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Phase Forward authorizes up to $40M in buybacks

WALTHAM, Mass. (AP) - Phase Forward Inc., a data manager for clinical drug trials, said Wednesday that its board has authorized share buybacks of up to $40 million over the next year.

The company, based in Waltham, Mass., may buy back shares from time to time in the open market or in private deals. Phase Forward expects to fund the buybacks with cash on hand and cash generated from future operations.

The authorization does not require the company to buy back any specific number of shares and can be halted at any time.

Phase Forward shares rose 53 cents, or 3.9 percent, to $14.24 in afternoon trading. The stock is down 9 percent in the year to date.

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