Covalent Signs $2.3 Million Contract for Cardiovascular Drug Trial

Covalent Group, Inc. has signed a $2.3 million contract with a biotechnology company for the conduct of a multinational Phase II trial of a new anti-thrombotic agent. This trial will assess the efficacy and safety of the study drug in an at-risk patient population. Work on the study is expected to begin immediately. Covalent will provide multiple services including consulting on trial design and protocol development, project and study site management, field operations, data management, biostatistical support, and medical writing. Revenues will be recognized on a proportional performance basis over the life of the contract as services are performed.

Kenneth M. Borow, M.D., Covalent Group’s president and chief executive officer, commented, “We are delighted to have been chosen by this new client to work on this Phase II trial involving a novel cardiovascular agent. If this trial is successful, it is anticipated that additional clinical research trials will be conducted by the Sponsor and that Covalent will be well positioned to participate in this potentially large development program.”