Research Pharmaceutical Services (RPSE) 8-K/A Financial Statements and Exhibits

Exhibit 99.7

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

     The following unaudited pro forma condensed consolidated balance sheet combines the consolidated historical balance sheet of ReSearch Pharmaceutical Services, Inc. (“RPS”) and the historical balance sheets of IMEREM Institute for Medical Research Management and Biometrics - Institute für medizinisches Forschungsmanagement und Biometrie — Ein unabhaengiges Forschungsunternehmen GmbH (“Imerem”), Infociencia S.L. (“Infociencia”) and Therapharm Recherches Th.R (“Therapharm”) (together, the “Acquired Entities”) as of September 30, 2008, giving effect to the mergers of RPS and the Acquired Entities pursuant to their respective merger agreements, as if the mergers had been consummated on September 30, 2008. The following unaudited pro forma condensed consolidated statements of operations combine the historical statements of operations of RPS and the Acquired Entities for the year ended December 31, 2007, giving effect to the mergers as if it they had occurred on January 1, 2007 and for the nine month period ending September 30, 2008, giving effect to the mergers, as if they had occurred on January 1, 2008.

     The historical financial information has been adjusted to give effect to pro forma events that are directly attributable to the mergers, factually supportable, and expected to have a continuing impact on the combined results.

     The unaudited pro forma consolidated information is for illustrative purposes only. The financial results may have been different had the companies always been combined. You should not rely on the pro forma consolidated financial information as being indicative of the historical results that would have been achieved had the companies always been consolidated or the future results that the combined company will experience.

The following information should be read in conjunction with the pro forma condensed consolidated statements:

• Accompanying notes to the unaudited pro forma condensed consolidated financial statements.

• RPS’s historical financial statements contained in its Annual Report on Form 10-K for the year ended December 31, 2007 and Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2008, previously filed with the Securities and Exchange Commission.

• Separate historical audited financial statements and unaudited interim financial statements of the Acquired Entities included elsewhere in this document.

Unaudited Pro Forma Condensed Consolidated Balance Sheet
September 30, 2008

											Pro Forma			Pro Forma
	RPS			IMEREM			Infociencia		Therapharm		Adjustments			Combined
Assets
Current assets:
Cash and cash equivalents		9,318,017			2,085,161			1,783,479		877,265		(9,318,017)	(1)		4,745,905
Restricted cash		1,014,722			354,619			3,888,705		596,379		—			5,854,425
Accounts receivable, less allowance for doubtful accounts		34,015,109			2,803,901			2,674,425		3,737,516		—			43,230,951
Income tax receivable		—			—			854,485		311,410		—			1,165,895
Prepaid expenses and other current assets		2,070,540			184,009			23,894		187,468		—			2,465,911
Total current assets		46,418,388			5,427,690			9,224,988		5,710,038		(9,318,017	)		57,463,087
Intangible assets, net		275,536			78,859			10,292		—		13,469,629	(1)		13,834,316
Property and equipment, net		4,247,570			901,241			923,965		243,928		—			6,316,704
Investments		—			1,021,886			—		—		—			1,021,886
Other assets		231,546			—			492,842		—		—			724,388
Deferred tax asset		375,173			—			—		—		—			375,173
Total assets		51,548,213			7,429,676			10,652,087		5,953,966		4,151,612			79,735,554
Liabilities and stockholders’ equity (deficit)
Current liabilities:
Accounts payable		1,460,854			241,644			8,261,234		2,379,221		—			12,342,953
Line of Credit		—			—			—		—		3,960,199	(1)		3,960,199
Accrued expenses		5,359,178			1,107,014			—		23,684		—			6,489,876
Customer deposits		1,014,722			354,619			—		588,415		—			1,957,756
Deferred revenue		3,385,591			—			—		1,835,839		—			5,221,430
Shareholder Loan					639,534			—		—		—			639,534
Current portion of capital lease obligations		579,636			—			—		—		—			579,636
Total current liabilities		11,799,981			2,342,811			8,261,234		4,827,159		3,960,199			31,191,384
Customer deposits		4,500,000			—			—		—		—			4,500,000
Accrued pension cost		—			861,867			—		—		—			861,867
Deferred income taxes — long term		—			265,267			—		—		—			265,267
Long term debt		—			191,482			1,144,256		—		—			1,335,738
Other liabilities		284,001			—			—		34,738		—			318,739
Capital lease obligations, less current portion		883,538			—			—		—		—			883,538
Total liabilities		17,467,520			3,661,427			9,405,490		4,861,897		3,960,199			39,356,533
Stockholders’ equity :
Common stock, $.0001 par value:		3,255			35,998			—		—		(35,578	)(1)		3,675
Additional paid-in capital		36,478,621			—			200,802		—		6,097,107	(1)		42,776,530
Accumulated other comprehensive income		77,220			(38,682	)		—		—		38,682	(1)		77,220
Retained earnings (Accumulated deficit)		(2,478,403	)		3,770,934			1,045,795		1,092,069		(5,908,798)	(1)		(2,478,403	)
Total stockholders’ equity		34,080,693			3,768,250			1,246,597		1,092,069		191,413			40,379,022
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity		51,548,213			7,429,677			10,652,087		5,953,966		4,151,612			79,735,555

Unaudited Pro Forma Condensed Consolidated Statement of Operations
Nine Months Ended September 30, 2008

													Pro Forma			Pro Forma
	RPS			IMEREM			Infociencia			Therapharm			Adjustments			Combined
Service revenue		117,447,462			3,885,293			5,609,158			6,801,328			—			133,743,241
Reimbursement revenue		13,249,875			—			3,840,741			2,281,324			—			19,371,940
Other revenue		—			56,012			233,500			—			—			289,512
Total revenue		130,697,337			3,941,305			9,683,399			9,082,652						153,404,693
Direct costs		87,948,270			2,326,001			3,367,244			2,948,128			—			96,589,643
Reimbursable out-of-pocket costs		13,249,875			—			3,840,741			2,281,324			—			19,371,940
Selling, general, and administrative expenses		22,725,789			804,555			1,597,995			2,729,943			—			27,858,282
Depreciation and amortization		1,233,451			81,378			514,549			70,005			1,174,593	(2)		3,073,976
Income from operations		5,539,952			729,371			362,870			1,053,252			(1,174,593	)		6,510,852
Interest expense		231,020			48,721			—			4,111			163,358	(3)		447,210
Interest (income)		(256,190	)		(151,980	)		(163,102	)		(8,642	)		—			(579,914	)
Net income (loss) before provision for income taxes		5,565,122			832,630			525,972			1,057,783			(1,337,951	)		6,643,556
Provision (benefit) for income taxes		2,340,750			316,399			137,070			349,068			(535,180	) (4)		2,608,107
Net income (loss)		3,224,372			516,231			388,902			708,715			(802,771	)		4,035,449
Net income (loss) per common share:
Basic		0.10															0.11
Diluted		0.09															0.11
Weighted average number of common shares outstanding:
Basic		32,507,708															36,706,593
Diluted		34,069,060															38,267,945

Unaudited Pro Forma Condensed Consolidated Statement of Operations
Twelve Months Ended December 31, 2007

													Pro Forma			Pro Forma
	RPS			IMEREM			Infociencia			Therapharm			Adjustments			Combined
Service revenue		120,459,459			5,524,611			8,466,204			7,929,791			—			142,380,065
Reimbursement revenue		13,923,784			—			9,345,548			2,659,837			—			25,929,169
Other revenue		—			217,843			897,377			—			—			1,115,220
Total revenue		134,383,243			5,742,454			18,709,129			10,589,628						169,424,454
Direct costs		87,650,346			3,122,443			4,186,491			5,133,678			—			100,092,958
Reimbursable out-of-pocket costs		13,923,784			—			9,345,548			2,659,837			—			25,929,169
Selling, general, and administrative expenses		26,786,748			985,467			3,402,628			1,720,519			—			32,895,362
Depreciation and amortization		1,143,734			107,522			96,756			114,278			1,566,123	(2)		3,028,413
Income from operations		4,878,631			1,527,022			1,677,706			961,316			(1,566,123	)		7,478,552
Interest expense		6,025,467			61,781			1,935			3,783			217,811	(3)		6,310,777
Interest (income)		(239,582	)		(81,599	)		(214,195	)		(16,403	)		—			(551,779	)
Gain (loss) due to financial investments		—			6,327			(633	)		—			—			5,694
Net income (loss) before provision for income taxes		(907,254	)		1,553,167			1,889,333			973,936			(1,783,934	)		1,725,248
Provision (benefit) for income taxes		1,508,087			506,627			351,263			360,435			(713,574	) (4)		2,012,838
Net income (loss)		(2,415,341	)		1,046,540			1,538,070			613,501			(1,070,360	)		(287,590	)
Accretion of preferred stock		(320,819	)		—			—			—			—			(320,819	)
Net income (loss) applicable to common shares		(2,736,160	)		1,046,540			1,538,070			613,501			(1,070,360	)		(608,409	)
Net income (loss) per common share:
Basic		(0.19	)														(0.03	)
Diluted		(0.19	)														(0.03	)
Weighted average number of common shares outstanding:
Basic		14,572,881															18,771,766
Diluted		14,572,881															18,771,766

Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements

Note 1. Description of Transaction and Basis of Presentation

On December 22, 2008, RPS entered into and consummated a definitive stock purchase agreement to purchase all of the issued and outstanding shares of IMEREM, a Germany-based clinical research organization. In addition, RPS entered into and consummated a definitive stock purchase agreement to purchase all of the issued and outstanding shares of Infociencia, a Spain-based clinical research organization. On December 23, 2008, RPS entered into and consummated a definitive stock purchase agreement to purchase all of the issued and outstanding shares of Therapharm, a France-based clinical research organization. The total cash purchase price for the Acquired entities is $10.3 million. In addition, RPS issued a total of 4,198,885 shares of common stock to the sellers of the acquired entities. The shares were valued at $1.50 per share on the date of the mergers.

     The acquisitions will be accounted for under the purchase method. A preliminary allocation of the purchase price of the Acquired Entities assuming the acquisition had been consummated as of September 30, 2008 is outlined below:

Purchase Price:
Cash paid	$	10,278,216
Common stock issued	$	6,298,328
Transaction costs	$	3,000,000
Total	$	19,576,544
Allocation of Purchase Price:
Net assets acquired	$	6,106,915
Goodwill and intangible assets	$	13,469,629
Total	$	19,576,544

     The Company is currently assessing the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed. It is expected that the current assets and liabilities assumed will approximate their historical carrying values as of the date of the acquisitions. A valuation study is presently being conducted to establish the fair market value as of December 22 and December 23, 2008, of the identifiable intangibles acquired.

2. Pro Forma Adjustments

(1) To preliminarily allocate the purchase price to the assets acquired and liabilities assumed at their estimated fair market values as of September 30, 2008.

(2) To adjust operating expense based on the amortization of estimated amortizable intangibles acquired over an estimated life of 5 years.

(3) To adjust interest expense based on actual indebtedness incurred.

(4) To adjust the provision for income taxes based on the adjustments to pretax income noted above.