Phase Forward Inks Multi-Year Agreement with Major Eastern European Pharmaceutical Company Gedeon Richter
Gedeon Richter to Leverage Phase Forward's Clinical Data Management System Throughout its Global Clinical Development Programs
WALTHAM, Mass.--(BUSINESS WIRE)--Oct. 1, 2009-- Phase Forward (NASDAQ: PFWD), a leading provider of data management solutions for clinical trials and drug safety, today announced a multi-year agreement with Gedeon Richter Plc., one of Central-Eastern Europe's leading pharmaceutical companies with more than 10,000 employees worldwide. Gedeon Richter plans to adopt Phase Forward's ClintrialTM product for its clinical trial data management activities.
Founded in 1901 and headquartered in Budapest, Hungary, Gedeon Richter's world-class organization manufactures and markets generic pharmaceutical products for the treatment of a variety of therapy areas including gynecology and cardiology. After completing a rigorous competitive product review, Gedeon Richter selected Phase Forward for its comprehensive solutions and the quality of its services delivery team.
"After an intense review process, Phase Forward's dedicated services organization and proven Clintrial product made our decision a clear one," said György Németh, medical director, Gedeon Richter. "We know that we are collaborating with the premier technology provider for clinical trials - and we look forward to garnering the benefits inherent in greater drug trial efficiencies."
"We're proud to be working with Gedeon Richter, one of Central-Eastern Europe's leading pharmaceutical companies and an organization dedicated to the kind of drug development work that will lead to much-needed new and generic therapies," said Steve Powell, senior vice president, Phase Forward. "It's gratifying to have a company of Gedeon Richter's reputation choose Phase Forward after such an extensive, thorough review process."
About Gedeon Richter Plc.
With a market capitalisation of about US$3.9 billion, Gedeon Richter had 2008 consolidated sales of about US$1.4 billion. Gedeon Richter plays the role of a regional multinational company in Central-Eastern Europe and in the CIS, and has a growing presence through its commercial subsidiaries in key EU countries, and the USA. The company has a worldwide presence through its representative offices and subsidiaries in more than 30 countries. It has manufacturing sites in Hungary, Russia, Romania, Poland, India and a R&D biotechnology joint venture in Germany. The product portfolio of the company covers almost all important therapeutic areas. With its widely acknowledged steroid chemistry expertise, the company is a significant player in the gynaecological field worldwide. 16% of the company's revenues results from original drug research and development activity. Additional information about Gedeon Richter is available at www.richter.hu.
About Phase Forward
Phase Forward is a leading provider of integrated data management solutions for clinical trials and drug safety. Phase Forward's products and services have been utilized in over 10,000 clinical trials involving more than 1,000,000 clinical trial study participants at over 290 organizations and regulatory agencies worldwide including: AstraZeneca, Boston Scientific, Dana-Farber Cancer Institute, Eli Lilly, the U.S. Food and Drug Administration, GlaxoSmithKline, Harvard Clinical Research Institute, Merck Serono, Novartis, Novo Nordisk, PAREXEL International, Procter & Gamble, Quintiles, sanofi-aventis, Schering-Plough Research Institute, Servier, SGS, Tibotec and the U.K. Medicines and Healthcare Products Regulatory Agency. Additional information about Phase Forward is available at www.phaseforward.com.
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, the performance and features of Phase Forward's products and services, demand for Phase Forward's products and services, future business and operations plans of a Phase Forward customer, and the ability of Phase Forward's customers to realize benefits from the use of Phase Forward's products and services. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond Phase Forward's control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things, the ability of Phase Forward's customers to realize benefits from the use of its products and services, the possibility that customers' needs or plans may change over time, the possibility that the level of demand for Phase Forward's products and services may vary, regulatory changes and competition. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Phase Forward undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by Phase Forward, see the disclosure contained in Phase Forward's public filings with the Securities and Exchange Commission including, without limitation, its most recent Annual Report on Form 10-K.