Covalent Group, Inc. Signs Letter-of-Intent to Conduct $2.2 Million Multinational Phase 2 Clinical Trial in Cardiovascular Disea
08 12월 2005 - 9:00PM
PR Newswire (US)
WAYNE, Pa., Dec. 8 /PRNewswire-FirstCall/ -- Covalent Group, Inc.
(NASDAQ:CVGR) today announced the signing of a Letter-Of-Intent for
a Phase 2 clinical trial to be conducted in patients with
cardiovascular disease. Work on this study is expected to begin
immediately in accordance with the terms of the Letter-Of-Intent
for which the Company has received an upfront payment. Covalent
expects to enter into a final agreement with the client in early
2006 once the parties agree on the final terms of the contract. The
study is expected to be conducted in North America, Europe, and
South America. Services that Covalent will provide include
consulting on trial design, project and study site management,
field operations, data management, biostatistical support, and
medical writing. Kenneth M. Borow, M.D., Covalent Group's President
and Chief Executive Officer, commented, "This study represents the
beginning of a relationship with a new client for Covalent. We were
chosen after a very competitive evaluative process. We are
delighted that the client recognizes our expertise in the design
and conduct of complex clinical trials on a multinational basis.
Clearly, our numerous programmatic successes in clinical trials
involving patients with a variety of cardiovascular diseases were
an important factor in our being chosen to conduct this Phase 2
trial." About Covalent Group Covalent Group, Inc. is a clinical
research organization that is a leader in the design and management
of complex clinical trials and Patient Disease Registries for the
pharmaceutical, biotechnology and medical device industries. The
Company's mission is to provide its clients with high quality,
full-service support for their biopharmaceutical development
programs. Covalent offers therapeutic expertise, experienced team
management and advanced technologies. The Company has drug and
biologics development as well as clinical trial experience across a
wide variety of therapeutic areas such as cardiovascular,
endocrinology/metabolism, diabetes, vaccines, infectious diseases,
gene therapy, immunology, neurology, oncology, gastroenterology,
dermatology, hepatology, women's health and respiratory medicine.
Covalent believes that its leadership in the design of complex
clinical trials, its therapeutic expertise and commitment to
excellence, and its application of innovative technologies, offer
its clients a means to more quickly and cost effectively move
products through the clinical development process. With its
wholly-owned international subsidiary, Covalent Group, Ltd., as
well as its Strategic Partners operating in various regions around
the world, Covalent is able to meet the global drug development
needs of its clients. For more information, please visit
http://www.covalentgroup.com/ . This press release contains
forward-looking statements identified by words such as "estimate,"
"project," "expect," "intend," "believe," "anticipate" and similar
expressions. Actual results might differ materially from those
projected in, expressed in or implied by the forward-looking
statements. Potential risks and uncertainties that could affect the
Company's future operating results and financial condition include,
without limitation: (i) our success in attracting new business and
retaining existing clients and projects; (ii) the size, duration,
and timing of clinical trials we are currently managing may change
unexpectedly ; (iii) the termination, delay or cancellation of
clinical trials we are currently managing could cause revenues to
decline unexpectedly; (iv) the timing difference between our
receipt of contract milestone or scheduled payments and our
incurring costs to manage these trials; (v) outsourcing trends in
the pharmaceutical, biotechnology and medical device industries;
(vi) the ability to maintain profit margins in a competitive
marketplace; (vii) our ability to attract and retain qualified
personnel; (viii) the sensitivity of our business to general
economic conditions; (ix) other economic, competitive, governmental
and technological factors affecting our operations, markets,
products, services and prices; (x) announced awards received from
existing and potential customers are not definitive until fully
negotiated contracts are executed by the parties; and (xi) our
backlog may not be indicative of future revenues and may not
generate the revenues expected. You should not place any undue
reliance on these forward looking statements which speak only as of
the date of this press release. Additional information concerning
factors that might affect our business or stock price which could
cause actual results to materially differ from those in
forward-looking statements is contained in Covalent Group's SEC
filings, including its Annual Report on Form 10-K for the year
ended December 31, 2004 and other periodic reports under the
Securities Exchange Act of 1934, as amended, copies of which are
available upon request from Covalent Group's investor relations
department. Investor Relations Contact for Covalent Lawrence
Hoffman, CPA, Esq. CFO, Covalent Group, Inc. (610) 975-9533 Contact
us on-line: http://www.covalentgroup.com/ DATASOURCE: Covalent
Group, Inc. CONTACT: Lawrence Hoffman, CPA, Esq., CFO of Covalent
Group, Inc., +1-610-975-9533 Web site:
http://www.covalentgroup.com/
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