DURHAM – Velocity Clinical Research is doubling in size with its latest acquisitions announced today.
The Durham-based clinical site organization has acquired Advanced Clinical Research (ACR) and Rapid Medical Research (RMR), adding six sites to the existing organization.
The startup’s geographic footprint now extends to 10 sites in seven states.
ACR, specializing in multi-therapeutic clinical research, has research centers in California, Idaho, Texas, Utah, and Washington. RMR, meanwhile, is based in Cleveland, Ohio, and has conducted a reported 700 clinical trials in dozens of indications.
“We are delighted to add ACR and RMR to the team,” said Paul Evans, Velocity’s CEO, in a statement. “They bring everything we are looking for in an acquisition: clinical research expertise, commitment to best practices, fiscal health, and strong growth potential.”
He also hinted at other “equally strong” acquisitions in the pipeline.
“Velocity Clinical is heading into 2020 right where we want to be,” he said.
Founded by Bruce Tomason, the former CEO of One Call Medical, Alterna, and Copernicus, Velocity Clinical has been on a shopping spree since its launch in 2017.
Flush with cash after raising more than $20 million in equity last year, the firm had already purchased a number of sites earlier this year.
They include: a clinical research facility in Grant’s Pass, Oregon; 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.
