Phase Forward prices IPO shares

Phase Forward Inc., which makes clinical trial and drug safety software, expects to raise about $78 million from a public offering of 5.5 million shares of its stock.

The company priced the offering at $15 per share on Tuesday.

Phase Forward said the offering should close May 29. Underwriters have the option to buy up to 825,000 additional shares for over-allotments.

Thomas Weisel Partners LLC and UBS Investment Bank are joint underwriters for the offering. Piper Jaffray & Co., Craig-Hallum Capital Group LLC and Pacific Crest Securities are co-managers for the deal. (AP)