News - Change In Ownership
Covalent Group, Inc. Announces Change in Ownership Structure
WAYNE, Pa., Jan. 18 /PRNewswire/ -- Covalent Group, Inc. (Nasdaq: CVGR) announced today that a private investment firm has exercised its option to purchase the balance of shares of the Company's common stock held by Bruce LaMont, Chief Executive Officer of Covalent.
Mr. LaMont, who owned 4,765,293 shares or 39% of Covalent, has sold substantially all of his interest in the Company to Covalent Partners, LLC.
The managing member of Covalent Partners, LLC is Richard D. Propper, M.D., a veteran medical researcher and venture capitalist whose latest startup, medibuy.com, has recently filed its S1 registration statement with the SEC.
The medibuy.com IPO is scheduled to become effective in early March and is being underwritten by Goldman, Sachs & Co. and Donaldson, Lufkin, & Jenrette.
Kenneth M. Borow, M.D., President of Covalent, said, "We are extremely excited to begin working with Dr. Propper and his colleagues. They bring with them a broad range of business experience and an extensive network of contacts and relationships in the financial, pharmaceutical, academic and e-healthcare communities. I believe their guidance and support will help Covalent grow into a leading and unique international clinical research organization."
Covalent Group, Inc. provides drug development services and health management solutions to pharmaceutical, biotechnology, and device manufacturers as well as managed care organizations. To aid its customers, Covalent has developed several currently available proprietary products utilizing interactive speech recognition technology that significantly improves the efficiency of conducting clinical trials, including TeleTrial(R), and Virtual HouseCall(R), a disease assessment system.
This document contains statements of a forward-looking nature...... |
