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Print Edition StoriesMonday, April 27, 2009
Phase Forward pens expanded deal with Novo Nordisk
By Mass High Tech staff
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Clinical trials management company Phase Forward Inc. reports it has entered into a multi-year, multi-million dollar license and services agreement with Danish health care company Novo Nordisk.
The new deal, financial details of which were not released, expands upon the existing relationship between the two companies, according to company officials. Novo Nordisk says it will use Phase Forward’s electronic data capture product called InForm as its default data capture system across all clinical trial phases.
Waltham-based Phase Forward (Nasdaq: PFWD) has been serving up the InForm service to Novo Nordisk under an application service provider (ASP) arrangement since 2006, officials said. The Danish company says it is already using InForm to support trials in more than 30 countries.
Earlier this month, Phase Forward bought Waban Software, a Cambridge-based clinical data analysis and reporting applications maker, for $14 million cash. The acquisition will form the Waban Software Group within Phase Forward.
In September, Phase Forward acquired Radnor, Pa.-based Clarix LLC for $40 million in cash. Clarix makes web-based clinical trials software, focusing on interactive response technology for managing data during studies.
Phase Forward’s products and services have been used in clinical trials from Boston Scientific Corp., Dana-Farber Cancer Institute, the U.S. Food and Drug Administration, Harvard Clinical Research Institute and sanofi-aventis, among others.
Phase Forward posted revenue of $170.2 million for 2008, a 27 percent increase from $134.3 million in 2007. The company’s net income, however, was $13.8 million for 2008, compared to $29.2 million in 2007.
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