Phase Forward Announces Share Repurchase Program
November 04 2009 - 12:00PM
Business Wire
Phase Forward Incorporated (NASDAQ: PFWD), a leading provider of
data management solutions for clinical trials and drug safety,
announced today that its board of directors has authorized the
repurchase of up to $40.0 million of its common stock over the next
twelve months. Under the program Phase Forward may repurchase
shares from time to time at prevailing prices in the open market or
in negotiated transactions off the market. The Company expects to
use cash on hand and cash generated from future operations to fund
repurchases of its common stock.
Bob Weiler, chairman and chief executive officer, said, “Phase
Forward’s business momentum is solid and we are highly confident in
the company’s long-term market position and product strategy. We
have assembled the industry’s only true integrated clinical
research suite, and now we are focused on driving margin expansion
and capitalizing on our expanded market opportunity. With a
sizeable cash position, expectations of continued profitability and
cash flow, and the completion of multiple acquisitions, we believe
a share repurchase program is an attractive use of capital and
consistent with our strategy of using our strong balance sheet in
ways that we believe can enhance long-term shareholder value.”
Phase Forward management will determine the timing and amount of
any repurchase based on its evaluation of market conditions,
business considerations and other factors. The program does not
require the Company to repurchase any specific number of shares and
may be extended, modified, suspended or discontinued at any time,
at the Company’s discretion.
About Phase Forward
Phase Forward is a leading provider of integrated data
management solutions for clinical trials and drug safety. Phase
Forward’s products and services have been utilized in over 10,000
clinical trials involving more than 1,000,000 clinical trial study
participants at over 300 organizations and regulatory agencies
worldwide including: AstraZeneca, Boston Scientific, Dana-Farber
Cancer Institute, Eli Lilly, the U.S. Food and Drug Administration,
GlaxoSmithKline, Harvard Clinical Research Institute, Merck Serono,
Novartis, Novo Nordisk, PAREXEL International, Procter &
Gamble, Quintiles, sanofi-aventis, Schering-Plough Research
Institute, Servier, SGS, Tibotec and the U.K. Medicines and
Healthcare Products Regulatory Agency. Additional information about
Phase Forward is available at www.phaseforward.com.
Cautionary Statement
Certain statements made in this press release that are not based
on historical information are forward-looking statements which are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. This press release
contains express or implied forward-looking statements relating to,
among other things, Phase Forward's current expectations and
assumptions concerning management's forecast of financial
performance, plans and expectations with respect to its new share
repurchase program, its confidence in the continued growth of its
business and its ongoing commitment to increase shareholder value.
These statements are neither promises nor guarantees, but are
subject to a variety of risks and uncertainties, many of which are
beyond Phase Forward's control, which could cause actual results to
differ materially from those contemplated in these forward-looking
statements. In particular, the risks and uncertainties include,
among other things: future alternative uses for cash, future
competing investment opportunities; general economic, business and
market conditions; Phase Forward’s ability to maintain
profitability; fluctuations in its operating results; and the
volatility of the market price of its common stock. Existing and
prospective investors are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. Phase Forward undertakes no obligation to update or revise
the information contained in this press release, whether as a
result of new information, future events or circumstances or
otherwise. For additional disclosure regarding these and other
risks faced by Phase Forward, see the disclosure contained in Phase
Forward's public filings with the Securities and Exchange
Commission including, without limitation, its most recent Annual
Report on Form 10-K.
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