Phase Forward Announces $25 Million Share Repurchase Program
February 17 2010 - 7:00AM
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 an additional $25.0 million of its common stock, to
be completed by December 31, 2010. This follows the completion of
the Company’s previously announced $40.0 million share repurchase
program. Under terms of the newly announced 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, “We
believe the drivers of growth for the ICRS market are shifting and
Phase Forward’s market position is growing stronger. Phase Forward
delivers the only true end-to-end ICRS offering in the market
place, and we can compete on a best-of-breed basis across each of
our major product offerings. The additional share repurchase
program announced today is consistent with our strategy of using
the company’s strong balance sheet and cash flow generation to
enhance 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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