Press Release – August 25, 2005

Covington Associates Advises Lincoln Technologies in its Sale to Phase Forward

Boston, MA — August 25, 2005 — Covington Associates LLC announced today that it acted as the exclusive sell-side advisor to Lincoln Technologies, Inc. (“Lincoln”) in its sale to Phase Forward (NASDAQ:  PFWD), a Waltham, MA based leading provider of data management solutions for clinical trials and drug safety.   The terms of the transaction were not disclosed.

Lincoln Technologies, based in Wellesley, MA is a market leading provider of products and services for strategic pharmacovigilance, clinical trial safety signal detection and applied data standards.  Lincoln’s software and solutions perform data mining to monitor the safety profile of marketed pharmaceuticals, as well as detect potential safety problems during the pre-marketing clinical trials stage of a new drug.  Their solutions are utilized by large pharmaceutical companies to help them meet increasingly stringent regulatory guidelines set by the FDA.  The acquisition of Lincoln will allow Phase Forward to become a market leader in the rapidly growing drug safety market.

According to Chan Russell, President of Lincoln Technologies, “We believe this transaction offers a significant growth opportunity for us and the Lincoln Technologies/Phase Forward combination is ideally suited to meet our customers’ critical needs in managing product safety throughout the drug development life cycle.”

Ben Dunn, a Managing Director at Covington Associates and lead advisor to Lincoln on the transaction, was quoted as saying “This transaction enables Phase Forward to fully participate in the burgeoning drug safety market with a leading solution and team.”

About Lincoln Technologies, Inc.

Lincoln Technologies delivers integrated software solutions and services to pharmaceutical and biotechnology companies. Lincoln’s innovative, industry-leading suite of products for Strategic Pharmacovigilance, Signal Management, Clinical Trials Signal Detection and Applied Data Standards helps companies manage risk and submit data effectively and efficiently.  Lincoln’s products are complemented by a range of software development services, allowing our clients to take advantage of a common technical framework to deploy targeted custom solutions rapidly and effectively. To learn more about Lincoln, please visit

About Covington Associates LLC

Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare and technology companies throughout the country.  Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to over $1 billion for both private and publicly traded companies.  To learn more about Covington Associates, visit