PHILADELPHIA, Aug. 03, 2016 (GLOBE NEWSWIRE) -- Velocity Fund Partners, a Pittsburgh private equity company, has announced the acquisition of the Philadelphia clinical contract research organization (CRO) Indipharm and is relaunching the CRO as InClinica. Financial terms were not disclosed.
Velocity Fund Partners targets promising life sciences opportunities and believes InClinica is well-positioned for growth.
“InClinica’s existing global footprint and experience in early drug and device development and clinical trials, combined with Velocity’s unique experience and contacts in both healthcare and life sciences, will enable InClinica to provide companies with significant value in all clinical phases,” said Ken Melani, Managing Partner of Velocity Fund Partners and Chairman of InClinica.
InClinica specializes in leading companies through clinical trials. It works across all phases of clinical development, with a particular strength in assisting small to mid-sized companies entering first in man and phase 2 studies.
“We’re thrilled to launch and officially begin work as InClinica,” said Jim Nolan, Operating Partner of Velocity Fund Partners and CEO of InClinica. “With our management team’s unique and extensive experience in drug and device discovery and development, InClinica knows what is needed to produce successful clinical trials. We look forward to leading our clients toward regulatory approval and the right place in the market.”
Edward J. Brennan, Jr., MD, founder and president of Indipharm, is now Chief Medical Officer of InClinica. Michael Fare will serve as COO and CTO.
In addition to its headquarters in the Valley Forge area, the CRO also has offices in the U.K., Israel, and Malaysia. Among other studies, InClinica is currently managing a global phase 3 clinical trial in lung cancer.
“Many drugs fail to advance during clinical research for reasons unrelated to efficacy or safety,” said Michael Fare, COO and CTO of InClinica. “An experienced clinical CRO can anticipate challenges and plan ahead, ensuring a smoother progression through clinical development.”
InClinica’s management team brings more than 100 combined years of clinical research experience in multiple diseases and device technology. The CRO has a special focus in oncology, dermatology, metabolic disease and inflammatory diseases. The team also has deep experience in diseases as diverse as cardiovascular disease, GI disorders and infectious disease.
About InClinica
InClinica is a global clinical contract research organization founded in 2016 after the acquisition of an existing global CRO. With a senior management team that brings more than 100 combined years of experience, InClinica works across all phases of the clinical research process and has a particular strength in first in man and phase 2 studies. InClinica is headquartered in Philadelphia with other locations in the U.K., Israel, and Malaysia/Singapore.
About Velocity Fund
Velocity Fund Partners is a private equity firm that targets products and healthcare services in the life sciences industry. Velocity Fund was founded in 2016 by two CEOs with diverse but complementary backgrounds in healthcare and life sciences. With a team of leaders in operations and finance, Velocity Fund seeks out life sciences companies in the pharmaceutical, device, medical service, and diagnostics spaces that offer a clear scientific advantage.