RESEARCH TRIANGLE PARK – RTI International is making its second investment of the spring, joining Raleigh-based NovaQuest Capital Management in a deal for a majority interest in Clinical Ink, which focuses on technology to reduce the cost of clinical trials.
Financial terms were not disclosed.
Clinical Ink, which launched in 2007, is based in Winston-Salem. The company says it provides software and solutions “purpose-built to capture data electronically at the point of care.” Its lead product, SureSource, “dramatically reduces development costs and timelines from Start to Submit.” the company says.
The investment is described as a “majority recapitalization” of Clinical Ink with RTI as a “strategic co-investor” with NovaQuest.
Clinical Ink said NovaQuest had “acquired a majority of the outstanding shares of the company from existing investors and provided a substantial infusion of additional growth capital.”
“Advancements in data collection technology will enable clinical trial sponsors to improve protocol execution and ultimately shorten the clinical trial lifecycle” said E. Wayne Holden, CEO of RTI International. “Clinical Ink’s technology aimed at providing real-time access to high-quality study data is complementary to RTI’s scientific leadership in the areas of patient reported outcomes and large-scale data collection used in a variety of research studies. Advancing new clinical trial technology is well aligned with RTI’s mission to improve the human condition by turning knowledge into practice.”
In April, RTI said it had invested an undisclosed amount of money and would provide what it calls “strategic support” to PierianDx, which has offices in St. Louis and India. Pierian is focused on turning genomic data into advances in medical science.
RTI had invested previously in spinouts of technology its teams have developed and recently launched a startup, the direct investment represents a chance for the international nonprofit institute, which dates back to 1958.
“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, in the announcement “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.”
Earlier this year, Clinical Ink set out to raise $2.5 million in new capital.
“RTI’s global reach, scale, and depth of scientific expertise is wonderful to have as a co-investor,” said Ed Seguine, CEO of Clinical Ink, in a statement. “Having support from NovaQuest and RTI, who are both deeply experienced in the life sciences and clinical research sectors, is ideal for us as we commence the next stage of growth for Clinical Ink.”
NovaQuest’s deal making
NovaQuest raised a new $60 million in late 2017 and earlier this year acquired two life science companies, including Triangle-based Viamet.
“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.”
NovaQuest has more than $1.8 billion under management.
