DURHAM – Velocity Clinical Research is determined to grow its portfolio quickly, to say the least.
The Durham-based company has acquired its fourth site in almost as many months, adding a new state-of-the-art clinical research facility in Grant’s Pass, Oregon.
Earlier this year, Velocity acquired its first three sites: Clinical Research Institute of Southern Oregon (CRISOR) of Medford, Oregon; New Horizons Clinical Research (NHCR) of Cincinnati, Ohio; and MD Clinical of Hallandale Beach, Florida.
Apparently, it’s all part of a larger plan to become “one of the leading site organizations in the world.”
“We have said from the beginning that we intend to build Velocity Clinical by combining acquisitions with organic growth,” Dr. Paul Evans, Velocity’s CEO, said in a statement.
“Acquisitions allow us to move into new markets and increase capacity quickly, while organic growth lets us take advantage of our already considerable expertise and expand into underserved areas. These sites open day one with experienced clinical research staff and active relationships with sponsors and CROs.”
Dr. Kevin Parks
Medical director, Dr. Kevin Parks, will head up the Grant’s Pass location after having served Velocity’s existing site in Oregon.
He received his medical degree from the University of California at San Diego in 2001, and completed his internship and residency in internal medicine at the University of North Carolina at Chapel Hill. Later, he served his fellowship training in allergy and immunology at Creighton University. He is board certified in Internal Medicine and Allergy, Asthma, and Immunology and has conducted more than 400 clinical trials since 2006. Dr. Parks commented
“I am delighted to be taking the medical lead on the first expansion site for Velocity Clinical,” said Dr. Parks. “The Medford site has been a huge success and I’m confident Grant’s Pass will build on that.”
Founded in 2017, Velocity is the brainchild of Chapel Hill-based Bruce Tomason, the former CEO of One Call Medical, Alterna, and Copernicus.
Late last year, the company raised more than $20 million in equity to jumpstart its shopping spree of sites.
At the time, the company told WRAL TechWire that it was actively pursuing additional acquisitions and was even open to starting new sites.
He added that Velocity decided to make Durham its headquarters, in part, to be close to its target client base, biopharma companies and contract research organizations (CROs).
“There is also a highly skilled and experienced life science workforce in the Triangle that we can tap into,” he said.
Durham-based Velocity Clinical raises more than $20M to purchase 3 research sites
