RadPharm Inc., a Princeton, N.J.-based provider of medical image review services for clinical research, has merged with Medifacts International Inc., a Rockville, Md.-based cardiovascular core lab. The combined company will be based in Princeton, and be called CoreLab Partners.
RadPharm has raised around $32 million in VC funding from SiemensVenture Capital, Ampersand Ventures, Adams Street Partners and Tang Capital Management. Medifacts has raised around $22 million from Ampersand Ventures and SV Life Sciences.
RadPharm Inc., a leading Imaging Core Laboratory, and Medifacts International, Inc., a leading Cardiovascular Core Laboratory, today announced the merger of their business operations. The combined company will be named CoreLab Partners (“CoreLabs”) and will have its corporate headquarters in Princeton, New Jersey.
The combination of RadPharm and Medifacts brings together two best-in-class companies and creates one of the largest independent core labs serving the market today. The CoreLabs global footprint comprises more than 400 employees and includes offices with operational capabilities in North America, Europe, and Asia. The company has leveraged this worldwide infrastructure to support over 100 sponsors, including a wide range of pharmaceutical, biotech, medical device and contract research organizations, and more than 450 clinical trials in 60 countries.
RadPharm and Medifacts address distinctive, attractive segments of the pharmaceutical outsourcing market through a complementary core lab business model. Oncology and Cardiovascular drug programs are two of the highest growth segments of the clinical trials services market. CoreLabs will offer drug sponsors and their CRO partners a much deeper suite of cost-effective services solutions across a substantially broader range of modalities and therapeutic indications.
Commenting on the merger, Michael Woehler, PhD, President and Chief Executive Officer of CoreLab Partners, said, “As they seek to gain cost advantages over their competitors, drug development companies and contract research organizations continue to shift their paradigm by streamlining their outsourcing functions and partnering with a smaller universe of key vendor relationships. I am confident that the financial scale and organizational strength of the combined RadPharm and Medifacts teams will provide our clients with the comfort of knowing that their clinical trials will be completed on time, without interruption, at the highest levels of quality and efficiency.”
Woehler continued, “Pharmaceutical and biotech companies today are seeking strategic partnerships with vendors who can be trusted to deliver high-quality service and who have experience in getting drugs approved by regulatory agencies around the world. CoreLab Partners brings together two teams with focused, global capabilities and proven track records of operational excellence and therapeutic expertise.”
About RadPharm Inc.
RadPharm, a leading imaging core lab, provides complete image management services to global pharmaceutical, biotechnology and medical device organizations, facilitating successful new drug development. RadPharm employs full-time, board-certified, sub-specialty trained radiologists, nuclear physicians and medical oncologists to focus on the Medicine Behind the Image(TM) and offer global trial sponsors medical expertise, advanced technology and proven operational processes to deliver accurate, timely trial data.
About Medifacts International, Inc.
Medifacts International, a leading cardiovascular core lab, provides solutions to the pharmaceutical, biotech and medical device industries for collection, analysis and management of cardiac safety and efficacy information during drug development. Driven by best-in-class Science, Technology, and Service Quality, and having recently completed the integration of the Clinical Trials Services business of Spacelabs Healthcare, Medifacts has become a global leader providing ECG, Holter, Ambulatory Blood Pressure Monitoring, Spirometry, Glucometry, Pulse Wave Analysis and related services to drug development companies.