Issuer’s Common Stock based on the “Conversion Price” as defined in such Agreement, subject to adjustment as set forth therein. The current Conversion Price is the greater of $0.906 or 75% of the average closing price for the 10 days before conversion. Based on an assumed Conversion Price of $0.906 per share and the outstanding loan amount, Quintiles has the right to acquire 735,832 shares of the Issuer’s Common Stock. The number of shares of Common Stock into which the Note may be converted could be less than 735,832, depending on the market price per share of Common Stock on the date of conversion, and the outstanding principal balance as of any such conversion. For example, using the average price calculation, as of December 31, 2003, the Conversion Price is $4.618 and Quintiles has the right to acquire 144,370 shares.

     Under the Agreement, the Reporting Persons were entitled to acquire up to an additional 646,247 shares of Common Stock after January 1, 2003, to the extent that revenues between the Closing Date and December 31, 2002 arising from certain contracts transferred to the Issuer exceed a threshold amount. Pursuant to such provision, QFinance acquired 188,549 shares of Common Stock.

Item 4. Purpose of Transaction

     Pursuant to the Agreement, the Issuer was required to use its Reasonable Efforts, as defined in the Agreement, to effect the election of one individual designated by Quintiles to the Issuer’s Board of Directors. Such individual designated by Quintiles was elected to the Issuer’s Board of Directors.

     The Agreement is filed as an exhibit to the previously filed Schedule 13D and is incorporated herein by reference. The foregoing summary of the transaction is not intended to be complete and is qualified in its entirety by reference to such exhibit.

     The Reporting Persons acquired beneficial ownership of the shares for the purpose of investment only and may elect to dispose or otherwise transfer such shares from time to time, as permitted under contract or applicable law. Except to the extent that it is customary for the director designated by Quintiles to do so, the Reporting Persons have no intention to influence or direct the Issuer’s affairs, modify its corporate structure or interfere with the business decisions of its management. Except as may be set forth above, neither the Reporting Persons, nor to the best of their knowledge, any executive officer or director of the Reporting Persons, has any plans or proposals which relate to or would result in: (a) the acquisition by any person of additional securities of the Issuer or the disposition of securities of the Issuer; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer; (c) a sale or transfer of a material amount of assets of the Issuer; (d) any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (e) any material change in the present capitalization or dividend policy of the Issuer; (f) any other material change in the Issuer’s business or corporate structure; (g) changes in the Issuer’s charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (h) a class of securities of the Issuer being delisted from a national securities exchange or ceasing to be authorized to be quoted in an interdealer quotation system of a registered national securities association; (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934; or (j) any action similar to any of those enumerated above.

Item 5. Interest in Securities of the Issuer

     Based on information contained in the most recent publicly available filings of the Issuer with the Securities and Exchange Commission, Pharma Services is deemed to beneficially own the number of shares and the percentage of outstanding shares of Issuer Common Stock listed on lines 11 and 13, respectively, of Page 2 of this Schedule 13D/A. In addition, the number of shares as to which Pharma Services has sole or shared voting power and sole or shared dispositive power, is listed on lines 7-10 of Page 2 of this Schedule 13D/A.

     Based on information contained in the most recent publicly available filings of the Issuer with the Securities and Exchange Commission, Intermediate Holding is deemed to beneficially own the number of shares and the percentage of outstanding shares of Issuer Common Stock listed on lines 11 and 13, respectively, of Page 3 of this Schedule 13D/A. In addition, the number of shares as to which Intermediate Holding has sole or shared voting power and sole or shared dispositive power, is listed on lines 7-10 of Page 3 of this Schedule 13D/A.

     Based on information contained in the most recent publicly available filings of the Issuer with the Securities and Exchange Commission, QTRN is deemed to beneficially own the number of shares and the percentage of outstanding shares of Issuer Common Stock listed on lines 11 and 13, respectively, of Page 4 of this Schedule 13D/A. In addition, the number of shares as to which QTRN has sole or shared voting power and sole or shared dispositive power, is listed on lines 7-10 of Page 4 of this Schedule 13D/A.

     Based on information contained in the most recent publicly available filings of the Issuer with the Securities and Exchange Commission, Quintiles is deemed to beneficially own the number of shares and the percentage of outstanding shares of Issuer Common Stock listed on lines 11 and 13, respectively, of Page 5 of this Schedule 13D/A. In addition, the number of shares as to which Quintiles has sole or shared voting power and sole or shared dispositive power, is listed on lines 7-10 of Page 5 of this Schedule 13D/A.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

     Except as described herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 and between such persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of the securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantors of profit, division of profit or loss or the giving or withholding of proxies.

Item 7. Material to be Filed as Exhibits

SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

EXHIBIT INDEX

SCHEDULE I

Directors and Officers of Pharma Services Holding, Inc.

     The name and principal occupation of each executive officer and director of Pharma Services Holding, Inc. (“Pharma Services”) are set forth below. Unless otherwise indicated, each occupation set forth opposite an executive officer’s name refers to employment with QTRN. The business address of each person is Pharma Services Holding, Inc., c/o Quintiles Transnational Corp., 4709 Creekstone Drive, Riverbirch Building, Suite 200, Durham, North Carolina 27703.

Directors and Officers of Pharma Services Intermediate Holding Corp.

     The name and principal occupation of each executive officer and director of Pharma Services Intermediate Holding Corp. (“Intermediate Holding”) are set forth below. Unless otherwise indicated, each occupation set forth opposite an executive officer’s name refers to employment with QTRN. The business address of each person is Pharma Services Intermediate Holding Corp., c/o Quintiles Transnational Corp., 4709 Creekstone Drive, Riverbirch Building, Suite 200, Durham, North Carolina 27703.

Directors and Officers of Quintiles Transnational Corp.

     The name and principal occupation of each executive officer and director of Quintiles Transnational Corp. (“QTRN”) are set forth below. Unless otherwise indicated, each occupation set forth opposite an executive officer’s name refers to employment with QTRN. The business address of each person is c/o Quintiles Transnational Corp., 4709 Creekstone Drive, Riverbirch Building, Suite 200, Durham, North Carolina 27703.

Directors and Officers of Quintiles, Inc.

     The name and principal occupation of each executive officer and director of Quintiles, Inc. (“Quintiles”) are set forth below. Unless otherwise indicated, each occupation set forth opposite an executive officer’s name refers to employment with QTRN. The business address of each person is Quintiles, Inc., c/o Quintiles Transnational Corp., 4709 Creekstone Drive, Riverbirch Building, Suite 200, Durham, North Carolina 27703.