W. CONSHOHOCKEN, Penna. - December 29, 2005 - DW Healthcare Partners ("DWHP"), based out of Salt Lake City, Utah, today announced their acquisition of Hill Top Research, Inc., a worldwide leader in clinical research for personal care, oral care, and health care products. The acquisition was financed with $8 million in equity from DWHP and additional debt financing from a third party provider. DWHP's acquisition will allow Hill Top to expand capacity, add new technical capabilities, and provide additional resources for growth.

Hill Top Research offers a broad array of clinical research services, including safety testing, efficacy testing, sensory testing, claim substantiation, data management, project management, and microbiology. Throughout its 55 years of operations, the company has been successful in recruiting and retaining top industry experts, creating an unparalleled wealth of knowledge in writing protocols and conducting clinical trials. Additionally, Hill Top has strong data management & biostatistics skills that provide clients with timely, concise output from their clinical research.

In addition to revitalizing the capital structure, the acquisition of Hill Top will allow funds to be earmarked for growth initiatives, including further expansion into the pharmaceutical services market and possible industry acquisitions.

Hill Top has also announced that Mr. Jim Pearce, Hill Top's Chief Executive Officer of 20 years, retired at the end of 2005. Mr. Joel Ivers, the company's Chief Operating Officer, has been named to replace Mr. Pearce and has assumed the new role of Chief Executive Officer.

"We are very excited by DWHP's investment in our company, and we look forward to many years of growth and opportunity for all Hill Top Associates", said Joel Ivers. "This investment enhances our ability to continue to offer unparalleled clinical research expertise and robust subject recruiting at our multiple and diverse locations throughout North America. In addition, we can continue to invest in providing high quality studies for our clients."

"We at DWHP are pleased to partner with Hill Top," said DWHP Vice President, Doug Schillinger. "Hill Top has unmatched experience in the markets they serve, and is recognized as a first-class service provider."

Hill Top Research was represented by Fairmount Partners, a leading investment bank serving life science. Fairmount assisted the company in arranging and closing the transaction. Neal McCarthy, Managing Director of Fairmount Partners commented “it was a pleasure to work with these two talented groups of people, and we wish them great success together.”


About Hill Top Research Inc.
Founded in 1947, Hill Top Research is one of the world's leading clinical research services companies with research centers throughout North America. Hill Top Research provides safety, efficacy, claims substantiation, sensory and microbiology for personal care, oral care, and health care companies. More information about the company can be found on the company's website at www.hill-top.com.