Phase Forward Named to FORTUNE Small Business 100 List of Fastest Growing Public Companies

Business Wire,  June 17, 2008  

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WALTHAM, Mass. -- Phase Forward (NASDAQ: PFWD), a leading provider of data management solutions for clinical trials and drug safety, has been named to the FORTUNE Small Business 100 list, ranking 38th among America's fastest growing small public companies.

To compile the eighth annual list, FORTUNE Small Business asked financial research firm Zacks to screen annual reports for public companies with annual revenue of less than $200 million and a stock price of more than $1. Within that group, companies were ranked based on the past three years' earnings growth, revenue growth and stock performance. The list appears in the July/August issue of FORTUNE Small Business, available July 7, and at http://money.cnn.com/magazines/fsb/fsb100/2008/index.html.

"We're pleased to be recognized by FORTUNE Small Business in this way," said Bob Weiler, CEO and president, Phase Forward. "Delivering trusted and proven products and advancing the latest technological innovations is at the core of everything we do, and our growth speaks to the dedication and commitment of our employees around the world. We'll continue to collaborate with our partners and customers to help ensure that critical, life-saving drug discovery and development work isn't mired by inefficient systems and processes."

Phase Forward closed 2007 with record revenues of $134 million, up 26 percent from 2006, and announced a 26 percent increase in revenues for the first quarter of 2008 over the same quarter last year.

About FORTUNE Small Business

FORTUNE Small Business is the premier magazine for - and about - small business owners, with the largest audience and rate base in the small business category. Through a partnership with American Express, FSB is distributed 10 times a year and reaches 1 million owners and partners of leading small businesses. With unmatched resources and access to the industry's most innovative thinkers, FSB delivers best practices, connects small business owners to a community of their peers and arms them with the inspiration and actionable advice they need to succeed. FSB, along with FORTUNE, Money, and the Website CNNMoney.com, is part of The Fortune|Money Group. Time Inc. is a division of Time Warner, a leading media and entertainment company.

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 (InForm[TM]), phase I clinic automation (LabPas[TM]), clinical data management (Clintrial[TM]), clinical trials signal detection (CTSD[TM]), strategic pharmacovigilance (WebVDME[TM] and Signal Management), adverse event reporting (Empirica[TM] Trace) and applied data standards (WebSDM[TM]). 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.

Cautionary Statement

Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, Phase Forward's expectations and assumptions concerning management's forecast of financial performance, the performance of Phase Forward's products and services, future business and operations plans of Phase Forward's customers, the ability of Phase Forward's customers to realize benefits from the use of Phase Forward's products and services, and management's plans, objectives and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond Phase Forward's control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things, changes in our customers' industries; our ability to convince prospective customers to adopt our solutions; competition; changing customer requirements; governmental regulation; our ability to maintain profitability; fluctuations in our operating results; long sales and implementation cycles; our dependence on a limited number of customers or suppliers; product performance; third party service interruptions or delays; technology failures; our ability to maintain customer relationships and contracts; our ability to retain and hire skilled personnel; our ability to protect our intellectual property rights; product liability or intellectual property infringement claims brought against us; acquisitions; our ability to manage our rapid growth; our ability to obtain capital when desired on favorable terms; and the volatility of the market price of our common stock. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Phase Forward undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by Phase Forward, see the disclosure contained in Phase Forward's public filings with the Securities and Exchange Commission including, without limitation, its most recent Annual Report on Form 10-K.

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