Phase Forward Acquires Clinsoft
-- Creating End-to-End Solution for Accelerating Clinical Development --
Waltham, Mass. - August 14, 2001 -- Phase Forward Incorporated, the pioneer in proven e-process solutions for accelerating global pharmaceutical development, today announced its has acquired Clinsoft Corporation, the world's largest provider of clinical research systems. With this merger, Phase Forward solidifies its position as the leading supplier of e-clinical systems for drug development. The Company now provides a seamless Web-based solution that integrates the industry's leading front-end clinical trial management system, Phase Forward's InForm(tm) solution, with the leading back-end clinical data management system, Clinsoft's Clintrial(tm) solution. This development establishes Phase Forward's footprint in the regulatory area of safety management through Clinsoft's Clintrace(tm) product line, the industry's premier safety reporting and tracking system.
"This merger executes on Phase Forward's commitment to deliver end-to-end clinical development solutions at the enterprise level, and it creates a world-class business partner for our customers," said Shiv Tasker, president and CEO of Phase Forward. "We identified a tremendous opportunity to build upon our offerings to this market with the union of two clear industry leaders. The many synergies, including market vision, enabling technologies, and management style, that we identified in Clinsoft made the company a perfect fit for Phase Forward. We intend to fully leverage these synergies, along with Clinsoft's international presence in Japan and Australia, to develop solutions for our global customers that provide competitive advantage and increased financial benefits."
Tasker continued, "We gain the opportunity to expand upon strong and successful customer relationships that Clinsoft has fostered. We view the continuation of key customer partnerships with companies such as Glaxo SmithKline, Novartis, AstraZeneca, Aventis, Sanofi, Schering-Plough, Bayer, Otsuka and Schering AG, as meaningful growth opportunities for Phase Forward in the long term. Our mutual customers have indicated their strong support for a merged solution and have reaffirmed their commitment to Clinsoft's software products, including the Clintrial and Clintrace solutions."
Phase Forward's decision to acquire the company was driven by Clinsoft's strong track record of success. This success is the result of several factors, including the depth of Clinsoft's product lines and its understanding of the special regulatory, competitive and customer needs of the drug development market, and its vision for the future of the market. Clinsoft also has a strong customer base of more than 220 pharmaceutical, biotech, CRO, academic institutions and medical device companies.
Dean Goodermote, chairman and CEO of Clinsoft, said "We are excited about the value that Phase Forward will bring to our customers in the drug development market, which is rapidly embracing the Internet as a business strategy to accelerate clinical development. The expanded R&D resources of the combined company will help us better serve the future needs of our customers. Phase Forward's experience in ASP services will also allow us to offer Clintrial and Clintrace to more new customers."
Phase Forward plans to aggressively market both the Clintrial clinical data management solution and the Clintrace safety reporting system. Phase Forward's product development plans call for the integration of both these products with its InForm clinical trial management system.
Phase Forward is now the only vendor to offer such a broad range of clinical development solutions, functionality and implementation options to pharmaceutical, biotech and medical device companies. There will be continued support for all channel and technology partners, including those that offer competing product lines. The expanded R&D resources of Phase Forward will aggressively pursue new functionality and products such as common global libraries for Web- and paper-based systems, data warehousing solutions, data trend analysis and clinical trial management applications.
The financial terms of this agreement were not disclosed.
About Phase Forward Incorporated
Phase Forward Incorporated is the pioneer in proven e-process solutions for accelerating global pharmaceutical development. Phase Forward's InForm software product uses Internet technologies to conduct and manage clinical trials efficiently and effectively. The InForm software product has been used in more than 150 clinical trials worldwide. Its software and service solutions allow sponsors of clinical trials to eliminate the need to transcribe and process traditional paper data forms, to access global clinical trial data in real-time, and to begin data analysis almost immediately after the last patient has visited the clinic. Phase Forward believes that use of its InForm software product by clinical trial sponsors has the potential to cut one to two years off the current seven to nine years it takes to bring new drugs to market, enabling them to increase their revenue potential. Phase Forward Incorporated, a privately held company, is headquartered in Waltham, Mass. Additional information about Phase Forward is available at http://www.phaseforward.com .
About Clinsoft
Clinsoft(tm) Corporation, formerly Domain Pharma Corporation, is the world's largest provider of clinical research systems. As the industry standard for the biopharmaceutical and related industries, Clinsoft's technology enables companies to dramatically streamline their business processes, while ensuring the highest data quality, allowing companies to focus development resources on product "winners" sooner. Clinsoft's products include Clintrial*, the market-leading clinical database management system (CDMS) and Clintrace*, the leading system for adverse events tracking and reporting. Expanding on its Clintrial and Clintrace systems, the Clinsoft Clinical Application Platform* enables integration with applications from all phases of the clinical research process on a single, unified platform. Its clinical data tools support regulatory reporting in the U.S., Europe, Australia and Japan. For more information, visit www.clinsoft.net.
Phase Forward and InForm are trademarks or registered trademarks of Phase Forward Incorporated in the United States Patent and Trademark Office and other jurisdictions. Clinsoft, Clintrial and Clintrace are trademarks of Clinsoft Corporation. All other trademarks may be the property of their respective owners.