Clinical Ink To Accelerate Innovation And Growth With Major Investment By NovaQuest Private Equity
PHILADELPHIA and RALEIGH, N.C. and WINSTON-SALEM, N.C., May 14, 2018 -- Clinical Ink, the pioneering provider of eSource and next-generation ePRO/eCOA solutions for clinical development, today announced that the private equity team at NovaQuest Capital Management, L.L.C. ("NovaQuest") has acquired a majority of the outstanding shares of the company from existing investors and provided a substantial infusion of additional growth capital. The deep clinical, operational, and financial resources of NovaQuest will allow Clinical Ink to aggressively pursue growth opportunities and fuel investment in new products and operational capabilities.
"The pharmaceutical industry is anxiously seeking technology solutions that reduce costs and simplify clinical trials for patients, sites, sponsors and CROs," said Ed Seguine, CEO of Clinical Ink. "Clinical Ink's new partnership with NovaQuest is a testament to our strong financial performance and validation of our approach to provide a better clinical trial experience. The landscape of emerging clinical technology companies is littered with unrealized potential and we now have the resources, expertise, and relationships to successfully compete with the entrenched legacy providers to establish a new business model for conducting clinical trials."
"Clinical Ink is uniquely positioned to address the most challenging problems associated with conducting clinical trials," said Michael Sorensen, Partner at NovaQuest. "NovaQuest's experience directly funding major clinical programs with the world's largest pharmaceutical companies affords us deep insights into the opportunities to fundamentally improve this complex process. The Clinical Ink management team has achieved notable success and the company is at a critical inflection point where NovaQuest's expertise and relationships can help the company accelerate growth and continue to innovate."
RTI International, a leading research institute, provide strategic co-investment in support of Clinical Ink, to help solve the problem of reducing the cost and complexity of clinical research for sites, sponsors and patients. "We are excited to be a co-investment partner with NovaQuest and extend our healthcare and life sciences expertise to Clinical Ink," said Matt Jenkins, vice president and head of corporate development at RTI. "This deal fits well with our philosophy of investing alongside strong management teams and investment partners in high growth markets with a connection to our core research work and mission."
In a related transaction, Silicon Valley Bank also provided a flexible credit facility to Clinical Ink.
Baird served as exclusive financial advisor to Clinical Ink while Hogan Lovells provided the company legal advice. Wyrick Robbins provided legal advice to NovaQuest.
About Clinical Ink
Founded in 2007, Clinical Ink is dedicated to transforming clinical development with innovative technologies that make clinical research easier for patients, sites and sponsors. Clinical Ink's SureSource® platform directly captures eSource, ePRO, and eCOA data and documents and facilitates risk-based monitoring. Our approach puts the focus on protocol execution by focusing on the critical moments that matter. Clinical Ink maintains offices in Winston-Salem, NC and Philadelphia, PA. Find more at www.clinicalink.com.
About NovaQuest Capital Management, L.L.C.
NovaQuest Capital Management is a leading investor in life sciences and healthcare through its Product Finance and Private Equity strategies. NovaQuest was formed in 2000 with the vision of building an investment platform to provide strategic capital to life sciences and healthcare companies. Today, NovaQuest Capital Management manages over $1.8 billion through its Product Finance and Private Equity strategies. The investment team consists of highly seasoned operational and investment professionals with significant investment experience and deep life science and healthcare expertise. Furthermore, NovaQuest benefits from an extensive network of industry experts and relationships that assist in identifying, analyzing and growing NovaQuest portfolio companies and investments. For more information, please visit www.novaquest.com.
About RTI International
RTI International is an independent, non-profit research institute dedicated to improving the human condition. Clients rely on us to answer questions that demand an objective and multidisciplinary approach—one that integrates expertise across the social and laboratory sciences, engineering, and international development. We believe in the promise of science, and we are inspired every day to deliver on that promise for the good of people, communities, and businesses around the world. For more information, visit www.rti.org.
Media Contact: Jessica Romero t: 336.728.6541 | Jessica.romero@clinicalink.com