News - 4.2mm Clinical Development Study
Covalent Group, Inc. to Conduct $4.2 Million Clinical Development Study
WAYNE, Pa., May 6 /PRNewswire/ -- Covalent Group, Inc. (Nasdaq: CVGR)
today announced signing a $4.2 million contract with a leading pharmaceutical firm to conduct a Phase III clinical study over the next two years.
Kenneth M. Borow, M.D., President and Chief Medical Officer commented, "This study represents Covalent's third recent contract to conduct a large multicenter, multiyear cardiovascular trial of pharmacologic interventions to reduce coronary atherosclerosis.
These studies are particularly exciting since they bring together cutting edge science with state-of-the-art coronary artery imaging (intravascular ultrasound and electron beam computed tomography).
These techniques quantitatively assess the impact of drug interventions to combat the number one killer of men and women in the United States. All three studies will utilize Covalent's proprietary TeleTrial System which facilitates centralized patient randomization as well as drug dispensing and tracking. Moreover, this system will help accelerate each study's timeline and reduce drug costs for the sponsors while interfacing closely with Covalent's core competency in advanced clinical research."
Bruce LaMont, Chief Executive Officer said, "These new projects present the opportunity to demonstrate once again our Company's experience and expertise in providing innovative solutions to meet client needs. Additionally, it follows the favorable operating results reported for the first quarter and helps solidify achieving our growth and profit objectives for the year."
Covalent provides drug development services and health management
solutions to pharmaceutical, biotechnology, and device manufacturers as well as managed care organizations......
This press release contains forward-looking statements..... |
