News - $600,000 Contract & Letter of Intent
Covalent Group, Inc. Announces $600,000 Contract For Speech Recognition Services in a Clinical Study
WAYNE, Pa., Nov. 17 /PRNewswire/ -- Covalent Group, Inc. (NASDAQ:CVGR) today announced receiving an award of a $600,000 contract to incorporate its propriety TeleTrial System, employing interactive speech recognition technology, with a previously announced $13.6 million clinical development study. The award of this additional contract brings the total value of the project to $14.2 million.
"TeleTrial is an extension of our Virtual HouseCall speech recognition platform and will provide important value added services to clinical studies that we conduct," commented Bruce LaMont, President and Chief Executive Officer. "Additionally, TeleTrial enhances our Company's ability to conduct larger and longer clinical studies.
More specifically, through TeleTrial we can offer our clients more efficient and cost effective access to study data by managing five important elements of a clinical study: shipment of medications; patient enrollment and randomization; retention of patients; clinical supplies management; and patient questionnaires."
Mr. LaMont continued, "We have also obtained a letter of intent for another application of TeleTrial for use in a prospective client's clinical study, and we continue to pursue additional opportunities for application of this proprietary technology."
Covalent provides drug development and health management solutions to pharmaceutical and device manufacturers, as well as managed care organizations. To aid its pharmaceutical and managed care customers, Covalent has developed a disease assessment system, Virtual HouseCall, and a clinical trial management system, TeleTrial, using interactive speech recognition technology.
This press release contains forward-looking statements...... |
