Phase Forward to buy back $25M in shares

By Mass High Tech staff

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Following a previously announced $40 million share repurchase program, Waltham-based Phase Forward Inc. said it will be repurchasing an additional $25 million of its common stock. The repurchase program will close by Dec. 31.

The company said in a press release that it will use cash on hand, or cash coming from future operations, to pay for the repurchase of common stock.

Phase Forward (Nasdaq: PFWD) provides data management services and products for clinical trials and drug safety.

Last August, the company completed its $10 million cash acquisition of the Interactive Voice and Web Response Services business of Covance Inc. The agreement called for Phase Forward to provide Covance clients with its InForm electronic data capture software and Clarix Interactive Response Technology application.

Phase Forward announced several deals last summer including its partnership expansion with SGS Life Sciences Services and its $11 million acquisition of Maaguzi LLC, a provider of web-based, electronic patient reported outcomes.

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