In this issue: Start-up CRO Excel PharmaStudies Launched in China, Applied Analytical Shares Take Wild Ride on Earnings Report and Contract Signing, Quarterly Reports, Innovative Clinical to be Delisted from Nasdaq, Dynacare Clinical Research Bought Out by Management, Covalent Group in Strategic Alliance with Imatron, The CenterWatch Index, Industry Briefs, Drug Pipeline News, Trial Results and Personnel