Feb 17 2010
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.