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Biotech / Medical : Covalent Group Inc (CVGR) an undiscovered CRO -- Ignore unavailable to you. Want to Upgrade?

To: JanyBlueEyes who wrote (84)	11/16/1999 10:27:00 AM
From: JanyBlueEyes	Read Replies (1) \| Respond to of 107

News - $4mm Contract, New Hdqtrs in Europe Covalent Group, Inc. Announces Contract for $4 Million Development Study In Europe and Canada and the Opening of New European Headquarters in London WAYNE, Pa., Nov. 16 /PRNewswire/ -- Covalent Group, Inc. (Nasdaq: CVGR) today announced it has been awarded a $4 million contract to conduct an international Phase III clinical development study in Italy, France, Germany, The Netherlands and Canada. The Company said the study's European sites will be managed from its new European headquarters in London. This brings the total Company backlog to $27 million, as compared to $11 million at September 30, 1998. In addition, the Company said that its proprietary TeleTrial(R) speech recognition platform, which has been recently enhanced to include multi-lingual capabilities, will be used with these trials in both Europe and Canada. TeleTrial(R) offers clients more efficient and cost effective research trials by managing five important elements of a clinical study: patient enrollment, randomization and stratification; "just-in-time" management and tracking of study medications, devices, and biologics; retention of patients; clinical supplies management; and patient questionnaires, surveys and diaries. Kenneth M. Borow, M.D., President and Chief Medical Officer of Covalent, said, "The opening of the European headquarters enables us to bring to bear the broad international experience of Covalent's key staff especially in the areas of clinical services, project management, regulatory affairs, data management and financial services and permits the Company to compete more effectively in the international arena." Dr. Borow continued, "This new study marks the fifth recent contract for Covalent to conduct a multicenter, multiyear trial directed towards the reduction of coronary heart disease. The cutting-edge ultrasound techniques to be used in this study allow detailed assessments of the effects of drug interventions on coronary atherosclerosis, the leading cause of death in North America and Europe. Furthermore, with the new study, we will utilize Covalent's proprietary speech recognition system, TeleTrial(R), in European and Canadian environments. In so doing, we will be able to accelerate the study's timeline and reduce our client's drug costs. This contract is in line with our current strategic plan to offer full contract research organization (CRO) services to our clients in the United States, Canada, Western Europe, Eastern Europe and the Middle East." Covalent 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 including TeleTrial(R), for use in clinical trials, and Virtual HouseCall(R), a disease assessment system. This press release contains forward-looking statements.....