Covalent Group signs contracts for $1.5 million for heart-failure studies

By Elaine Rigoli

Tampa, Fla., July 13 - Covalent Group, Inc. has signed two new business contracts in cardiovascular disease that have a total value of $1.5 million.

Covalent said it will provide consulting services and clinical operations support on both of these early phase clinical trials, which are offering new therapeutic approaches to patients with severe heart failure.

The first study uses gene therapy/transfer techniques in an attempt to correct a basic molecular abnormality present in patients with advanced heart failure.

The second study uses transplantation of bone-marrow mononuclear stem cells as a means of potentially improving the conditions for heart failure patients who are ineligible for conventional means of therapy.

These contracts are expected to begin in the current third quarter.

Revenue recognition for both contracts will occur on a proportional performance basis as services are performed on the specific clinical trial.

As previously announced, the company anticipates a second-quarter net revenue at the upper end of its previous guidance of $3 million to $3.4 million.

Covalent is a Wayne, Pa.-based clinical research organization.

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