DURHAM – Pro-ficiency, a provider of technology-enabled training and compliance solutions for clinical trial investigators and site staff, has a new strategic partner, NovaQuest Private Equity.
The Raleigh-based PE firm appears to have invested $3 million in the Durham-based startup, according to an SEC filing submitted in March and a press release issued by the company announcing the deal in late February.
According to a LinkedIn post published on the platform by Kasem Mohsen, the chief operating officer of Pro-ficiency, and listed as an executive officer on the SEC filing, the deal goes beyond a strategic investment. “HUGE announcement: Pro-ficiency has been acquired by NovaQuest Capital Management,” wrote Mohsen.
In the same post, Mohsen shared that the company, which he joined 18 months ago, experienced a 500% growth in EBITDA, a 25% growth in margin, “a flurry of term sheets, and a break-neck speed to close with one of the top PE firms in life sciences.”
Pro-ficiency also welcomed a new CEO in early March. The company announced this leadership change the same week that the SEC filing was submitted, and the filing was signed by the new CEO Michael Raymer.
“Pro-ficiency is excited to partner with NovaQuest, a firm with unparalleled global pharma and life sciences relationships and a proven track record of successfully supporting market-leading businesses in their next phase of growth,” said David Hadden, co-founder of Pro-ficiency, in a statement.
“With NovaQuest’s growth equity investment, Pro-ficiency is well-funded to continue changing the paradigm of clinical trial training,” added Hadden, who will remain involved with the company with the title of chief game changer.
Raymer joins the startup company after 25 years of executive experience leading teams and companies developing healthcare enterprise software, medical devices, diagnostics, and consumer health products, the company shared in a release, which includes roles in leadership at Microsoft, GE Healthcare, and M*Modal.
“Pro-ficiency is in a truly unique position to meet an urgent market need, and to do so in a way that improves clinical trial conduct long term,” said Raymer in a statement.
“Simulation-based training has been the standard in so many mission-critical professions for years,” he added. “The pandemic has been the tipping-point for clinical trials to adopt new training approaches that will likely remain the standard in the future.”
According to the company, it is experiencing rapid growth, particularly for clients leading complex Phase 3 global studies, and has expanded into the Phase 2 study arena. Raymer was hired “to expedite Pro-ficiency’s growth trajectory and position the organization as a leader in the study start-up and clinical trials training space,” the company shared in a statement.
“Our customers are developing innovative products that require rigorous compliance across increasingly complex and global trials,” said JoAnne Schaberick, co-founder of Pro-ficiency, in a statement announcing the strategic investment from NovaQuest. “NovaQuest’s expertise in life sciences and clinical trials will be invaluable as we continue to expand our team and offering to consistently surpass expectations and meet the needs of our valued customers,” she added. Schaberick will continue her role as chief awesomeness officer, according to the company.
Hadden previously founded TheraSim, and prior to selling the company to WebMD, hired Schaberick and Mohsen, who would later co-found and join Pro-ficiency, respectively. Mohsen is also the founding partner of Equilibrium Impact Ventures, which designs and manages venture funds that support sustainable social impact, and according to Mohsen’s LinkedIn profile allocates at least two-thirds of its capital to diverse founding teams.
Deal terms were not announced by the company at the time the press statement was released.
WRAL TechWire has not yet been able to reach the company for further comment.
