CVGR Covalent

Covalent Group, Inc. (NASDAQ: CVGR), 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 today announced that it has retained The Equity Group Inc. to provide investor relations services for the Company. Kenneth M. Borow, M.D., Covalent Group's President and Chief Executive Officer, stated, "We are proud of our position as a leader in the design and management of complex clinical trials and Patient Disease Registries for the pharmaceutical, biotechnology and medical device industries. We have established an excellent reputation with our clients across a wide range of therapeutic areas based on the high quality of our consulting and operational services. Our top strategic priorities for 2006 are to expand our reach into new geographic areas of operations, to provide additional programmatic services to our clients, and to significantly increase our top-line revenues and profitability." Dr. Borow continued, "Indicative of the strong confidence that we have in our business going forward, we have retained The Equity Group to help communicate our accomplishments, strategic objectives, and outlook to a much larger and more diverse group of investment professionals and financial media. The Equity Group came highly recommended as a respected, experienced, and results-driven investor relations firm. We were impressed by the caliber, longevity, and references of their clients and are confident that they will do an excellent job representing us to the financial community." About The Equity Group Inc. The Equity Group Inc., which was founded in 1974, provides a full spectrum of investor and financial public relations services primarily to growth companies listed on the Nasdaq, American and New York Stock Exchanges. For more information, visit www.theequitygroup.com. 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 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.