Phase Forward Announces Exercise of Underwriters' Over-Allotment Option

Phase Forward Incorporated (NASDAQ:PFWD), a provider of data management solutions for clinical trials and drug safety, announced today that the underwriters of its recent public offering of 5,500,000 shares of common stock exercised their over-allotment option to purchase an additional 825,000 shares of common stock. The closing of the purchase of the additional shares occurred today at a price of $15.00 per share for estimated net proceeds, before expenses, of approximately $11.7 million. All of the shares of common stock were issued and sold by Phase Forward pursuant to a shelf registration statement previously filed with the Securities and Exchange Commission and declared effective...

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