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DrugDev, the industry?s largest global network of active clinical trial doctors, today announced its acquisition of TrialNetworks.
TRIALNETWORKS JOINS THE DRUGDEV FAMILY OF TECHNOLOGY-DRIVEN SOLUTIONS TO ADVANCE THE COMMON GOAL OF ENABLING MORE EFFICIENT CLINICAL TRIALSAudubon, PA and Newton, MA – 5 May 2014 — DrugDev, the industry’s largest global network of active clinical trial doctors, today announced its acquisition of TrialNetworks. The award-winning TrialNetworks platform is a Clinical Trial Optimization System that transforms the quality, efficiency and ongoing management of clinical operations. TrialNetworks joins an expanding family of technology-driven solutions to help sponsors, CROs and sites do more trials together.
The TrialNetworks platform is a unified, cloud-based suite of collaborative trial management apps and site-facing tools designed to improve processes, ensure transparency and streamline timelines for key aspects of clinical operations. The platform is used from startup through closeout by sponsors such as Merck & Co. and Biogen Idec.
Innovative solutions such as TrialNetworks News™, Checklist™, Directory™, Visit Guide™ Library™ and Training™ provide study teams with new ways to manage progress and timelines. At the same time, these apps motivate and enable sites to achieve essential goals (e.g. activation, enrollment, retention) while spending less time on administration and more time focused on patients.
TrialNetworks fits with DrugDev’s vision to provide a comprehensive suite of standardized services to simplify the life of the investigator and to make trials easier, cheaper and more effective to run. TrialNetworks will join:
The acquisition continues DrugDev’s strategy of assembling a unique offering of best-in-class solutions to solve longstanding inefficiencies in the industry. The transaction was supported by a follow-on fundraise from Invesco Perpetual.
"DrugDev is committed to providing our valued customers with the best solutions,” comments DrugDev President and CEO, Ibraheem Mahmood. “When evaluating the site-facing clinical trial technology landscape, it became apparent that nothing exhibits the power, breadth and scalability of the TrialNetworks platform. We are proud that they are joining our family. The TrialNetworks platform will serve as an integration point as we continue to acquire solutions that will help the industry run more efficient trials.”
“DrugDev and TrialNetworks share a passion for optimizing the clinical trials process and driving efficiency through innovative and collaborative technology,” comments Eric Silberstein, CEO of TrialNetworks. “We are especially excited for our customers, already accustomed to the advantages of using a Clinical Trial Optimization System, who will benefit from direct access to DrugDev’s gold standard solutions that complement our technology. We are pleased to join our team and solutions with DrugDev to provide an even more comprehensive platform for sponsors, CROs and sites.”
TrialNetworks was founded by Silberstein, CTO Ezra Freedman and Vivek Murthy, MD, an attending physician at Brigham and Woman’s Hospital and an instructor at Harvard Medical School. Based outside of Boston, MA, TrialNetworks has experienced rapid growth during the past five years. The company and its Clinical Trial Optimization System won the 2014 Partnerships in Clinical Trials award for Disruptive Innovator and Technology of the Year.
TrialNetworks will continue to be led by its existing management team and will introduce new platform apps based on unique DrugDev capabilities.
TrialNetworks provides sponsors and CROs the industry's only Clinical Trial Optimization System. Using this modern and intuitive technology, customers such as Merck & Co., Biogen Idec and Infinity Pharmaceuticals are able to transform the quality and efficiency of clinical operations at each stage of a trial from feasibility through closeout. TrialNetworks apps, including Checklist™, Training™, Document Library™, Visit Guide™, Action Items™ and Directory™, are available in a unified and secure cloud-based interface. Customers ranging from biotechs to Top 10 pharma companies have implemented the TrialNetworks platform for use in Phase I-IV trials by more than 25,000 site staff in 60 countries. For more information, visit www.trialnetworks.com.
DrugDev has the industry’s largest global network of active investigators – comprising over 80,000 investigators in 115 countries. In October of 2013, DrugDev acquired CFS Clinical and together they create global, standardized processes to promote collaboration among Sponsors, CROs and Sites in finding, engaging, and paying investigators. Innovative solutions include study feasibility, site identification, site contracting, essential document management and investigator payments. The result — drug developers and investigators brought closer together with smart technology and unique relationships to help the industry do more trials. DrugDev is also the 3rd party host of the Investigator Databank, a global cross-pharmaceutical network of investigators. For more information, visit www.drugdev.org.
About Invesco Perpetual
Invesco Perpetual is part of Invesco Ltd, a leading independent global investment management firm, dedicated to helping investors worldwide achieve their financial objectives. Invesco provides a wide range of investment strategies and vehicles to retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.