Covalent Group, Inc. Signs Contract for $2.3 Million to Conduct a Multinational Phase 2 Clinical Trial Involving a New Antithrom
18 1월 2006 - 10:00PM
PR Newswire (US)
WAYNE, Pa., Jan. 18 /PRNewswire-FirstCall/ -- Covalent Group, Inc.
(NASDAQ:CVGR) today announced the signing of a contract for $2.3
million with an innovative biotechnology company for the conduct of
a multinational Phase 2 clinical trial of a new antithrombotic
agent. This trial will assess the efficacy and safety of the study
drug in an at-risk patient population. Work on the study is
expected to begin immediately. Covalent will provide multiple
services including consulting on trial design and protocol
development, project and study site management, field operations,
data management, biostatistical support, and medical writing.
Revenues will be recognized on a proportional performance basis
over the life of the contract as services are performed. Kenneth M.
Borow, M.D., Covalent Group's President and Chief Executive
Officer, commented, "We are delighted to have been chosen by this
new client to work on this Phase 2 trial involving a novel
cardiovascular agent. If this trial is successful, it is
anticipated that additional clinical research trials will be
conducted by the Sponsor and that Covalent will be well positioned
to participate in this potentially large development program." Dr.
Borow continued, "This trial is an excellent fit for Covalent. It
combines our proven expertise in clinical trial design with our
extensive operational experience in multi-national trials conducted
in subjects at high risk for cardiovascular events. We anticipate a
long and mutually beneficial relationship with the sponsoring
company." About Covalent Group, Inc. 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
DATASOURCE: Covalent Group, Inc. CONTACT: Investor Relations,
Lawrence Hoffman, CPA, Esq., CFO of Covalent Group, Inc.,
+1-610-975-9533 Web site: http://www.covalentgroup.com/
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