Companies to Sign Multi-Year Marketing Agreement, Phase Forward to Become Covance’s Preferred Solution Provider for Electronic Data Capture and IVRS/IWRS

Please note the revised Cautionary Statement paragraph.

The corrected release reads:

PHASE FORWARD AGREES TO ACQUIRE COVANCE’S INTERACTIVE VOICE AND WEB RESPONSE SERVICES BUSINESS

Companies to Sign Multi-Year Marketing Agreement, Phase Forward to Become Covance’s Preferred Solution Provider for Electronic Data Capture and IVRS/IWRS

Phase Forward (NASDAQ: PFWD), a leading provider of data management solutions for clinical trials and drug safety, today announced that it has signed an agreement to purchase the Interactive Voice & Web Response Services (IVRS/IWRS) business of Covance Inc. (NYSE: CVD) for $10 million in cash. As part of this transaction, Phase Forward and Covance have also agreed to enter into a multi-year marketing agreement to provide Phase Forward’s market leading InForm™ electronic data capture (EDC) solution and Clarix™ interactive response technology solution to Covance clients.

Phase Forward expects the purchase, which is subject to customary closing conditions, to be completed by the end of August.

“Covance and Phase Forward are committed to working together to deliver best-of-class solutions to our clinical trial customers,” said Bob Weiler, chairman and CEO of Phase Forward. “Covance has been a pioneering leader in the IVRS/ IWRS market and we look forward to building upon their success. We are also pleased to solidify our long-term strategic relationship with one of the world’s leading and most successful CROs.”

“Covance remains fully committed to providing our clients with integrated drug development solutions, including advanced technology for supporting clinical trials,” said Joe Herring, chairman and CEO of Covance. “We are delighted to broaden our relationship with Phase Forward, our preferred provider of EDC software for clinical trials, to include market leading IVRS/IWRS technology for clinical trials.