GENERAL

During the fiscal year ended January 31, 2002, Innovative Clinical Solutions, Ltd. (together with its subsidiaries, the "Company" or "ICSL") (formerly PhyMatrix Corp.) operated two business lines: investigative clinical site management including outcomes research, and single-specialty provider network management. As a result of actions initiated during the fiscal year, but consummated following the close of the fiscal year, the Company's principal future activities will be managing its investment in Comprehensive Neuroscience, Inc., a privately held company.

On February 7, 2002, ICSL completed a transaction with Comprehensive Neuroscience, Inc....