WALTHAM, Mass. - (Business Wire) Phase Forward (NASDAQ: PFWD), a leading provider of data management solutions for clinical trials and drug safety, today announced that in connection with its September 5, 2008 acquisition of Clarix LLC and in accordance with NASDAQ Marketplace Rule 4350, the company has granted shares of its common stock, in the form of stand-alone restricted stock units, or RSUs, as an inducement to the three founder employees and approximately 71 other employees of Clarix.
The former chief executive officer and president of Clarix, Jagath Wanninayake, who is becoming vice president, Clarix Products Group, was granted 80,620 RSUs. Adrian Talapan, who is becoming chief technologist of Clarix Products Group, was granted 50,141 RSUs. Graham Wert, who is becoming chief architect of Clarix Products Group, was granted 29,495 RSUs. The RSUs granted to the three founder employees vest as follows: 20 percent on the first anniversary date of the acquisition, 40 percent on the second anniversary date of the acquisition and 40 percent on the third anniversary date of the acquisition.
In addition, Phase Forward plans to grant an aggregate of 50,000 RSUs as an inducement to approximately 71 other individuals employed by Clarix at the time of the closing of the acquisition. These RSUs vest over a four-year period as follows: 50 percent on the second anniversary date of the acquisition, 25 percent on the third anniversary date of the acquisition and 25 percent on the fourth anniversary date of the acquisition. All RSUs granted in connection with the acquisition require that the respective recipient continue to be an employee of Phase Forward through each applicable vesting date and are subject to possible partial accelerated vesting under certain circumstances. The RSUs for the founder employees have been approved by the Compensation Committee of Phase Forward’s Board of Directors with an effective date of September 5, 2008. The remainder of the RSUs have been approved preliminarily by the Compensation Committee of Phase Forward’s Board of Directors, subject to final approval following the closing and final determination of the allocation of the 50,000 RSUs among the employees.
About Phase Forward
Phase Forward is a leading provider of integrated data management solutions for clinical trials and drug safety. The company offers proven solutions for electronic data capture (InFormTM), phase I clinic automation (LabPasTM), clinical data management (ClintrialTM), clinical trials signal detection (CTSDTM), strategic pharmacovigilance (Empirica SignalTM) and Signal Management, adverse event reporting (Empirica TraceTM) and applied data standards (WebSDMTM). In addition, the company provides services in the areas of application implementation, hosting and validation, data integration, business process optimization, safety data management and industry standards. Phase Forward’s products and services have been utilized in over 10,000 clinical trials involving more than 1,000,000 clinical trial study participants at over 280 organizations and regulatory agencies worldwide including: AstraZeneca, Boston Scientific, Dana-Farber Cancer Institute, Eli Lilly, the U.S. Food and Drug Administration, GlaxoSmithKline, Harvard Clinical Research Institute, Merck Serono, Novartis, Novo Nordisk, PAREXEL International, Procter & Gamble, Quintiles, sanofi-aventis, Schering-Plough Research Institute, Servier, Tibotec and the U.K. Medicines and Healthcare Products Regulatory Agency. Additional information about Phase Forward is available at www.phaseforward.com.
Public Relations:
Phase Forward
Elaine Maynard, 781-902-4371
Elaine.Maynard@phaseforward.com
or
Investor Relations:
ICR
Timothy Dolan, 617-956-6727
Timothy.Dolan@icrinc.com
