may become subject to other risk factors which may
          be identified from time to time in the Companys periodic SEC filings and
          other public announcements.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Should one or more of
these risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in the forward-looking
statement. The Company does not intend to update forward-looking statements.

- 4 -