Phase Forward first-half revenue & profits grow

August 05, 2007 (PRLEAP.COM) Health News
Phase Forward (Waltham, Massachusetts), which provides data management systems for clinical trials and drug safety, has reported 28% growth in revenues to $31.5 million in the second quarter of 2007. Licence, application hosting and other related revenues for its InForm electronic data capture system accounted for 72% of the total at $22.8 million, up 39% on the previous year. Net income more than doubled to $4.3 million.

During the quarter, “a top 10 pharmaceutical company signed a multi-year, multi-million dollar ASP commitment” for the use of InForm, CEO and president Bob Weiler commented. Phase Forward continued to grow its relationships with CROs, expanding links with ICON, PharmaLink and PPD, and establishing new relationships with Averion International and Symbios Clinical. ICON purchased a multi-year enterprise licence for the internal use of InForm. Phase Forward launched Central Designer, which aids adoption and rapid scale-up of EDC, during the quarter.

The company signed data management deals with Cephalon, Genzyme, AstraZeneca, Chang Gung University and Egis Pharmaceutical. It introduced a new submission checking service based on its Web Submission Data Manager (WebSDM) application. Developed under a co-operative R&D agreement with the US Food and Drug Administration, this provides a means for testing data for compliance with the Clinical Data Interchange Standards Consortium's (CDISC) study data tabulation model (SDTM) standard for human clinical trials before submission to the FDA.

Phase Forward completed a public offering of 6,325,000 shares at $15 per share, raising $89.1 million, net of expenses, during the quarter. It incurred expenses of $438,000 for professional services related to an acquisition opportunity it decided not to pursue.

The company is predicting revenues of $33.2-34 million for the third quarter, and revenues of $129-131 million and bookings of $150-160 million for the full year. Submitted by

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